Freehold development 35 Gilstead topped the list of apartments and private condos that set new psf price records between March 14 and 23. The boutique project achieved a new psf price peak with the sub-sale of a 936 sq ft, three-bedroom unit on the first floor. The apartment changed hands for $2.67 million on March 18, setting a new high of $2,851 psf.

The new price exceeds the previous high of $2,789 set in February 2020. That record was reached from the sale of a 484 sq ft, one-bedroom unit on the fourth floor, which had been purchased from developers for $1.34 million in February 2020.

The record-setting sale is the second sub-sale transaction recorded at 35 Gilstead. The first sub-sale transaction occurred on Feb 3, when a 549 sq ft, two-bedroom unit on the third floor was sold for $1.48 million ($2,696 psf).

Search for the latest New Launches, to find out the transaction prices and available units

Based on sales caveats compiled by EdgeProp Singapore, prices at 35 Gilstead have been steadily increasing since January 2022, when they hit a price floor of $2,492, based on a 12-month rolling average. As of March, the average price of units in the development has increased to $2,679 psf.

Completed last year, 35 Gilstead is a boutique, freehold development with 70 apartments across three five-storey blocks. Developed by TEE Land, units at the project are a mix of one-bedroom units sized 474 to 710 sq ft, two-bedroom units sized 549 sq ft to 743 sq ft, and three-bedroom units sized 840 sq ft to 1,249 sq ft. There are also five three-bedroom duplex penthouse units of 1,539 sq ft to 1,647 sq ft.

Located along Gilstead Road in prime District 11, the apartment complex is within walking distance of two MRT stations — Newton MRT Station along the Downtown Line and Novena MRT Station along the North-South Line. Several schools are also located within a 2km radius, including Anglo-Chinese School (Junior) along Winstedt Road, Anglo-Chinese School (Primary) along Barker Road, St. Joseph’s Institution Junior along Essex Road and Singapore Chinese Girls’ Primary School along Dunearn Road.

Meanwhile, a fellow freehold project, The Regalia, placed second among condos that achieved a psf-price high during the period in review. On March 18, a 1,216 sq ft, three-bedroom unit on the 10th floor was sold for $3.05 million, setting a new price high of $2,508 psf.

The new record marks a 5.9% increase over the former record price of $2,368 psf. The previous record was set last December when a similarly sized 1,216 sq ft, three-bedroom unit a floor above changed hands for $2.88 million.

By absolute price, the unit sold on March 18 was the fourth-highest transaction recorded at The Regalia. The top three transactions involved larger four-bedroom units. The most expensive apartment sold at the project was a 2,573 sq ft unit that fetched $5.76 million ($2,239 psf) in January 2024.

Read also: Two-bedder at The Esta sets new high of $2,377 psf

Completed in 1993, The Regalia is a 116-unit development offering three- and four-bedroom apartments ranging from 1,216 sq ft to 2,648 sq ft. Located along River Valley Close in prime District 9, the project is just a short walk from Great World MRT Station on the Thomson-East Coast Line and the retail offerings at New Bahru, a lifestyle destination in River Valley. Schools located within 2km of the development include River Valley Primary, Alexandra Primary, St Margaret’s Primary and Zhangde Primary.

Finally, freehold boutique development Enchanté was the only project to record a new psf-price trough during the period in review. The new record was recorded on March 18, when a 1,270 sq ft, three-bedroom unit on the 12th floor was purchased from developers for about $3.25 million, reflecting a price of $2,558 psf.

This marks a 3.4% drop from the previous price floor of $2,647 psf, set in October 2022, when a 1,001 sq ft, three-bedroom unit changed hands for $2.65 million.

The unit sold on March 18 was the first unit to change hands at the project in nine months. The last unit sold at Enchanté was a 1,001 sq ft, three-bedroom unit on the fourth floor that fetched $2.93 million ($2,926 psf) in July 2024.

Slated to be completed later this year, Enchanté is a 25-unit project located along Evelyn Road in prime District 11. The 16-storey tower houses three- and four-bedroom units, ranging from 1,001 sq ft to 1,281 sq ft in size, along with a single five-bedroom penthouse spanning 1,701 sq ft.

As of March 31, developer Victory Land has moved 23 units (92%) at an average price of $2,825 psf. By both absolute and psf-price, the most expensive unit sold at Enchanté was the five-bedroom penthouse, fetching $5.52 million ($3,246 psf) in Feb 2024.

Read also: Four-bedder at freehold Gallop Gables reaches $2,299 psf

Enchanté is located within 1km of three Anglo-Chinese Schools (Primary, Junior and Barker Road) as well as St Joseph’s Institution (Junior and Secondary).

Check out the latest listings for Enchante properties