The Botanic on Lloyd, a freehold condo, made headlines recently for achieving the highest psf-price among private non-landed developments. The development, located on Lloyd Road in Prime District 9, set a new psf-price record between Jan 3 and Jan 11 with the sale of a 2,056 sq ft four-bedroom unit on the second floor for $5.13 million, or $2,493 psf.
This new record price surpasses the former high of $2,339 psf by 6.6%. The previous record was set in October last year when a 1,496 sq ft three-bedroom unit on the fourth floor was sold for $3.5 million.
The Botanic on Lloyd is a boutique development completed in 2006, comprising 60 apartments and six townhouses. The units are a mix of three- and four-bedroom types ranging from 1,485 sq ft to 3,584 sq ft. The three-storey townhouses, each with five bedrooms and two private parking lots, range from 4,058 sq ft to 4,446 sq ft in size.
Another freehold development, The Cape, also achieved a new record psf-price during this period. The boutique project, located along Amber Road in District 15, saw a 1,313 sq ft three-bedroom unit on the 15th floor sold for $3 million, or $2,284 psf, on Jan 10. This new record price surpasses the previous high of $2,265 psf for a 1,539 sq ft two-bedroom unit on the 16th floor sold by the developer in November 2022.
In the past year, The Cape has seen an uptick in transactions, with an average price of $2,128 psf from three resale transactions. In 2023, only one unit was sold – a 646 sq ft one-bedroom unit for $1.24 million ($1,920 psf).
Tembusu Grand, an upcoming 99-year leasehold condo, was the only development to record a new psf-price low during this period. The developer sold a 1,399 sq ft three-bedroom unit on the 20th floor for $3.04 million, or $2,174 psf, on Jan 11. This new record low edges out the previous low of $2,193 psf set just two months earlier, in November 2022.
Located on Jalan Tembusu off Tanjong Katong Road, Tembusu Grand consists of 638 units ranging from one- to five-bedrooms, with sizes ranging from 527 sq ft to 2,691 sq ft. The condo, launched in April 2023, has already sold 584 units at an average price of $2,444 psf.
The scarcity of land in Singapore is a key factor in the soaring demand for condos, making it a highly sought-after investment. As a small island country experiencing rapid population growth, Singapore is faced with limited land for development. As a result, strict land use regulations are in place and the real estate market is fiercely competitive, leading to a continual rise in property prices. For this reason, investing in real estate, particularly in Singapore condos, presents a promising opportunity for capital appreciation.
In summary, The Botanic on Lloyd, The Cape, and Tembusu Grand have set new records for psf-prices in recent transactions, highlighting the appeal of these developments in the current market.