Several Singaporean condominiums set new record prices per square foot (psf) between August 8 and August 16, so underscoring the continuous strength and dynamism of the premium real estate market of the city-state. Leading this trend was the esteemed District 9 property Freehold Residences at Killiney, which raised standards with a $2,612 psf selling price. This record came about on August 12 when a 1,550 square foot three-bedroom apartment on the third floor sold for $4.05 million. For the seller, who had bought the property in a sub-sale for $3.27 million ($2,108 psf) in June 2013, the deal yielded a notable profit—about $781,888. Set in March 2023 when a 1,625 square foot three-bedroom apartment sold for $3.95 million at $2, 430 psf, this new psf price above the previous record at the building by 7.5%.
Comprising 68 units ranging from two to four bedrooms with sizes between 1,055 sq ft and 6,749 sq ft, Residences @ Killiney, completed in 2012, is a boutique freehold development. Its prominent position on Killiney Road in the River Valley region of District 9 places it within walking distance of River Valley Primary School and Somerset MRT Station on the North-South Line, therefore adding to its attractiveness among purchasers.
Additionally noteworthy in District 9 was Yong Ann Park on River Valley Road. With the sale of a 3,434 square foot four-bedroom apartment on the 13th story for $8.6 million on August 12, this development topped $2,505 psf. Having paid $1.88 million in July 1998, the vendor of this unit discovered an amazing net gain of $6.72 million. With a comparable-sized flat on the 12th floor sold for $8.48 million, this deal exceeded the previous record of $2,470 psf set in April.
Over past years, Yong A Park has shown constant price increase. Four units have changed hands in 2023 at an average price of $2,393 psf, an almost 7% rise from the average of $2,238 psf seen in the transactions of the last year. Situated next to the Great World MRT Station on the Thomson-East Coast Line, this freehold condominium presents a varied array of units ranging from one- to four-bedroom apartments, three- to five-bedroom penthouses and large strata-titled townhouses.
Parc Esta in District 14 shows that the tendency of increasing psf rates went beyond the key districts. When a 958 square foot, three-bedroom apartment on the 14th floor sold for $2.33 million, or $2,432 psf, this development broke records. Having paid $1.54 million ($1,608 psf) for this unit from the developer in December 2018, the vendor realised a profit of $790,000. This sale exceeded the previous high of $2,409 psf attained just three months earlier in June, when a 551 square foot, two-bedroom apartment on the 12th floor sold for $1.4 million.
Computed in 2022, Parc Esta is a 99-year leasehold construction along Sims Avenue in Geylang. Comprising 1,399 flats ranging from one to five bedrooms with sizes ranging from 420 sq ft to 1,604 sq ft, it also features five retail stores. Its position opposite Eunos MRT Station and bus interchange adds to its attraction. With 57 sales average $2,217 psf, the development shows strong resale activity in 2023.
These extraordinary sales across several areas and property types highlight the endurance and appeal of Singapore’s residential real estate market. In some markets, buyer demand and support price increase are still driven by factors including ideal locations, quality improvements, and continuous infrastructural enhancements. Especially, there were no documented new psf lows throughout the period under examination, which highlights even more the stability and current strength of the market.
