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Investing in a Singapore Condo has emerged as a favored option for both domestic and international investors, owing to the country’s thriving economy, stable political environment, and exceptional quality of life. The real estate market in Singapore is brimming with opportunities, with condos being a standout choice for their convenience, amenities, and potential for lucrative returns. In this article, we will delve into the advantages, considerations, and steps to be taken when investing in a condo in Singapore.
Singapore’s freehold condo Gallop Gables has claimed the top spot on the list of properties that saw new psf-price highs between Nov 19 and Nov 22, with a record high of $2,299 psf achieved from the sale of a 2,669 sq ft four-bedroom unit on Nov 20. The seller, who bought the unit for $4.5 million ($1,686 psf) in July 2017, made a profit of $1.64 million on the sale.
This transaction surpassed Gallop Gable’s previous record of $2,108 psf from the sale of a 1,163 sq ft two-bedroom unit on Feb 19. Another unit at the condo, a 1,550 sq ft two-bedroom on the first floor, was sold for $2.98 million ($1,923 psf) on Sept 9.The condo has seen three resale transactions this year at an average price of $2,110 psf, higher than the average price of $1,991 psf from four transactions last year.
Located on Farrer Road in District 10, Gallop Gables is a low-density development with 102 units spread across four-storey blocks. It is within walking distance of Farrer Road MRT Station on the Circle Line.
The condo’s record was followed by The Scala in District 19, which also achieved a new psf-price high of $2,064 psf from the sale of a 1,259 sq ft, four-bedroom unit on the 12th floor for $2.6 million on Nov 20. The transaction surpassed the condo’s previous record of $1,969 psf from a 904 sq ft two-bedroom unit on the 11th floor sold for $1.78 million on Sept 9.
The Scala, a 99-year leasehold condo on Serangoon Avenue 3, has seen 16 resale transactions this year at an average price of $1,823 psf, 8% higher than the average price of $1,688 psf from 16 transactions last year. It has a total of 468 units across 17 storeys, and is a short walk to the Lorong Chuan MRT Station on the Circle Line.
In third place was Sims Edge in Geylang, which saw a new record of $1,907 psf from the sale of a 409 sq ft, one-bedroom unit on the 13th floor for about $780,000 on Nov 22. The seller had bought the unit for $663,807 ($1,623 psf) in April 2019.The condo has seen a total of five resale transactions this year at an average price of $1,800 psf, higher than the average price of $1,644 psf from four transactions last year.
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, and is within 500m of the Paya Lebar MRT Interchange Station on the East-West Line and Circle Line.
No new psf-price lows were recorded during the period in review.