Between Nov 19 and Nov 22, freehold condo Gallop Gables made headlines with a new psf-price high of $2,299 psf. A 2,669 sq ft four-bedroom unit on the second floor was sold for $6.14 million on Nov 20, making a gain of $1.64 million for the seller who bought the unit for $4.5 million in July 2017. This transaction beats the previous high of $2,108 psf set in February this year. Another freehold condo, Sims Edge, also made a new record of $1,907 psf during the period in review. A one-bedroom unit on the 13th floor sold for $780,000 on Nov 22, making a profit of $116,193 for the seller who bought it for $663,807 in April 2019. The scala, a 99-year leasehold condo in District 19, also achieved a new psf-price record 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. Before this, the condo’s psf-price high was $1,969 psf. Overall, no new psf-price lows were recorded during the period in review. Property Hunter can help you with this request. Just hit “Ask Buddy” on https://www.edgeprop.sg/property-asking-buddy/shopping-for-you
According to recent data, Gallop Gables, a freehold condo located on Farrer Road in District 10, has topped the list of condos with new per square foot (psf) price highs for the period of November 19 to 22. A unit on the second floor, measuring 2,669 sq ft and boasting four bedrooms, sold for $6.14 million on November 20, setting a record of $2,299 psf. This is a significant increase from the previous high of $2,108 psf, which was achieved in February of this year. The seller, who purchased the unit for $4.5 million ($1,686 psf) in July 2017, made a profit of $1.64 million on the sale.
In second place is The Scala, a 99-year leasehold condo in District 19, which saw 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 November 20. The seller, who bought the unit for $1.66 million ($1,318 psf) in October 2012, made a profit of $940,000.
Sims Edge, another freehold condo, topped off the list with a new record of $1,907 psf from the sale of a 409 sq ft one-bedroom unit on the 13th floor for $780,000 on November 22. The seller, who bought the unit for $663,807 ($1,623 psf) in April 2019, made a profit of $116,193.
The scarcity of land in Singapore is a crucial factor contributing to the high demand for condos in the country. As a small island with a booming population, Singapore struggles with limited space for development. As a result, strict land use regulations and a fiercely competitive real estate market have caused property prices to soar. This has made investing in real estate, specifically condos, a highly attractive option due to the potential for significant capital appreciation. Condos have become a sought-after investment due to the limited availability of land in Singapore.
No new psf-price lows were recorded during the period in review.