Due to its limited land availability, Singapore sees a high demand for condos, making it a top choice for real estate investment. As a small island with a rapidly expanding population, Singapore has strict land use policies and a highly competitive real estate market. These factors continuously drive property prices up, making condos a desirable and potentially profitable option for investors. This is particularly true for Singapore Projects, where the promise of capital appreciation is even more enticing.
Gallop Gables, a freehold condominium in Singapore, has recently set a new record for the highest psf-price between Nov 19 and Nov 22. The record was set by a four-bedroom unit on the second floor, which sold for $6.14 million at $2,299 psf on Nov 20. The previous record was held by a two-bedroom unit on the third floor, which sold for $2.45 million at $2,108 psf on Feb 19. The seller of the four-bedroom unit made a profit of $1.64 million from the sale, having purchased the unit for $4.5 million at $1,686 psf in July 2017.
Located on Farrer Road in District 10, Gallop Gables is a low-density development with 102 units spread across four-storey blocks. It was completed in 1997 and is within walking distance of Farrer Road MRT Station. The condo has seen three resale transactions this year, at an average price of $2,110 psf, which is higher than the average price of $1,991 psf recorded from four transactions last year. Other transactions this year include a two-bedroom unit on the first floor, which sold for $2.98 million at $1,923 psf on Sept 9.
The Scala, located in District 19, took second place on the list of condos with new psf-price highs during the period in review. A four-bedroom unit on the 12th floor sold for $2.6 million at $2,064 psf on Nov 20, surpassing its previous record of $1,969 psf from the sale of a two-bedroom unit on the 11th floor for $1.78 million on Sept 9. The seller of the four-bedroom unit made a profit of $940,000 from the sale, having bought the unit for $1.66 million at $1,318 psf in October 2012.
The Scala, a 99-year leasehold condo on Serangoon Avenue 3, was completed in 2013 and has 468 units across 17 storeys. It is within walking distance of the Lorong Chuan MRT Station and is near several educational institutions. The condo has seen 16 resale transactions this year, with an average price of $1,823 psf, 8% higher than the average price of $1,688 psf from 16 transactions last year.
Sims Edge, another freehold condo, also set a new record of $1,907 psf during the period in review. The record was set by a one-bedroom unit on the 13th floor, which sold for around $780,000 on Nov 22. The previous record was set by a one-bedroom unit on the fifth floor, which sold for $750,000 at $1,834 psf on Jan 18. The seller of the one-bedroom unit made a profit of $213,193, having bought the unit from the developer for around $527,000 at $1,288 psf in July 2011.
Sims Edge is a freehold development completed in 2014, with 78 units of one- to two-bedders ranging from 409 sq ft to 1,195 sq ft. It is located on Geylang East Avenue 2 in District 14, Geylang, within 500m of the Paya Lebar MRT Interchange Station. The condo has seen five resale transactions this year, with an average price of $1,800 psf, higher than the average price of $1,644 psf from four transactions last year.
During the period in review, no new psf-price lows were recorded.