CCR luxury condos achieve new price highs above $5,000 psf

/ EdgeProp Singapore |

December 21, 2023 1:15 PM SGT

Join our Telegram channel and follow our Facebook for the latest update.

Two luxury condos in the Core Central Region (CCR) have seen their resale prices reaching upwards of $5,000 psf this year. The duo — Skyline @ Orchard Boulevard and Sculptura Ardmore — topped the list of condos that hit a new psf-price high from Jan 1 to Dec 5.

The top 15 on the list are mostly a mix of recently launched luxury projects as well as established upmarket developments in prime Districts 9 and 10. Also on the list are South Beach Residences, Midtown Modern, and Midtown Bay in the Beach Road area, which could signal the emergence of a new prime district there.

Meanwhile, on the list of projects that set record lows this year, five are executive condos (ECs). Some boutique projects in suburban neighbourhoods also saw their prices fall in 2023.

New highs

Skyline @ Orchard Boulevard, a luxury condo on Angullia Park, topped the list of condos that hit a new psf-price high during the period in review. The sale of a three-bedroom unit, on the 31st floor, set a record price of $5,371 psf in February. The 3,767 sq ft unit was transacted for $20.23 million.

Skyline @ Orchard recorded the highest psf-price this year at $5,371 psf. (Picture: Samuel Isaac Chua/The Edge Singapore)

This is a big leap from the previous price high of $5,011 psf, which was set in 2012 when a 3,767 sq ft unit, on the 27th floor, was sold for $18.89 million. The buyer purchased the unit directly from the developer.

The 40-unit Skyline @ Orchard Boulevard was completed in 2015 and consists of two- to four-bedroom units that range from 1,744 to 3,767 sq ft. The development is within walking distance of the Orchard Road shopping belt.

Among the condos along Angullia Park, Skyline @ Orchard Boulevard commands the highest average resale price of $5,371 psf. Across the road is Boulevard Vue, where the average resale price is about $3,504 psf, above neighbouring developments like Twentyone Angullia Park ($3,297 psf), Paterson Linc ($2,365 psf), and Angullia Park Residences @ Orchard ($2,404 psf).

Sculptura Ardmore was second on the list of condos that hit a new psf-price high from Jan 1 to Dec 5. A 3,584 sq ft unit on the 23rd floor was transacted for $18 million ($5,022 psf) in April. This is the second time a caveat has been lodged for this unit, which also set a record in 2019 when it was sold for $16.8 million ($4,687 psf).

A 3,584 sq ft unit at Sculptura Ardmore fetched $18 million ($5,022 psf) in April. (Picture: Samuel Isaac Chua/The Edge Singapore)

It is difficult to track resale prices and the number of units sold at the ultra-luxury condo because few caveats have been lodged over the years. There are only five lodged caveats so far, although the 35-unit development was completed in 2014.

In the exclusive Nassim Park neighbourhood, prices at Nassim Park Residences are inching closer to the $5,000 psf threshold. The current high of $4,785 psf was set when a 4,284 sq ft unit was sold for $20.5 million in February. It is closely followed by the sale of a 4,822 sq ft unit that was transacted for $22 million ($4,562 psf) in February.

Resale units at Nassim Park Residences have only recently crossed the $4,000 psf threshold. The first occurrence was in June 2022 when a 3,175 sq ft unit changed hands for $12.88 million ($4,059 psf).

Nassim Park Residences is a freehold luxury condo completed in 2011. Located along Nassim Road, the 100-unit condo has four-bedders and penthouses that range from 3,175 to 8,073 sq ft.

The year also saw landmark projects in the Beach Road/Bugis area start to make their mark on the resale market. For instance, South Beach Residences recorded the sale of a 1,916 sq ft unit on the 38th floor that fetched $8.63 million ($4,504 psf) in February.

South Beach Residences is the luxury residential component of the South Beach integrated development on Beach Road. The 190 residential units span the 23rd to 45th floors, perched atop the JW Marriott Hotel South Beach.

Nearby is Guoco Midtown where two of its integrated condos also saw prices go above $4,000 psf. Midtown Modern recorded the sale of a 3,272 sq ft unit for $14 million ($4,278 psf) in January; and a 474 sq ft unit at Midtown Bay was sold for $1.97 million ($4,086 psf) in September.

New lows

On the other hand, several ECs closed out this year with new psf-price lows. Woodsvale on Woodlands Drive hit a low of $685 psf; Northoaks along Woodlands Crescent saw its lowest price fall to $731 psf; and The Floravale on Westwood Avenue hit a new low of $736 psf. At Chua Chu Kang Street 64, prices at Windermere slipped to $754 psf.

Lakepoint Condominium hit the bottom when a 3,401 sq ft unit changed hands for $2.2 million ($647 psf), setting the lowest resale price at the development this year. The condo commands the lowest average selling price among 99-year leasehold developments in the vicinity, at about $797 psf.

Last year, the 309-unit Lakepoint Condominium attempted a collective sale at a reserve price of $640 million which works out to a land rate of $982 psf per plot ratio. However, the tender closed in June 2022 without attracting any bids.

In contrast, Lakeholmz, its neighbour on Corporation Road, has an average selling price of $1,158 psf this year. Next to it is Caspian on Lakeside Drive where its resale units typically fetch an average of $1,399 psf. Lakefront Residences, also on Lakeside Drive, commands an average resale price of $1,528 psf.

Check out the latest listings for Skyline @ Orchard Boulevard properties

Tags: