Condo Ruthmillsteam

Casa Fidelio, a cluster terrace development located on Fidelio Street in District 15, will be launched for en bloc sale by tender on March 20. The marketing agent for the site, PropNex Realty, has revealed that the reserve price for the development is $24 million, which equates to a land rate of $1,388 per square foot. This is the first time that the owners of Casa Fidelio have attempted to sell the development collectively.

Constructed in 1990, Casa Fidelio is a freehold strata-titled landed development consisting of seven units. It spans across a land area of approximately 17,293 square feet and is zoned for residential use. The land is designated for two-storey mixed-landed housing.

The development is situated in a landed housing enclave, just a short drive away from various amenities. These include popular spots such as East Coast Park, dining and lifestyle options in the Katong and Joo Chiat precincts, and shopping malls such as Siglap Village, Siglap Centre, and Bedok Mall.

Additional amenities are expected to be available soon with the completion of Kembangan Wave, an integrated public housing project located next to Kembangan MRT Station. The project will include a community club with an eating house, supermarket, and outpatient healthcare facility.

Casa Fidelio is also in close proximity to several schools, such as Opera Estate Primary School, St Stephen’s School, and Victoria School.

According to PropNex, the site has the potential for redevelopment in various configurations, which include luxury cluster houses, landed terraces, or a standalone property. The regular shape and ample size of the site give developers flexibility to design a project that maximizes both functionality and aesthetic appeal. This makes it an ideal location for a modern residential development that caters to the demand for landed homes in the East Coast area, says Laurence Wong, PropNex’s head of collective sales.

Property transaction data shows that the last time a unit at Casa Fidelio changed hands was in September 2021, when a house with a land area of 1,894 square feet was sold for $2.27 million ($1,198 per square foot). In 2024, only two freehold landed homes on Fidelio Street were transacted. One was a terrace house on a land area of 3,423 square feet, which was sold for $9 million ($2,629 per square foot), while the other was a semi-detached house on a land area of 2,035 square feet that fetched $5.38 million ($2,643 per square foot). PropNex also points out that a recently-built corner terrace on Jalan Bangsawan, which is less than 400 meters away from Casa Fidelio, was sold for $3,541 per square foot in December 2024.

