During the week of Dec 27 to Jan 3, Commonwealth Towers emerged as the leading private non-landed property to achieve a new record price per square foot (psf). The 99-year leasehold condo hit a new peak of $2,460 psf on Dec 27 with the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million.
This new record surpasses the previous high of $2,402 psf, which was set just three months ago in September 2024 when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for around $1.65 million.
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Commonwealth Towers saw a surge in average resale prices over the past three years. In 2022, the project had 53 transactions at an average psf of $1,971. The following year, the average price increased to $2,097 psf across 51 resale transactions. Last year, the development recorded 37 resale transactions at an average price of $2,200 psf, marking an 11.6% increase in average resale prices since 2022.
In terms of absolute price, the most expensive unit to change hands at Commonwealth Towers was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. This transaction was recorded in November 2024.
Completed in 2017, Commonwealth Towers is a 99-year leasehold condo with approximately 87 years remaining on its tenure. It is comprised of two 43-storey residential blocks housing 845 units ranging from one to four bedrooms and spanning 441 sq ft to 1,302 sq ft.
Taking the second spot on the list is freehold project Parq Bella, which achieved a new psf-price peak of $2,416 on Dec 31. This was the developer’s sale of a 1,076 sq ft, three-bedroom unit on the fourth floor for about $2.6 million. This unit was also the first to transact for more than $2,400 psf at the development.
This surpasses the previous psf-price record of $2,385 set in August 2023 when a 926 sq ft, two-bedroom on the fourth floor was sold for around $2.2 million.
Located on Tembeling Road in District 15, Parq Bella has 20 units ranging from two to four bedrooms and floor plans spanning 926 sq ft to 1,787 sq ft. The project is expected to be completed by December 2026 and has recorded five new sale transactions last year at an average price of $2,347 psf.
Rounding up the list is freehold luxury project Klimt Cairnhill, which saw a new psf-price low during the period in review when the developer sold the final unit for $2.55 million on Jan 3. This translates to $3,077 psf for the 829 sq ft, two-bedroom unit.
Klimt Cairnhill, located on Cairnhill Road in Prime District 9, consists of 138 apartments in two- to four-bedroom configurations and has achieved 100% sales at an average price of $3,665 psf based on caveats lodged. The project was previewed in August 2021 and officially launched in January 2023.
Klimt Cairnhill is expected to obtain its Temporary Occupation Permit in April this year and boasts of a mix of two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft. There are also two penthouses of 4,898 sq ft and 5,920 sq ft.