8M Residences made headlines in the week of Feb 1 to 7 as it topped the list of private condos to achieve a new psf-price peak. A two-bedroom unit on the 15th floor was sold for a record-breaking $2,384 psf, marking the first time a unit at the freehold development has been sold for more than $2,300 psf. The previous record was set in April 2023 when a similar two-bedroom unit on the 11th floor was sold for $2,261 psf.The record-setting sale at 8M Residences was one of two transactions that surpassed the previous peak in the same week. The other was a one-bedroom unit that sold for $2,275 psf. Resale data from EdgeProp Singapore shows that prices at 8M Residences have consistently risen over the last three years, with the average price of units increasing by 7.3%.Completed in 2017, 8M Residences is a 20-storey residential tower with 68 units ranging from one to three bedrooms. It also houses four penthouses. The development is located within walking distance of various amenities, including a pre-school, swimming complex and upcoming MRT station.Another condo that achieved a new psf-price high in the same week was Kovan Jewel, a boutique condo located along Kovan Road in District 19. A three-bedroom unit was sold on Feb 7 for $2,236 psf, edging past the previous peak set in August 2022. Completed last year, the development features units with one to three bedrooms, as well as penthouses. As of Feb 18, 50% of the units at Kovan Jewel have been sold at an average price of $2,111 psf, with the first unit sold this year.A unit at Oleanas Residence, a freehold condo in District 9, also set a new record of $2,207 psf when a three-bedroom unit on the sixth floor was sold on Feb 3. The previous high was set in August 2022 when a similar unit was sold for $2,157 psf. The condo, which was completed in 1999, has recorded just four resale transactions in three years. It is located within walking distance of two MRT stations and various educational institutes.
It is crucial for international investors to be knowledgeable about the laws and limitations surrounding property ownership in Singapore. Unlike landed properties where ownership regulations are more stringent, foreigners are mostly free to purchase condos with few restrictions. However, it is important to note that foreign buyers are required to pay the Additional Buyer’s Stamp Duty (ABSD) at a rate of 20% for their initial property acquisition. Despite this added expense, the stability and potential for growth in the Singapore real estate market remains a significant draw for foreign investment. For those interested in investing in Singapore, it is worth considering properties such as Singapore Condos, which offer promising opportunities for foreign buyers.