The tender for Casa Fidelio will close on April 22 at 3pm.…

Despite the challenging market conditions, the first private housing Government Land Sale (GLS) site in the upcoming Bayshore precinct received a total of eight bids upon its closing on March 18. Located on Bayshore Road, next to the Bayshore MRT Station, the 112,992 sq ft 99-year leasehold site has the potential to yield about 515 units.The top bid of $658.89 million, translating to a land rate of $1,388 psf per plot ratio (ppr), was submitted by SingHaiyi-Garnet, a joint venture between SingHaiyi Group and Haiyi Holdings. This bid is just 0.82% higher than the second-highest offer, which was submitted by Sing Holdings at $653.53 million ($1,377 psf ppr). City Developments had the third-highest bid of $620.8 million ($1,308 psf ppr), which was 5.3% lower than Sing Holdings’ bid. The highest bid prices exceeded initial expectations, indicating a strong confidence in the site, according to Justin Quek, CEO of OrangeTee & Tie.Read also: GuocoLand secures $367.1 mil green loan for Faber Walk developmentMark Yip, CEO of Huttons Asia, notes that the number of bids received for this site is the highest for a private housing GLS site since January 2022, when a Jalan Tembusu plot attracted eight bids. He believes that developers may have refrained from bidding for other GLS plots to focus on the Bayshore site. “The strong sales for the past few months have also increased the need [for developers] to replenish their land bank,” he adds.Other tenderers for the Bayshore Road site include a Frasers Property-led consortium, Kingsford Development and a Hoi Hup Realty-Sunway Developments joint venture. The bids ranged between $1,252 psf ppr and $1,285 psf ppr. The two lowest bids were submitted by a consortium comprising Hong Leong Holdings, TID and CSC Land Group at $500.68 million ($1,055 psf ppr), followed by Sim Lian Group at $485 million ($1,022 psf ppr).The significant difference of 36% between the lowest and highest bids reflects the mixed market sentiments among the bidders, according to Marcus Chu, CEO of ERA Singapore. He also mentioned that SingHaiyi’s bid establishes a new benchmark for Outside Central Region (OCR) land prices, surpassing the previous threshold of $1,250 psf ppr set by MCL Land and CSC Land Group in November 2023 for the site of the recently-launched Elta, located at Clementi Avenue 1.Wong Siew Ying, head of research and content at PropNex, adds that the new OCR benchmark rivals the land rates of some GLS plots in the Central Region. For example, last year, Zion Road Parcels A and B were awarded at $1,202 psf ppr and $1,304 psf ppr respectively in the Rest of Central Region. Similarly, the Holland Drive and River Valley Green sites in the Core Central Region were sold for $1,285 psf ppr and $1,325 psf ppr, respectively.The future project at the Bayshore Road site will be the first private residential development in the new Bayshore precinct, a 60-ha estate situated between East Coast Parkway (ECP) and Upper East Coast Road. With about 10,000 homes expected to be built in the Bayshore area, the site will benefit from various new amenities that are being constructed and long-term development plans such as the Long Island coastal protection project, which will add reservoirs and parks along the Bayshore area, according to Leonard Tay, Knight Frank Singapore’s head of research.According to PropNex’s Wong, there have been no significant private condo launches in the Bayshore area for many years. Presently, the area has a few existing condos, including The Bayshore, which was launched in the 1990s, and Costa Del Sol, which was launched in 2000. Hence, there could be pent-up demand for new private housing in the area, including demand from HDB upgraders who currently live in nearby Marine Parade and Bedok estates, Wong says. She also added that the recent positive sales momentum in the primary market and the expectation of healthy home buying interest for the future Bayshore project could have driven developers to participate in the GLS tender, hoping to obtain a first-mover advantage in the area.According to Wong, based on the top bid of $1,388 psf ppr, the future development at the Bayshore Road site could have an average selling price of over $2,600 psf. Meanwhile, Knight Frank’s Tay predicts prices at the upcoming project could start from $2,700 psf and average above $2,800 psf.…

Luxury resort owner Banyan Group (formerly Banyan Tree Holdings) has recently unveiled its latest residential development – Banyan Tree Beach Residences Oceanus – in the scenic coastal town of Phuket, Thailand. The project is located on the sought-after Bang Tao Beach, within the private enclave of Banyan Group’s flagship Laguna Phuket resort. It features 16 exquisite beachfront residences, with sizes ranging from 416 sq m to 768 sq m for the exclusive penthouses.

The ground-floor residences will boast private pools extending from their terraces, while the penthouses will offer breathtaking views of Thailand’s Andaman Sea from their spacious living area balconies and rooftop terraces, complete with private pools and reflecting ponds. Each residence will also feature expansive living areas over 13m wide, as well as luxurious double master bedrooms and bathrooms.

To complete the exclusive lifestyle, residents will have access to a dedicated lap pool with a sun deck, an open lawn with loungers, and an outdoor dining area exclusively for their use. This will provide a peaceful and luxurious space for residents to unwind and relax in privacy.

In addition to these amenities, residents of Banyan Tree Beach Residences Oceanus will also have access to the world-class community facilities at the integrated resort. This includes membership at the prestigious Laguna Golf Phuket and a complimentary five-year multiple-entry Thailand Elite visa. They will also enjoy exclusive access to a private beach club, premium health and wellness facilities by BDMS Wellness, and signature restaurants, spas, and recreational facilities.

With rising demand for luxury real estate in Phuket, the group expects to achieve record prices for these residences. Stuart Reading, managing director of Banyan Group Residences, explains that the scarcity of prime beachfront land has led to a new opportunity for larger and more luxurious beachfront condominiums. These residences provide as much living space as a standalone villa, but with the added convenience of a turnkey solution and professional management of the grounds.

