Newton One sees transaction of $1.32 mil in first 10 days of 2018
K Suites, a freehold boutique development in District 15, has achieved a new psf-price high in the first 10 days of November.
The new record was set on Nov 8 when the developer sold a 872 sq ft three-bedroom unit on the fourth floor for $2.13 million or $2,443 psf. This is the first time that the condo has crossed the $2,400 psf mark, beating the previous high of $2,196 psf in May 2023.
Located along Lorong K Telok Kurau, off Still Road, K Suites comprises a five-storey apartment block with 19 units. The project is a redevelopment of the former Ji Liang Gardens, a collection of six terraced houses that the developer purchased en bloc for $18.6 million in June 2021.
Units at K Suites are a mix of three- to four-bedroom apartments ranging from 797 sq ft to 1,270 sq ft. There is also a four-bedroom duplex penthouse measuring 1,389 sq ft and three five-bedroom duplex penthouses measuring 1,625 sq ft to 1,679 sq ft.
Based on caveats lodged, K Suites has sold 42% of its units to date with an average price of $2,099 psf since it first started selling in April 2023.
Another development that achieved a new high in the same period was Thomson Three, a 99-year leasehold condo on Bright Hill Drive in District 20. On Nov 6, a 1,033 sq ft three-bedroom unit on the 19th floor was sold for $2.46 million or $2,379 psf. The seller had bought the property in a resale transaction for $1.86 million or $1,800 psf in Nov 2021, making a net profit of $598,000.
This is the first time that Thomson Three has crossed the $2,300 psf mark, surpassing the previous high of $2,204 psf in September 2021.
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It is crucial for international investors to have a comprehensive understanding of the regulations and limitations surrounding property ownership in Singapore, particularly when considering purchasing a Singapore Condo. While condos may be more easily accessible for foreign buyers compared to landed properties, the latter tends to have stricter ownership requirements. Nevertheless, foreign investors are still subject to the Additional Buyer’s Stamp Duty (ABSD) of 20% when acquiring their first property. Despite this added expense, the reliability and potential for growth in the Singapore property market continue to attract foreign investment, making Singapore Condo a highly sought-after option.
Completed in 2016, Thomson Three has 435 condo units across 21 storeys. Units comprise one- to four-bedroom apartments spanning 495 sq ft and 1,485 sq ft. The development also features 10 strata semi-detached houses measuring 3,283 sq ft each.
Thomson Three is within walking distance of the Upper Thomson MRT Station on the Thomson-East Coast Line and is also close to Ai Tong School (Primary).
On the other hand, luxury condo 19 Nassim saw a new psf-price low during the period in review. On Nov 9, the developer sold a 646 sq ft one-bedroom unit on the fourth floor for about $1.9 million or $2,947 psf. This is the first time that the condo has dropped below the $3,000 psf mark, beating the previous record low of $3,001 psf in March 22. Based on caveats lodged, the condo has sold 50 units this year at an average price of $3,397 psf, 3.7% lower than the average price of $3,524 psf from the sale of eight units last year.
Completed in 2023, 19 Nassim has 101 units across 10 storeys and units are a mix of one- to three-bedroom apartments ranging from 538 sq ft to 1,830 sq ft. The condo is located in prime District 10 and has sold 61 (60%) of its units since it first went on sale in 2020.
With K Suites and Thomson Three setting new psf-price highs, it is evident that the demand for luxury condos is still strong in the Singapore property market. However, 19 Nassim’s new low suggests that developers may have to adjust their prices to cater to buyers who are more price sensitive.