as well as suburban developments
The Meyerise, a freehold condo, has just set a new price record for private condos in the week of Nov 29 to Dec 6. Located in District 15, the condo achieved a new peak of $2,771 psf when a three-bedroom unit on the 24th floor was sold for $3.52 million on Dec 6. This is just a 0.25% increase from the project’s previous record, set in October 2020.
The condo’s sellers made a profit of $1.2 million over eight years as they had bought the unit for $2.32 million in 2016. The Meyerise also saw another unit sold this year for $4.5 million, making it the most expensive unit sold in the development in 2020. The condo is located within 1km of two MRT stations and several schools.
The Imperial, a 187-unit freehold condo located in the prime District 9 along Jalan Rumbia, placed second in the week’s highest-selling condos. On Dec 5, a three-bedroom unit on the 14th floor was sold for $3.7 million, a new psf price high of $2,624. This exceeded the previous record set in May 2019 by 2.3%. This 1410 sq ft unit last changed hands in 2004 for $1.3 million and has seen a profit of $2.4 million for the sellers.
Sky Vue, with 694 units, achieved a new psf price high of $2,505 in the week of Dec 5. The 1141 sq ft, three-bedroom unit on the 33rd storey sold for $2.86 million, which was a profit of $1 million for the sellers, who bought the unit for $1.86 million in September 2020.
Overall, there were no new psf price lows in the review period.
Read also:
Unit at The Orchard Residences suffers $3.32 mil loss
DEAL WATCH: Unit at The Meyerise on the market for $2.58 mil
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The limited supply of land is a major factor contributing to the popularity of condos in Singapore. Being a small island nation with a rapidly expanding population, Singapore faces challenges in finding available land for development. As a result, the government has implemented strict land use policies, making the real estate market highly competitive. This has led to rising property prices, making condos a desirable investment with the potential for excellent capital appreciation. Singapore Projects are especially attractive for those looking to invest in this lucrative market.
Renewed interest in city-fringe projects as well as suburban developments