EdgeProp Singapore
8M Residences has once again made headlines, topping the list of private condos to hit a new psf-price peak in the week of Feb 1 to 7. This freehold development achieved a remarkable new high of $2,384 psf when a two-bedroom unit spanning 646 sq ft on the 15th floor was sold for $1.54 million on Feb 3. What’s even more impressive is that this marks the first time a unit at 8M Residences has been sold for more than $2,300 psf.
This outstanding sale has exceeded the previous record of $2,261 psf set in April 2023 when a similar 646 sq ft, two-bedroom unit on the 11th floor was sold for $1.46 million. The condo has once again achieved a new high of $2,384 psf when a two-bedroom unit was sold for $1.54 million on Feb 3 (Photo: Samuel Isaac Chua / EdgeProp Singapore) Not only that, but 8M Residences has also recorded another transaction during the same period that has surpassed the April 2023 record. On Feb 3, a 527 sq ft, one-bedroom unit on the 11th floor was transacted for $1.2 million ($2,275 psf). In terms of absolute price, the most expensive unit to change hands at the development is a 1,841 sq ft, three-bedroom unit that was sold by the developers for $2.85 million ($1,548 psf) in October 2012.
Data compiled by EdgeProp Singapore shows that resale prices at 8M Residences have consistently risen over the past few years. Based on a 12-month rolling average, the average price of units at the condo has seen an increase of 7.3% over the last three years, from $2,028 psf in February 2022 to $2,177 in February 2025. Completed in 2017, 8M Residences is a 20-storey residential tower with 68 units. It offers a mix of one- to three-bedroom units ranging from 517 to 1,421 sq ft, as well as four penthouses ranging from 1,184 to 1,841 sq ft. Completed last year, Kovan Jewel is a freehold condo with one- to three-bedroom units from 624 to 1,345 sq ft (Photo: Samuel Isaac Chua / EdgeProp Singapore) The condo is strategically located within walking distance of EtonHouse International Research Pre-School along Mountbatten Road, Katong Swimming Complex along Wilkinson Road, and Katong Park MRT Station along the Thomson-East Coast Line.
In second place on the list of condos that achieved a psf-price high is the sale of a three-bedroom unit at Kovan Jewel, a boutique condo along Kovan Road in District 19. On Feb 7, a 1,076 sq ft unit on the second floor was sold by the developer for $2.41 million, setting a new high of $2,236 psf. This achievement has surpassed the previous peak at Kovan Jewel set last August when a similar 1,076 sq ft, three-bedroom unit on the fourth floor was sold for $2.4 million ($2,228 psf).
Completed last year, the 34-unit Kovan Jewel offers a mix of one- to three-bedroom units from 624 to 1,345 sq ft, as well as four-bedroom penthouses from 1,237 to 2,153 sq ft. As of Feb 18, 50% of the units at Kovan Jewel have been sold at an average price of $2,111 psf, based on caveats lodged. Out of the nine units sold last year, the average price was $2,111 psf. The unit sold on Feb 7 is the first one to be sold this year.
Oleanas Residence, a freehold condo located along Kim Yam Road in District 9, took third place on the list of condos that achieved a new psf-price high. On Feb 3, a 1,141 sq ft, three-bedroom unit on the sixth floor was sold for $2.52 million, setting a new record of $2,207 psf at the condo. Previously, the highest transacted price at Oleanas Residence was $2,157 psf, from the sale of a 1,238 sq ft, three-bedroom unit for $2.67 million in August 2022. In terms of absolute price, the most expensive resale unit at the condo is a 1,636 sq ft, three-bedroom unit that fetched $3.3 million ($2,017 psf) in December 2022.
Completed in 1999, Oleanas Residence recorded only four resale transactions in the last three years. These transactions ranged from $2.4 million ($2,103 psf) for a 1,141 sq ft, three-bedroom unit in November 2023 to $3.3 million ($2,129 psf) for a 1,550 sq ft, four-bedroom unit in April 2024.
This condo is conveniently located within walking distance of two MRT Stations: Great World MRT Station on the Thomson-East Coast Line, and Fort Canning MRT Station on the Downtown Line. It also offers easy access to various educational institutions, such as River Valley Primary School along River Valley Green and Outram Secondary School along York Hill.
As we can see, these three condos have achieved new psf-price highs, showcasing the strength and resilience of the private residential market. It is clear that these developments have continued to attract strong demand from homebuyers, with their prime locations, quality developments, and desirable amenities. This is good news for both buyers and sellers in the private residential market, as we continue to see strong sales and an overall positive market sentiment.