Resale two-bedder at Scotts Square sets record low price of $2,703 psf

The freehold condo at Scotts Square on Orchard Road has hit a new psf price low and was the only development on the list of projects that set a new price low during the week of July 4 to July 11. The record-setting transaction at Scotts Square involved a 947 sq ft, two-bedroom unit on the 21st floor, which fetched $2.56 million ($2,703 psf) when it was sold on July 7.

This is the first time a resale unit at Scotts Square has fetched less than $2,800 psf, beating the previous record low of $2,803 psf, which was achieved when a 1,249 sq ft unit on the 18th floor changed hands for $3.5 million in 2016.

Sitting between the Grand Hyatt Singapore and Singapore Marriott Tang Plaza hotels, Scotts Square is a mixed-use development on Scotts Road in prime District 9. The freehold development was completed in 2011 and comprises two residential towers, 43 and 34 stories high, with a total of 338 units, and a four-storey retail podium.

The two-bedroom unit at Scotts Square fetched $2.56 million ($2,703 psf) when it was sold on July 7. (Picture: Samuel Isaac Chua/The Edge Singapore)

In January 2024, the retail podium at Scotts Square was put up for sale through an expression of interest (EOI) with a guide price of $450 million, which translates to $3,438 psf based on the development’s total gross floor area of 130,875 sq ft. The EOI closed last February without a successful sale.

There have been five residential resale transactions at at Scotts Square this year, with transactions ranging from a 635 sq ft unit that fetched $1.9 million ($2,992 psf) on June 3, to the sale of a 1,249 sq ft unit that transacted for $4.1 million ($3,284 psf) on Jan 22.

However, a compilation of resale caveats by EdgeProp Singapore indicates that the average price of the apartments at Scotts Square has fallen in recent years, slipping from $3,772 psf in July 2010 to $3,319 psf in July 2020. The average resale price of the condo today is approximately $3,176 psf.

On the other hand, the sale of a 1,421 sq ft unit at Martin Place Residences set a record psf-price high at the freehold condo when the three-bedroom unit was sold for $4.05 million ($2,850 psf) on July 8. This transaction tops the list of psf-price high-setting projects during the week in review.

The latest resale at Martin Place Residences surpasses the previous price high at the project, involving the sale of a 1,722 sq ft unit on the 26th floor, which transacted for $4.78 million ($2,775 psf) last April.

A three-bedroom unit at Martin Place Residences set a record psf-price high when it was sold for $4.05 million ($2,850 psf) on July 8.

Completed in 2011, Martin Place Residences is a 302-unit development along Martin Place, off Kim Yam Road, in prime District 9. The 33-storey twin tower project consists of one- to five-bedroom units of 592 sq ft to 3,434 sq ft. The condo is among a handful of freehold developments close to the Robertson Quay enclave. Nearby freehold and 999-year leasehold condos include 51-unit The Iveria on Kim Yam Road, 376-unit The Avenir on River Valley Close and the recently launched 999-year leasehold Robertson Opus on Unity Street.

There have been three resales at Martin Place Residences so far this year. The other transactions involved a 2,002 sq ft unit on the 21st floor, which changed hands for $5.35 million ($2,672 psf) on March 13, as well as a 1,421 sq ft unit on the 8th floor, which fetched $3.83 million ($2,700 psf) when it was sold on Feb 24.

EdgeProp Singapore estimates that the average resale price at Martin Place Residences is approximately $2,620 psf. This is lower than the average price of $2,713 psf at The Ivernia, which was launched in 2019. The Avenir, launched in 2020, commands an average price of $3,387 psf.

Meanwhile, The Robertson Opus sold 143 units (41%) during its opening sales weekend on July 19-20, achieving an average price of $3,360 psf. The project is a redevelopment of the former Fraser Place at Robertson Walk.

A resale unit at The Belvedere also set a record psf-price high during the week when a 1,367 sq ft three-bedroom unit on the 14th floor transacted for $3.55 million ($2,597 psf) on July 8. This is marginally higher than the previous record of $2.56 million ($2,530 psf) when a 1,012 sq ft two-bedroom unit on the 11th floor was sold last June.

A three-bedder at The Belvedere was sold for $3.55 million ($2,597 psf) on July 8. (Picture: The Edge Singapore)

The Belvedere is a freehold condo on Meyer Road in District 15. The development is situated next to Katong Park MRT station on the Thomson-East Coast Line, and is conveniently located near the Singapore Sports Hub and East Coast Park.

Completed in 2007, the 167-unit development comprises two residential blocks featuring a mix of two- and three-bedroom units ranging from 1,012 sq ft to 1,615 sq ft, as well as seven penthouses measuring 2,131 sq ft to 2,949 sq ft.

There have been two resales at The Belvedere so far this year. The other transaction involved a 1,012 sq ft unit on the 11th floor, which was sold for $2.56 million ($1,012 psf) on June 19. A compilation of caveats by EdgeProp Singapore also indicates that the average price at The Belvedere has climbed consistently, from about $1,630 psf in July 2015 to $2,442 psf today.

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