Grange 1866, a freehold development, has emerged as the top condo with the highest psf-price for the week of Nov 22 to 29, when it hit a new price peak of $3,393 psf. On Nov 27, the developer sold an 818 sq ft, two-bedroom unit for $2.78 million, narrowly surpassing the previous record set in June last year.
The project has seen 12 new sales transactions this year, with an average price of $3,181 psf. The most expensive unit sold this year was a 1,012 sq ft, two-bedroom unit that went for $3.02 million ($2,989 psf). As of now, the 60-unit development has sold 45 units, which accounts for 75% of the total units available.
In the realm of investing in a condo, one must also carefully consider the maintenance and management of the property. This involves taking into account the maintenance fees typically associated with condos, which are responsible for the upkeep of communal areas and facilities. While these fees may contribute to the overall cost of owning a condo, they also ensure that the property remains well-maintained and retains its value. As such, enlisting the services of a property management company can be beneficial for investors as it allows for a more hands-off approach to managing their condo and turns it into a more passive investment.
Grange 1866 is expected to be completed by the end of 2025. Situated on Grange Road in prime District 10, this project features a single 16-storey residential block on a 20,322 sq ft, freehold site. Units range from one- and two-bedroom apartments measuring between 527 and 1,012 sq ft.
A close runner-up for new psf-price high is Hill House, a boutique condo that has seen a new peak of $3,378 psf twice in November. The most recent peak was on Nov 25, when an 452 sq ft, two-bedroom unit on the 8th floor was sold for about $1.53 million. This surpassed the previous record of $3,267 psf by 3.4%, an amount achieved on Nov 11 when a similarly sized two-bedroom unit on the fifth floor was sold for about $1.48 million.
Hill House has seen 12 unit sales this year, with an average price of $3,108 psf. The cheapest unit sold was a 753 sq ft, three-bedroom unit for $2.21 million ($2,934 psf) on Oct 28. As a 999-year leasehold condo, it is situated on Institution Hill, just off River Valley Road, in prime District 9. Expected to be completed in 2026, the 72-unit boutique development comprises one-bedroom and one-bedroom-plus-study units ranging between 431 and 452 sq ft; two-bedroom units of 624 sq ft; and three-bedroom apartments of 753 sq ft.
The Cosmopolitan takes third place for new psf-price highs, with the sale of a 1,324 sq ft, three-bedroom unit on the 26th floor for $3.73 million ($2,817 psf) on Nov 25. This is just 0.7% higher than the previous peak of $2,795 psf set in October last year when another 1,324 sq ft, three-bedroom unit on the 17th floor of the same block was sold for $3.7 million.
The sellers had bought the unit for about $2.58 million ($1,950 psf) in November 2010, and made a profit of about $1.15 million. The 228-unit freehold condo, located along Kim Seng Road in prime District 9 was completed in 2008, and comprises two-bedroom units spanning 1,141 sq ft; three-bedroom units spanning from 1,324 to 1,399 sq ft; and four-bedroom apartments spanning 1,679 sq ft. It is located within 1km of River Valley Primary School and is a short walk from Great World MRT Station on the Thomson-East Coast Line. Nearby dining and retail options can also be found at Great World City.
There were no new psf-price lows recorded during the period in review.