Overall, Banyan Tree Beach Residences Oceanus offers a unique and unparalleled living experience for those seeking the ultimate luxury lifestyle in the stunning location of Phuket, Thailand.…

The latest data from URA shows that new private home sales in February remained strong, driven by new project launches. A total of 1,575 units (excluding ECs) were sold, marking a 45.4% increase from January’s 1,083 units.

Compared to the same period last year, February’s figures were more than 10 times higher than the 153 units sold in February 2024. Tricia Song, CBRE’s head of research for Singapore and Southeast Asia, also noted that this was the highest February sales figure in 13 years, since 2,417 units were sold in February 2012. When including ECs, a total of 1,604 units were sold last month, up 45.3% from January.

Notably, developers have sold a total of 2,658 units (excluding ECs) since the start of the year, compared to eight months it took to reach a similar figure last year, according to Leonard Tay, head of research at Knight Frank Singapore.

The strong showing in February was largely due to the launch of two major projects in the Outside Central Region (OCR): The 1,193-unit ParkTown Residence in Tampines North and the 501-unit Elta on Clementi Avenue 1. The former sold 1,041 units at a median price of $2,363 psf, making it the best-selling project. Meanwhile, the latter recorded 326 units sold at a median price of $2,538 psf. Both projects are located in suburban neighbourhoods with limited new supply in the past five years, contributing to their robust sales performances.

Including these two projects, a total of 1,694 units were launched for sale in February, a significant increase of 89% from the 896 units launched the previous month. In addition, the majority of sales (92%) were in the OCR, reflecting the highest monthly showing in nine years, according to Wong Siew Ying, PropNex Realty’s head of research and content. In comparison, the Rest of Central Region (RCR) made up just 98 or 6.2% of the total units sold in February, with the top-performing project being Pinetree Hill in the RCR.

Meanwhile, sales in the Core Central Region (CCR) accounted for 1.6% of developers’ sales, with just 25 units sold in February. The best-performing project in this region was 19 Nassim, which recorded five units sold at a median price of $3,372 psf, followed by four units at One Bernam, which is now fully sold.

In terms of buyer profile, Singapore citizens made up the bulk of new private home buyers (92.4%), followed by permanent residents (6.9%). Foreigners accounted for 11 new home purchases, including the two most expensive transactions in February – the sale of two units at 32 Gilstead for $14.47 million and $14.61 million.

In February, a record number of 603 new private homes (including ECs) in the OCR were sold for at least $2 million, the highest figure since URA data became available in 1995, according to Christine Sun, chief researcher and strategist at OrangeTee Group. This reflects a trend of narrowing price gaps between regions, with the average unit prices of recent launches showing that it may no longer always be the case that property prices follow a pecking order of CCR, RCR, and OCR. For instance, average unit prices of recent CCR launches have been lower than RCR projects such as Union Square Residences and The Orie.

Looking ahead, new launches in the coming months may not all perform equally well, with homebuyer demand largely being dependent on the specific location and property attributes of each project. However, with the strong start to the year, ERA Singapore has revised its projection for the whole of 2025 to between 8,500 and 9,000 units, up from its previous projection of 7,000 to 8,000 units. Huttons’ Lee estimates that developers sales (excluding ECs) could exceed 3,200 units for the first quarter, making it the highest first-quarter sales since 2021.…

The Singapore Land Authority (SLA) has announced the launch of a tender for a cluster of twenty heritage bungalows in Sembawang. These properties, which have a rich history dating back to the 1920s and 1930s, are available for lease with a tenure of five years, with the option to extend for another four years.

Located along Admiralty Road East, Falkland Road, Auckland Road West, and Fiji Road, these two-storey black-and-white bungalows occupy a total area of about 245,300 sq ft and have an estimated gross floor area of 94,945 sq ft. They are being offered for lease with a serviced apartment use, including multi-generational and senior co-living concepts. The bungalows also allow for F&B and retail use, as long as the gross floor area does not exceed 9,580 sq ft. The minimum stay for a serviced apartment is one week.

