The M reaches new high of $3,193 psf

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - Among condominiums that hit a new psf-price high during the week of Oct 22 to 27, The M, Wing Tai Holdings’ development in the Bugis area, topped the list following the sale of a two-bedroom plus study unit for $2.44 million, or $3,193 psf, on Oct 25. The 764 sq ft unit located on the 17th floor was purchased from the developer.
This beats the previous high set in August when a 527 sq ft unit on the 19th floor was sold for $1.692 million ($3,174 psf). This also marks the fourth time a unit at The M has transacted above the $3,000 psf threshold. The first time this occurred was in February 2021, when a 743 sq ft unit was sold for $2.245 million ($3,023 psf). A 614 sq ft unit sold in September 2021 also crossed the threshold after it fetched $1.862 million ($3,035 psf).
The M scale model - EDGEPROP SINGAPORE
The new psf-price high at The M follows the sale of a 764 sq ft unit for $2.44 million (Picture: Samuel Isaac Chua/The Edge Singapore)
The M is a 99-year leasehold, mixed-use development located along Middle Road. The development comprises three 20-storey towers and a six-storey tower with a total of 522 residential units, as well as commercial units on the ground floor. The project is slated for completion in 2024.
Residences at The M comprise a mix of studio units as well as one- to three-bedroom apartments. The M saw 70% of residential units sold during its launch weekend in February 2020. To date, the development has a take-up rate of around 94% of units with an average transacted price of $2,493 psf, based on caveats lodged as of Nov 8.
The project is within walking distance of a number of MRT stations, including Bugis (interchange for the Downtown and East-West Lines), Esplanade (Circle Line) and City Hall (interchange for the East-West and North-South Lines). It is also close to the upcoming Guoco Midtown — the $2.4 billion, mixed-use development by GuocoLand on Beach Road and Tan Quee Lan Street which includes a Grade-A office tower, residential developments Midtown Modern and Midtown Bay, a business and lifestyle hub, as well as retail space.
Leedon Green also hit a new psf-price high following the sale of a four-bedder measuring 1,496 sq ft for $4.697 million ($3,139 psf) on Oct 24. This comes just a week after the sale of a 700 sq ft, two-bedroom unit on Oct 18 for $2.19 million established the previous high of $3,133 psf. It also marks the second time a unit transacted at the development has crossed the $3,100 psf threshold.
Leedon Green is a freehold development located along Leedon Heights, off Farrer Road in prime District 10. Jointly developed by MCL Land and Yanlord Land, it was launched in January 2020 and is targeted for completion in 2023.
The development has 638 residential units, spread across seven 12-storey blocks. Units start from 473 sq ft for a one-bedroom apartment, and go up to 2,680 sq ft for a four-bedroom apartment.
showflat for Leedon Green - EDGEPROP SINGAPORE
A four-bedroom showflat for Leedon Green, which saw a new price high of $3,139 (Picture: Samuel Isaac Chua/The Edge Singapore)
Leedon Green was launched for sale in January 2020, right before the onset of the pandemic and the implementation of safe-distancing measures. Coming out of the pandemic, the development has seen a steady pick-up in sales volume in the last two years, in tandem with a recovery in the market and the loosening of restrictions. Based on caveats lodged, the project currently has a cumulative take-up rate of around 75%, compared to 10% as of October 2020.
The robust sales have supported an increase in transacted prices. According to data compiled by Squarefoot Research, units at Leedon Green were transacted at an average price of $2,894 psf in October this year, over 8% higher than the $2,664 psf average price logged in October 2020.
Meanwhile, Liv on Wilkie was the only development to see a new psf-price low during the period in review. This follows the resale transaction of a 560 sq ft, two-bedroom unit for $1.1 million ($1,965 psf) on Oct 27. The seller had previously purchased the unit from the developer in January 2015 for $1.24 million, or $2,215 psf.
The transaction marks a drop from the previous psf-price low of $2,055 logged at the development in April 2019, after a 560 sq ft unit on the first floor changed hands for $1.115 million ($2,055 psf).
Liv on Wilkie is a freehold development located along Wilkie Terrace, off Wilkie Road in District 9. Developed by Roxy-Pacific Holdings, the 81-unit project was completed in 2019. It has a mix of one-bedroom, two-bedroom dual-key and three-bedroom triple-key units, with sizes ranging from 452 to 743 sq ft.
Three other units at Liv on Wilkie have changed hands to date this year, based on caveats lodged. On Sept 28, a 560 sq ft unit was sold for $1.23 million ($2,197 psf). Prior to that, two units were sold in March. A 527 sq ft unit fetched $1.22 million ($2,313 psf) on March 31, while a 603 sq ft unit was sold for $1.29 million ($2,140 psf) on March 21.

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