Martin Place Residences achieves new high of $2,775 psf

Among the condos and apartments that hit a new price high, Martin Place Residences topped the list with the sale of a three-bedroom unit for $4.78 million

Among the condos and apartments that hit a new high in terms of psf-price between March 28 and April 12, Martin Place Residences topped the list with the sale of a 1,722 sq ft, three-bedroom-plus-study unit for $4.78 million on April 11. That translates to a price of $2,775 psf.

This surpasses the freehold condo’s previous peak of $2,613 psf that was set in October 2021, when a similar three-bedroom-plus-study unit spanning 1,722 sq ft on the 30th floor was sold for $4.5 million.

The unit sold on April 11 was purchased by the seller from the developer in June 2009 for $2.45 million, or $1,423 psf. Therefore, the seller made a profit of $2.33 million, rendering it the second-most profitable resale transaction logged to date at the condo.

The unit is the first resale transaction registered at the condo to date this year. Last year, the development saw seven units change hands at an average price of $2,553 psf, based on caveats lodged.

The 302-unit freehold Martin Place Residences is located along Martin Place in prime District 9. The 33-storey twin tower development was completed in 2011. It has a unit mix consisting of one- and two-bedroom units between 592 and 1,162 sq ft, three- and four-bedroom units between 1,421 and 2,002 sq ft, and five-bedroom units spanning between 3,326 and 3,434 sq ft.

Tribeca, another freehold development, also hit a new high in terms of psf-price during the period of review when a 517 sq ft, one-bedroom apartment changed hands for $1.35 million on April 11. This translates to a price of $2,613 psf.

The new record is just 0.7% higher than the previous record of $2,594 psf that was set in November last year. Then, a 517 sq ft, one-bedroom studio apartment was sold for $1.34 million.

The unit sold on April 11 last changed hands in March 2017 for $1 million ($1,935 psf). Thus, the sale resulted in a profit of $350,000 after seven years.

This is the first time a unit at Tribeca has transacted above $2,600 psf. Excluding the unit sold on April 11, the condo has seen eight units change hands since January 2023, with psf-prices ranging from $2,299 to $2,594. Of these, one-bedroom units made up three transactions, all of which were at the highest end of the price spectrum, between $2,535 and $2,594 psf.

Tribeca is a 175-unit freehold condo which was completed in 2010. It consists of a 30-storey residential block that houses a unit mix comprising one- to four-bedroom apartments from 517 to 1,905 sq ft, and penthouses from 2,174 to 3,907 sq ft. The development is within 400m of the Havelock and Great World MRT Stations on the Thomson-East Coast Line.

City Gate hit a new psf-price low during the period in review with the sale of a 1,066 sq ft, two-bedroom unit on the 23rd floor for $1.58 million on April 3. This translates the price to $1,483 psf.

The resale transaction is 7.2% below the previous all-time low of $1,598 psf set in March 2015, when the developer sold an 807 sq ft, two-bedroom unit for $1.29 million.

The transaction on April 3 marks the lowest price at which a residential unit at City Gate has ever changed hands, among both resale and new sale transactions.

City Gate is a 30-storey mixed-use development on Beach Road. Completed in 2018, the property comprises 311 residential units atop a three-storey commercial retail podium. Residential units are a mix of one- and two-bedroom units spanning from 431 to 1,066 sq ft, and larger three- and four-bedroom units spanning from 807 to 1,819 sq ft.

Check out the latest listings for Martin Place Residences, Tribeca, City Gate properties