In line with the SLA’s efforts to repurpose state properties, this tender is open to creative proposals for alternative use of these heritage bungalows. The aim is to attract innovative and sustainable ideas for the revitalization of these properties. Tenderer bids will be evaluated based on a price-quality basis, and the tender will close on June 11 at 11am. The award of the site is expected to take place in October.

This initiative is part of the SLA’s ongoing efforts to repurpose state properties, with a focus on creating public spaces for the community to come together and fostering social impact. It also aligns with the government’s push for more sustainable and innovative use of land resources.

Interested parties are encouraged to submit proposals for alternative uses of the bungalows, such as co-living spaces, pop-up event venues, or social impact hubs. This presents a unique opportunity for creative entrepreneurs and businesses to make their mark on these heritage properties and bring new life to the Sembawang area.…

CapitaLand Integrated Commercial Trust (CICT) has announced changes to its board with the appointment of Tan Choon Siang as CEO and current CEO Tony Tan as CCO of CapitaLand Development. This was disclosed in a bourse filing on March 17.

Tan Choon Siang, who currently holds the position of deputy CEO, will assume the role of CEO and executive non-independent director from May 1, 2025. He will also join the executive committee (EC).

Meanwhile, current CEO Tony Tan will step down as an executive non-independent director and member of the EC. He will be appointed as the chief corporate officer of CapitaLand Development. Tan has been serving as CEO and executive director of CICT since 2017.

Under Tan’s leadership, CICT underwent a successful merger with CapitaLand Mall Trust and CapitaLand Commercial Trust in 2020 to form Singapore’s largest listed REIT with a market capitalization of $15.5 billion.

The new CEO, Tan Choon Siang, was previously the manager of CapitaLand Malaysia Trust since 2022 and the chief financial officer of CapitaLand India Trust’s manager. He also held the position of Head of Corporate Finance & Treasury at Ascendas-Singbridge, which merged with CapitaLand in 2019.…

Singapore

Keppel, a well-known global asset manager and operator, has recently completed their flagship project Keppel South Central and is now shifting their focus to other brownfield redevelopment projects, according to Samuel Ng, the president of Keppel’s real estate division in Singapore. Ng refers to Keppel South Central as their “showpiece”.

Keppel South Central is a redevelopment of the former Keppel Towers, a 27-storey office tower completed in 1991, and Keppel Towers 2 (formerly known as GE Tower), a 13-storey building completed in 1993. The commercial tower, located in Tanjong Pagar, offers about 650,000 sq ft of office, retail, and event space. The typical office floor plates range between 20,000 and 22,000 sq ft with a clear ceiling height of 3.2m. It was announced last month that nearly 50% of the office space and retail units have either been leased or are in active negotiations. The first anchor tenant, a leading financial services group, has already signed a lease for two whole floors and is expected to move in from June.

One of the key features of Keppel South Central is its retail and event spaces on the ground floor, which were not present in the original Keppel Towers. Other upgrades include technology such as facial recognition access, 5G Wi-Fi, and an indoor air-quality management system. The office space has also been adapted to support the needs of modern tenants, with designated floors having micro ACUs for localised cooling and after-hours operations. The tower also has health and wellness spaces, a landscaped terrace, and end-of-trip facilities available for tenants.

The redevelopment of Keppel South Central has been certified by BCA as a Green Mark Platinum Super Low Energy building. This represents a significant improvement in energy efficiency and cost savings compared to before. Keppel estimates that it will save about 6.2 million kilowatt hours (kWh) per year, equivalent to the power consumption of 1,300 homes in Singapore. This translates into approximately $1.8 million in savings annually. Keppel has incorporated several green solutions that were previously tested at another ageing property, Keppel Bay Tower, which was built in 2002. In 2018, Keppel Land leveraged a BCA grant to test five new technologies in the building, resulting in Keppel Bay Tower becoming Singapore’s first zero-energy commercial building in 2020. These technologies have now been applied at Keppel South Central, ranging from physical hardware to software applications, all aimed at improving energy efficiency.

