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The Balmoral Spring achieves new high of $2,367 psf

/ EdgeProp Singapore |

February 29, 2024 4:58 PM SGT

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The Balmoral Spring topped the list of condos that hit a new psf-price high during the period of Feb 8 to 16. This comes with the resale of a 1,119 sq ft, three-bedroom unit on Feb 14 for $2.65 million, which works out to $2,367 psf. The transaction beats the previous high of $2,200 psf set last December when a 1,227 sq ft unit fetched $2.7 million.

The unit sold on Feb 14 is the first unit at The Balmoral Spring to change hands this year. Caveats lodged show that the unit was purchased by the seller in September 2018 for $1.95 million ($1,742 psf). Hence, the seller made a gross gain of $700,000 on the sale.

The 1,119 sq ft, three-bedroom unit at The Balmoral Spring was sold on Feb 14 for $2.65 million (Picture: Google Maps)

The Balmoral Spring is a freehold condo located on Balmoral Crescent, off Balmoral Road in prime District 10. Completed in 2000, the boutique development has 27 units housed in a single 10-storey block. Apartments predominantly comprise three-bedders of between 1,076 and 1,356 sq ft. There are also two penthouses: a 2,713 sq ft, three-bedroom unit and a 2,982 sq ft four-bedder.

Read also: Newton One hits new high of $2,375 psf

Another condo in District 10, The Tessarina, also hit a new psf-price high during the period in review. The new high occurred when a 1,367 sq ft, three-bedroom apartment on the ninth floor changed hands for $3.1 million, or $2,268 psf, on Feb 15. It narrowly surpasses the previous high of $2,266 psf established on Jan 19 when a 1,324 sq ft unit was sold for $3 million.

The seller of the 1,367 sq ft unit sold on Feb 15 had bought it in September 2011 for $1.898 million ($1,388 psf). Thus, they raked in a gain of $1.2 million on the unit.

The Tessarina saw a new high of $2,268 psf when a 1,367 sq ft unit changed hands for $3.1 million on Feb 15 (Picture: Samuel Isaac Chua/The Edge Singapore)

The Tessarina is a freehold development on Wilby Road, off Bukit Timah Road, that was completed in 2003. It consists of five blocks with a total of 443 residences. Units comprise a mix of two- to four-bedders of 926 to 3,671 sq ft.

Meanwhile, The Line @ Tanjong Rhu hit a new psf-price low during the period in review with the sale of a 570 sq ft, two-bedroom unit for $1.02 million on Feb 16. The price for the 14th-floor unit works out to $1,788 psf. The sale marks the first time a unit at The Line @ Tanjong Rhu was transacted for below $2,000 psf, a figure which was also the previous record low at the development, set in December 2018 when a 1,055 sq ft unit was sold for $2.11 million.

The seller of the unit sold on Feb 16 had bought it from the developer in October 2013 for $1.32 million ($2,314 spf), caveats show. As such, the seller made a loss of $300,000 on the transaction. This makes it the most unprofitable resale transaction to date at the development, according to data compiled on EdgeProp Research.

A 570 sq ft unit at The Line @ Tanjong Rhu fetched $1.02 million on Feb 16, resulting in a new low of $1,788 psf (Picture: Google Maps)

The Line @ Tanjong Rhu is a 130-unit freehold condo on Tanjong Rhu Road in District 15. Built in 2016, it has two 20-storey towers. Units include one-bedders from 420 sq ft, two-bedders from 570 sq ft, three-bedders from 893 sq ft and four-bedders of 2,325 sq ft. There are also four duplex penthouses at the development. Two of them are three-bedders measuring 2,874 sq ft, one is a three-bedroom-plus-study unit of 2,960 sq ft, while the remaining penthouse is a is a four-bedroom-plus-study unit of 3,423 sq ft.

Read also: One Bernam achieves new high of $3,344 psf