SINGAPORE (EDGEPROP) - The sale of a 1,227 sq ft, three-bedroom unit at Goodwood Grand for $3.55 million ($2,892 psf) on June 16 topped the list of new psf-price highs from June 16 to June 23. The previous record psf-price at Goodwood Grand had only been set on April 20 this year when a three-bedder of the same size changed hands for $3.45 million ($2,812 psf).
Goodwood Grand is a freehold condo on Balmoral Road in prime District 10. A joint venture by Tong Eng Group (50%), the Ng Family of Clarus Corp (20%) and mainboard-listed construction group Tiong Seng Holdings (30%), the development was completed five years ago in 2017.
The 75-unit project comprises 65 condo units in seven 13-storey blocks and eight strata bungalows. The condo units are a mix of two- to four-bedroom units of 775 sq ft to 3,111 sq ft, while the bungalows are between 5,167 sq ft and 5,479 sq ft.
A mix of upmarket boutique condos and landed housing enclaves characterises the Balmoral Road neighbourhood. Nearby freehold developments include Volari on Balmoral Road, Balmoral Crest, Balmoral Spring and Goodwood Gardens on Balmoral Crescent. Landed houses in the area include Goodwood Hill and the Good Class Bungalows at Nassim Road and White House Park.
Based on URA caveats, Goodwood Grand recorded a spike in sales transactions after its completion in June 2017. Only 44% of the project had been sold a month earlier, but sales picked up considerably over the following three months to rack up a cumulative take-up rate of 85% by August 2017.
The most expensive condo unit at Goodwood Grand was a 3,111 sq ft, four-bedroom unit on the 12th floor that was sold by the developers for $6.5 million ($2,089 psf) in March 2014. This was followed by a 2,142 sq ft, three-bedder on the 12th floor that was sold for $4.69 million ($2,190 psf) when the developer sold it in October 2017.
The largest strata bungalow at Goodwood Grand, measuring 5,479 sq ft, was sold in June 2014 for $7 million ($1,278 psf). Two other 5,231 sq ft bungalows fetched $6.95 million ($1,329 psf) each when they were sold in October 2017.
In the secondary market, Goodwood Grand commands the highest average price for condo units in the Balmoral area at about $2,771 psf. In comparison, the average prices at Volari, Balmoral Crest and Goodwood Gardens were $2,493 psf, $2,004 psf and $2,233 psf, respectively. Only the recently completed Sloane Residences on Balmoral Road fetched an average price of $2,859 psf.
The development that notched the second highest psf-price on the list this week was Adria, a boutique condo on Derbyshire Road in Novena. A two-bedroom, 850 sq ft unit was sold for $1.85 million ($2,171 psf) on June 21. This trumps the previous psf-price high at Adria, set just four months prior when a 1,302 sq ft, three-bedroom unit was sold for $2.6 million ($2,002 psf) on Feb 16.
Adria is a 105-unit condo that was completed in 2015. It comprises a single 19-storey residential tower with a mix of one- to four-bedroom units that range from 538 sq ft to 1,496 sq ft.
The development is located in the Novena district and neighbours St. Joseph’s Institution Junior on Essex Road. The condo enjoys proximity to the major shopping malls in the area, namely United Square and Novena Square at Thomson Road, Square 2 at Sinaran Drive and Royal Square at Irrawaddy Road. It is also close to Health City Novena, between Moulmein Road and Irrawaddy Road, a future healthcare district encompassing Tan Tock Seng Hospital at Jalan Tan Tock Seng, Ren Ci Hospital at Irrawaddy Road, and other medical facilities. The area is well-connected to Newton Road, Moulmein Road and Thomson Road, while the nearest train station is Novena MRT Station on the North-South Line.
Based on a tabulation of resale caveats by EdgeProp Singapore, the average price at Adria has held steady over the past few years, moving from $1,854 psf in July 2020 to $1,909 psf this month.
However, the property benefits from its relatively strong rental proposition, with leases ranging from $3.70 psf per month (pm) to $6.90 psf pm. The condo sees an average rent of about $5.50 psf pm, translating to a rental yield of approximately 3.2%. Rental transactions this year show that units have been leased out for about $3,600 pm ($6.55 psf pm) to $4,500 pm ($6.92 psf pm).
The investment focus of Adria is reflected in its ownership, which according to buying records, comprises 54% locals and 37% foreigners, with the rest held by permanent residents and companies.
Meanwhile, the sale of a 743 sq ft, two-bedroom unit at Botanique at Bartley set a new price high at the condo when it was sold for $1.5 million ($2,020 psf) on June 19. It is the first time a resale unit at Botanique at Bartley has changed hands for more than $2,000 psf. Previously, the record was a 732 sq ft, two-bedder that was sold for $1.34 million ($1,828 psf) on Sept 12 last year.
Botanique at Bartley is a 99-year leasehold condo on Upper Paya Lebar Road in Serangoon in District 19. The condo was developed by mainboard-listed property group UOL which completed the 797-unit project in 2019. The development comprises one- to three-bedroom units of 495 sq ft to 1,270 sq ft.
The condo’s Bartley location is within convenient reach of neighbourhood hubs and train stations. Botanique at Bartley is less than 200m from Bartley MRT Station on the Circle Line, one stop from Serangoon MRT Interchange Station on the North-East and Circle Lines. Other nearby stations include Tai Seng MRT Station on the Circle Line and Woodleigh MRT Station on the North-East Line.
Over the past two years, resale prices at Botanique at Bartley have climbed from about $1,568 psf in July 2021 to $1,732 psf this month.
Check out the latest listings near Goodwood Grand, Adria, Botanique at Bartley, Volari, Balmoral Crest, Balmoral Spring, Goodwood Gardens, Sloane Residences, Novena MRT Station, Bartley MRT Station, Serangoon MRT Interchange Station, Tai Seng MRT Station, Woodleigh MRT Station