Following the success of Keppel South Central, Keppel is looking to replicate this across the region as part of its Sustainable Urban Renewal (SUR) strategy. According to a report by JLL, 87% of occupiers surveyed across Asia Pacific are looking to comprise their portfolio with entirely green-certified properties by 2030. This presents a significant opportunity for sustainability-focused retrofits, and Keppel is well-positioned to take advantage of this trend. In addition, the completion of projects like Keppel South Central provides fresh office supply at a time when there are no available sites for an office tower development in the core CBD area.

To fund the redevelopment of brownfield projects across the region, Keppel has launched its flagship Keppel Sustainable Urban Renewal Fund (KSURF) with over $2.3 billion in total funds under management. The fund will target properties in Singapore, South Korea, Japan, Australia, and first-tier cities in China across various segments, including commercial, living, life sciences, hospitality, and logistics. To date, Keppel has applied its SUR initiative to eight projects across five countries, with three projects still in progress. With Keppel’s in-house capability and operational knowledge, they are well-equipped to execute these renewal works and divest them within the fund’s seven-year life span.…

Improve the Property Description for SRI’s March 15 Auction

A 3,034 sq ft corner plot of land in Kew Heights, District 16 will be up for auction on March 15. The property is a three-storey, 99-year leasehold semi-detached house with a guide price of $3.65 million. This translates to a land rate of $1,203 psf.

This mortgagee sale presents a rare opportunity to acquire a unique property that has never been previously offered for sale at an auction. The house will be sold with vacant possession, offering a chance for the new owner to create their dream home.

With a total floor area of 4,436 sq ft, this spacious property is spread across three levels. The ground floor features a living hall with a double-volume ceiling, an adjoining dining area, a kitchen and a helper’s room. The upper two levels consist of six bedrooms, a family area and a storeroom. The house also boasts a car porch and backyard area.

Potential buyers will have the option to convert some of the open spaces into extra bedrooms, making this home ideal for extended or multi-generational families. Additionally, the property’s guide price of $1,203 psf is one of the lowest in the area, making it a highly attractive investment opportunity.

Recent transactions in the Kew Vale estate have demonstrated the growing popularity of 99-year leasehold landed properties. In February, a three-storey semi-detached house along Kew Heights was sold for $3.35 million ($1,398 psf), while a three-storey terraced house along Kew Drive changed hands for $3.26 million ($1,417 psf) in January.

The area is well-connected via major motorways such as East Coast Parkway (ECP) via Bayshore Road and will also be served by the upcoming Bedok South MRT Station along the Thomson-East Coast Line in 2H2026. Families with school-going children will also appreciate the proximity to various reputable schools, including Temasek Primary and Secondary Schools, Bedok South Secondary, and Bedok View Secondary.

In recent years, prices of 99-year leasehold, semi-detached properties in the Kew Vale estate have seen steady growth, with seven units being sold between 2023 and 2024 at an average land rate of $1,213 psf, up from $1,002 psf across seven transactions between 2021 and 2022.

Don’t miss this opportunity to own a piece of landed property in the highly sought-after Kew Vale estate. Register your interest today to find out more and arrange for a viewing.…

A penthouse unit at The Trizon, a highly sought-after 289-unit condo on Ridgewood Close, was sold for a record profit during the week of February 25 to March 4. This 5,737 sq ft unit, located on the 23rd floor, was sold for $9.76 million (equivalent to $1,701 per sq ft) on February 27.

The seller of the penthouse had originally purchased it for $6.55 million (equivalent to $1,142 per sq ft) in March 2016. This means that the sale earned the seller a whopping profit of $3.2 million, or a 49% increase. This translates to an annualized gain of 4.5% over a period of nine years. This sale also marks the second most profitable resale transaction at The Trizon to date.

