In the period from July 30 to August 8, 2023, Singapore's condominium market witnessed several noteworthy transactions, with some properties setting new price records while others experienced slight declines. One Bernam, a 99-year leasehold mixed-use development in District 2's Tanjong Pagar area, set a new price record of S$3,351 per square foot (psf). This milestone was achieved with the sale of a 452 square foot (sq ft) one-bedroom unit on the 30th floor for approximately S$1.51 million on August 4. The new record marginally surpasses the previous high of S$3,344 psf set in March 2023.
One Bernam, located on Bernam Street, features a 35-storey tower with 351 residential units, a two-storey retail podium, and one floor of serviced apartments. The project offers a mix of one- to three-bedroom units ranging from 441 to 1,421 sq ft, as well as three penthouses from 1,744 to 4,306 sq ft. Launched in May 2021, the development has sold 65% of its units (228 out of 351) at an average price of S$2,582 psf. The project is expected to be completed in September 2024.
In the secondary market, the freehold Residences @ Evelyn in District 11's Novena area recorded a new psf price high. A 1,528 sq ft three-bedroom unit on the 32nd floor was sold for S$3.83 million (S$2,504 psf) on July 31. The seller, who purchased the unit from the developer in October 2006 for S$2.205 million, realized a net profit of approximately S$1.6 million. This transaction surpasses the previous record of S$2,441 psf set by the resale of a 1,539 sq ft three-bedroom unit on the 20th floor for S$3.76 million.
Residences @ Evelyn, completed in 2007, is a freehold condominium on Evelyn Road comprising 208 units across twin 33-storey towers. The development offers two- to four-bedroom apartments and penthouses ranging from 1,023 to 3,466 sq ft. In 2023, the property has seen four transactions at an average price of S$2,344 psf, up from S$2,314 psf in 2022.
While some properties experienced price increases, The Myst, a 99-year leasehold development in District 23's Bukit Panjang area, registered a new low in its psf pricing. A 1,163 sq ft three-bedroom unit was sold for S$2.18 million (S$1,877 psf) on August 3. This represents a 0.48% decrease from the previous low of S$1,886 psf set in June 2023.
The Myst, located on Upper Bukit Timah Road, features 408 units across two 24-storey towers, offering one- to five-bedroom units ranging from 678 to 1,690 sq ft. Launched in July 2022 at an average price of S$2,057 psf, The Myst has sold 63% of its units (257 out of 408) as of August 10, 2023.
The new launch condo is expected to be completed in 2029. This market update reflects the dynamic nature of Singapore's condominium market, with properties in prime locations continuing to achieve new price benchmarks, while others experience minor adjustments. Investors and homebuyers are advised to consider factors such as location, tenure, and market trends when making property decisions.