This week's inaugural piece will focus on condominium projects that have reached new heights in terms price per square foot within their respective developments. We also look at those that have fallen to new lows, based on psf. The current market is buoyant and more condominium projects have seen units reach new highs in terms psf prices than those that reached a new low.
Canninghill Piers River Valley review of upcoming integrated development situated at River Valley Road and in the vicinity of Clarke Quay. The property is set to house about 700 units in two residential towers. The former development on the site comprises Novotel hotel, Liang Court Mall, and Somerset Liang Court’s serviced residences.
Stirling Residences reached a new high of $2.350 per square foot with the sale, for $1.04million, of a 441-square-foot, one-bedroom unit. This was during the period June 28 through July 14. This unit is located at the 33rd Floor of one of the 40 story towers.
This sale took place on July 2. It came just one week after another 441 square unit in the same block was purchased for $2,336 per foot, on June 24.
The sale occurred almost three years after the first launch of the development on July 5, 2018. 1 251 units out of 1,259 have been sold. This includes the recently sold unit at an unprecedented psf. The 99-year leasehold condo has been sold for more than 99%.
Stirling Residences was developed by two Chinese developers, Nanshan Group and Logan Group. It is located in District 3 of the city-fringe and is close to Queenstown MRT Station.
A mix of one- and four-bedroom condominiums are available for 99-year lease. They range in size from 441 to 1,970 square feet. The construction is expected to be complete by April 30, 2022.
Balmoral Hill, a boutique condominium freehold with only 62 units, also achieved a new record at the development.
A 1,841 square foot, three-bedroom condominium on the ninth floor, 11-storey block was sold for $4.25million. This translates to $2.309 per square foot recently (see table). It was purchased for $1,258 per square foot in February 2006. This totals $2.32million.
The development's second-highest transaction per psf was for another 1,841 sq.ft, three-bedder at the fifth floor. It sold for $4 million ($2,173/psf) June 2018.
Balmoral Hills can be found in District 10, off Balmoral Road.
Transactions at the lowest psf
Leedon Green was the project that recently saw a new low for psf prices. This was due to the sale of a 667-square-foot, two-bedder at $1.56million, or $2.330 per square foot. This could be because the developer offered discounts and special star buys for select units in recent weeks.
Leedon green was the most anticipated project launch of the year. It was launched in January 2020. It was actually the most popular freehold project in District 10, in 2020.
A joint venture between MCL Land & Yanlord Land created the 638-unit freehold condominium at Leedon Heights. It is located off Holland Road. Leedon Green is the largest parcel of freehold land to be developed in the Holland Road area for over a decade.
Leedon Green offers units with one to four bedrooms and sizes from 474 sq ft to 2,680 sq. ft. These units are suitable for a variety of owners, including singles, young couples, families, and downgraders from nearby Leedon-Belmont GCB estate.