The highest recorded profit at The Trizon was achieved back in August 2023 when a 7,083 sq ft penthouse was sold for $11 million (equivalent to $1,553 per sq ft). This unit had been purchased for $7.1 million (equivalent to $1,002 per sq ft) in November 2019. The seller of this unit made a gain of $3.9 million, translating to a 55% profit. This also translates to an annualized gain of 12% over a period of close to four years.

The Trizon is a freehold development situated in the prime District 10. It is located in close proximity to the Mount Sinai landed enclave, as well as the private residential estates of Pandan Valley and Pine Grove. Nearby private residential developments include Pandan Valley, as well as two new 99-year leasehold projects: Pinetree Hill, which has 520 units and Nava Grove, which has 552 units.

The Trizon offers a range of two- to five-bedroom units, with sizes ranging from 1,012 sq ft to 5,102 sq ft. Penthouse units are even larger, ranging from 5,328 sq ft to 7,083 sq ft.

According to EdgeProp Singapore, the average resale price at The Trizon is approximately $2,017 per sq ft. Nearby Pandan Valley, a massive development with 605 units, has an average price of $1,449 per sq ft. The Ridgewood condo, a 999-year leasehold development with 425 condo units and 38 landed units, commands an average price of $1,728 per sq ft.

Pinetree Hill, which was launched for sale in July 2023, has seen units sold this year at an average price of $2,550 per sq ft. However, the average price from its launch in 2024 till the end of 2024 was $2,458 per sq ft. The 520-unit development is currently about 78% sold. On the other hand, the 552-unit Nava Grove, which was launched in November last year, is about 75% sold, with an average selling price of $2,460 per sq ft.

Another notable resale transaction that took place during this week was the sale of a 1,442 sq ft unit at Haig Court. This three-bedroom unit on the third floor was sold for $2.84 million (equivalent to $1,968 per sq ft) on February 27. The seller had previously purchased the unit for just $798,868 (equivalent to $554 per sq ft) in 2005. This means that the seller made a profit of $2.04 million (255%), which translates to an annualized gain of 6.8% over a period of 19 years.

Haig Court is a freehold development with 360 units, situated on Haig Road in District 15. Completed in 2004, the condo is centrally located in Marine Parade and is in close proximity to popular shopping malls such as Katong Shopping Centre, Roxy Square, and I12 Katong. It is also close to several renowned schools in the area, including Chung Cheng High School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School, and the Tanjong Katong campus of the Canadian International School.

Haig Court is located next to two new 99-year leasehold private residential projects: Emerald of Katong, which has 846 units, and Tembusu Grand, which has 638 units. Other new projects in the vicinity include The Continuum, an 816-unit freehold development on Thiam Siew Avenue, and Grand Dunman, a 1,008-unit 99-year leasehold project on Dunman Road.

In 2023, Haig Court had a total of eight resale transactions, with prices ranging from $1.85 million (equivalent to $1,719 per sq ft) for a 1,076 sq ft two-bedroom unit on January 16, to $3.45 million (equivalent to $2,226 per sq ft) for a 1,550 sq ft four-bedroom unit on December 19. These resale transactions resulted in profits ranging from $450,000 to $2.06 million.

There have been two resale transactions at Haig Court so far this year. The other sale, which took place on January 17, was for a 1,453 sq ft unit that was sold for $3.02 million (equivalent to $2,078 per sq ft). This means that the seller made a profit of $2.13 million.

On the other hand, the most unprofitable resale transaction during the week was recorded at Orchard Scotts. A 2,228 sq ft unit was sold for $3.78 million (equivalent to $1,696 per sq ft) on February 25. However, the unit was originally purchased for $4.35 million (equivalent to $1,955 per sq ft) in 2010. As a result, the seller incurred a loss of $576,000 (13%), which translates to an annualized loss of 1% over a period of almost 15 years.

A compilation of resale caveats at Orchard Scotts indicates that resale prices at the condo have been on a downward trend in recent years. In March 2010, units were typically sold for around $2,061 per sq ft. However, this dropped to $1,747 per sq ft in March 2020. There has been a slight uptick in average resale prices in recent months, with the average price reaching around $1,760 per sq ft last month.

