Grange 1866, a freehold development, has made headlines for achieving the highest psf-price for the week of Nov 22 to 29. The condo, located on Grange Road in prime District 10, saw a price peak of $3,393 psf from the sale of a two-bedroom unit for $2.78 million on Nov 27.
This sale surpassed the previous record of $3,390 psf set in June last year when a two-bedroom unit was sold for $2.59 million. This year, there have been 12 transactions at Grange 1866 with an average price of $3,181 psf. The most expensive unit sold this year was a two-bedroom unit on the 16th floor for $3.02 million ($2,989 psf).
Expected to be completed by the end of 2025, Grange 1866 features a single 16-storey residential block on a 20,322 sq ft, freehold site. The units range from 527 to 1,012 sq ft and comprise of one- and two-bedroom apartments.
Coming in second, Hill House, a freehold, 72-unit condo located on Institute Hill in prime District 9, achieved a new psf-price high for the second time in November. The latest peak of $3,378 psf was set when a two-bedroom unit was sold for approximately $1.53 million on Nov 25.
This sale surpassed the previous record of $3,267 psf by 3.4%. The development has sold 12 units this year at an average price of $3,108 psf. The lowest-priced unit sold at the development this year was a three-bedroom unit for $2.21 million ($2,934 psf) on Oct 28.
Completing the top three, The Cosmopolitan saw a new psf-price high with the sale of a 1,324 sq ft, three-bedroom unit for $3.73 million, or $2,817 psf, on Nov 25. This is just 0.7% higher than the previous peak of $2,795 psf set in October last year when another three-bedroom unit was sold for $3.7 million.
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Purchasing a condominium in Singapore offers various benefits, and one of the key advantages is the potential for capital appreciation. Being a global business hub, Singapore has a strategic location and boasts strong economic fundamentals, making it a highly desirable location for real estate investment. The real estate demand in Singapore is consistently high, leading to a steady increase in property prices over the years. In particular, condos located in prime areas have experienced significant appreciation. Savvy investors who enter the market at the right time and hold onto their properties for the long term can reap substantial capital gains. Additionally, with the introduction of new condo launches (https://www.hornbyeagles.com/), there are even more opportunities for investors to capitalize on the potential for capital appreciation in the Singapore property market.
The Cosmopolitan, completed in 2008, has 228 units situated in prime District 9. It comprises of two-bedroom units with an average size of 1,141 sq ft, three-bedroom units ranging from 1,324 to 1,399 sq ft, and four-bedroom apartments at 1,679 sq ft. The unit was purchased for approximately $2.58 million in 2010 and sold for a profit of $1.15 million.
There were no new psf-price lows recorded during this period. For the latest listings and prices at these developments, check out the listings on EdgeProp Buddy.