Perfect Ten reaches new high of $3,670 psf

/ EdgeProp Singapore |

September 7, 2023 6:14 PM SGT

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SINGAPORE (EDGEPROP) - Perfect Ten, a freehold condo on Bukit Timah Road in prime District 10, topped the list of condos that saw a new psf-price high between Aug 15 and 22. This was achieved with the sale of a 753 sq ft, two-bedroom penthouse by the developer for $2.765 million, or $3,670 psf, on Aug 18. The transaction beats the previous high of $3,585 psf set in September 2022, when a 1,227 sq ft unit was sold by the developer for $4.4 million.

Perfect Ten is a luxury residential development by CK Asset Holdings, the flagship real estate company of billionaire Li Ka-Shing which is headquartered in Hong Kong. The project, which is still under construction, has a total of 230 units housed in two 24-storey towers. Units include two-bedders of 753 to 797 sq ft and three-bedders of 1,227 to 1,281 sq ft.

The new high at Perfect Ten was achieved with the sale of a 753 sq ft unit for $2.765 million on Aug 18 (Picture: Samuel Isaac Chua/The Edge Singapore)

The project was initially launched in December 2021, with the developer releasing 115 units in one of the towers for sale. It subsequently launched units from its second tower for sale in September 2022. Based on caveats lodged to date, the project has seen 223 units sold at an average price of $3,044 psf, representing a take-up rate of 97%. Completion for the project is estimated to be around 2025.

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Melrose Park also achieved a new psf-price high during the period in review following the sale of a 1,292 sq ft unit for $3.3 million, or $2,555 psf, on Aug 18. The seller of the three-bedroom unit on the eighth floor had purchased it from the developer in 1999 for $1.206 million ($934 psf), which means they made a gain of about $2.1 million on the sale.

The transaction marks the first time a unit at Melrose Park has crossed the $2,500 threshold in terms of transacted psf-prices. The previous record was $2,361 psf logged in November 2021, when a 1,292 sq ft unit fetched $3.05 million.

Melrose Park is a 999-year leasehold property by CapitaLand located on Kellock Road, off River Valley Road in prime District 10. The 170-unit development was completed in 2000. It is in the River Valley residential enclave, located across the road from Great World City shopping centre which is linked to Great World MRT Station on the Thomson-East Coast Line. The development comprises two 19-storey residential blocks and its unit mix includes three- and four-bedroom units ranging from 1,292 to 3,412 sq ft. Each block also has six penthouse units on the 19th floor that range from 3,606 to 5,231 sq ft.

The unit sold on Aug 18 is the first resale transaction registered at Melrose Park since April 2022, when a 3,315 sq ft unit changed hands for $6.9 million ($2,081 psf). Another development that hit a new psf-price high is The Montana, a freehold condo on Jalan Mutiara in District 10. A three-bedroom apartment on the 10th floor measuring 1,141 sq ft changed hands for $2.725 million, or $2,388 psf, on Aug 17. The transaction surpasses the previous record of $2,251 psf registered about 10 years ago, in September 2013, when a 549 sq ft unit was sold for $1.24 million.

The Montana reached a new high of $2,388 psf when a 1,141 sq ft unit changed hands for $2.725 million on Aug 17 (Picture: Samuel Isaac Chua/The Edge Singapore)

The Montana is a condo by Koh Brothers Development which was completed in 2002. It has a total of 108 apartments housed in a single tower. Apartments comprise one- to four-bedders between 549 and 2,659 sq ft. Located within the River Valley residential enclave, it is close to several eateries and shops that line River Valley Road and Zion Road. It is also a six-minute walk from Great World.

Only one other unit at The Montana has changed hands so far this year. On June 23, a 549 sq ft apartment on the sixth floor fetched $1.195 million ($2,177 psf).

No new psf-price lows were recorded during the period in review.