Orchard Scotts is a 99-year leasehold condo located on Anthony Road, off Clemenceau Avenue North in prime District 9. Completed in 2008, the condo has 387 units, with sizes ranging from 936 sq ft to 4,435 sq ft.…

Watergardens at Canberra hits new high of $1,434 psf

Over the past week (February 21 to 28), The Esta, a freehold condo, saw a two-bedroom unit top the list of private condos that achieved a new psf-price high. The unit, which measures 1,001 sq ft, was sold for $2.38 million, setting a new psf-price record of $2,377 on February 26. The sellers of the seventh-floor unit had purchased it for $1.83 million in March 2021, earning a profit of about $545,000.

This sale surpassed the previous record price at The Esta, which was set at $2,317 psf when a three-bedroom unit on the 13th floor changed hands for around $3.2 million in January 2020. The average resale price of condos at The Esta has been steadily rising over the past three years. In 2020, the project recorded 10 transactions at an average psf-price of $2,012. The following year, the average price climbed to $2,156 across nine resale transactions. Last year, another nine units were resold at an average price of $2,248 psf, reflecting an 11.7% increase in average resale prices since 2020.

The most expensive unit sold at The Esta was a five-bedroom apartment on the 21st floor, measuring 3,477 sq ft, which was sold for $6.25 million, or $1,798 psf, in October 2020.

The Esta is a freehold development with 400 units spread across five residential blocks along Amber Gardens. Completed in 2008, this District 15 condo offers two- to four-bedroom apartments, ranging from 1,001 sq ft to 1,711 sq ft, as well as penthouses spanning from 2,368 sq ft to 3,477 sq ft. Located within walking distance of Tanjong Katong MRT Station on the Thomson-East Coast Line, The Esta is also near popular lifestyle hubs such as Katong Shopping Centre and Katong V.

Claiming second place for the highest new psf-prices achieved during the review period was the 99-year leasehold condo D’Leedon. The development set a new psf-price record of $2,287 when a 1,421 sq ft, three-bedroom unit on the 29th floor was sold for $3.25 million on February 25. This sale slightly surpassed the previous record for a smaller 1,367 sq ft, three-bedroom unit, which sold for $3.04 million, or $2,222 psf, on February 26. The previous record price at D’Leedon was set at $2,180 psf, when a 2,110 sq ft, four-bedroom unit was sold for $4.6 million in October 2020.

Since the start of this year, 11 units have been sold at D’Leedon, with an average price of $2,065 psf. The lowest psf-price recorded this year was for a 743 sq ft, one-bedroom unit on the 10th floor, which was sold for $1.41 million, or $1,898 psf, on February 13.

Located in District 10, along Leedon Heights, D’Leedon was completed in 2014, offering 1,703 units ranging from one- to four-bedrooms, with sizes from 592 sq ft to 6,534 sq ft. The development is within walking distance of Farrer Road MRT Station on the Circle Line and is close to Empress Road Market and Food Centre.

Citylights, a 99-year leasehold condo located along Jellicoe Road in Kallang, District 8, rounded out the top three developments with the highest new psf-prices recorded during the review period. OnFebruary 27, an 893 sq ft, two-bedroom unit on the 26th floor was sold for $1.98 million, setting a new psf-price record of $2,216. This transaction surpassed the previous record of $2,122 psf, set in December 2020 when an 872 sq ft, two-bedroom unit on the 16th floor was sold for $1.85 million. The sellers of the 26th-floor unit had purchased it for about $1.44 million in April 2019, earning a profit of about $542,000.

Citylights, completed in 2007, offers 600 units ranging from one- to four-bedrooms and sizes from 560 sq ft to 3,875 sq ft. Just a one-minute walk from Lavender MRT Station, the condo is also close to dining and retail options, including Aperia Mall and Kitchener Complex, which are within a 300m radius.

No new psf-price lows were recorded during the review period.…