Prices at Casabella cross $2,000 psf for the first time

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/ EdgeProp Singapore
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April 22, 2022 10:42 AM SGT
The 1,776 sq ft, four-bedroom unit at Casabella was sold for $3.6 million ($2,027 psf) on April 4.
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SINGAPORE (EDGEPROP) - A 1,776 sq ft, four-bedroom unit at Casabella was sold for $3.6 million ($2,027 psf) on April 4. The transaction set a new psf-price high in the development, and this is the first time a resale unit at Casabella has changed hands for more than $2,000 psf. The previous psf-price high at Casabella involved the sale of a 1,292 sq ft, three-bedroom unit for $2.5 million ($1,936 psf) on Nov 16, 2021.
Casabella is an 82-unit condominium along Duchess Avenue in prime District 10. The freehold development was completed in 2005 by CapitaLand Residential, a subsidiary of real estate giant CapitaLand.
The development is surrounded by the private landed housing estates of Namly, Coronation Road and Coronation Road West.
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CASABELLA - EDGEPROP SINGAPORE
The 1,776 sq ft, four-bedroom unit at Casabella was sold for $3.6 million ($2,027 psf) on April 4. (Picture: Samuel Isaac Chua/The Edge Singapore)
Casabella comprises 60 apartments, 14 townhouses, and eight strata-titled, semi-detached units. The apartments are in two 5-storey blocks and feature a mix of two- to four-bedroom units that range from 990 to 1,900 sq ft. The three-storey townhouses have a floor area of 3,000 sq ft and the three-storey semi-detached units have a floor area of 3,500 sq ft.
Casabella has enjoyed a steady increase in property value since its launch in September 2002. The average price at its launch was about $584 psf, and according to resale data analysed by EdgeProp Singapore, the average price as of March 2022 was about $1,565 psf.
casabella price trends - EDGEPROP SINGAPORE
Another development that saw a new price high was The Sterling in District 21. A 1,970 sq ft, four-bedroom unit was sold for $3.9 million ($1,980 psf) on April 4. It surpassed the previous high when a 1,507 sq ft unit changed hands for $2.95 million ($1,958 psf) on Feb 24.
The Sterling was initially launched in May 1997 at an average price of about $918 psf. The average price in the development increased to about $997 psf by May 2007 and jumped to $1,514 psf in May 2017.
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The Sterling - EDGEPROP SINGAPORE
The new price high at The Sterling is $1,980 psf, after a four-bedder there was sold for $3.9 million on April 4. (Picture: The Edge Singapore)
The Sterling is a freehold condo along Bukit Timah Road. The development was completed in 2001 by Far East Organization. It comprises 232 units with a mix of two- to four-bedroom units that range from 753 to 1,970 sq ft.
The development has a good location as it is near two MRT stations, King Albert Park and Beauty World, on the Downtown Line, as well as educational institutions such as Pei Hwa Presbyterian Primary School, Methodist Girls’ School, Ngee Ann Polytechnic and Singapore University of Social Sciences.
A new price high was also recorded at Grandeur Park Residences, located next to Tanah Merah MRT Station in the eastern neighbourhood of District 16. A 624 sq ft, two-bedroom unit was transacted for $1.16 million ($1,858 psf) on April 1. The previous record had been set by another 624 sq ft unit, which was sold for $1.15 million ($1,837 psf) by the developer in April 2018.
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Grandeur Park Residences is a 99-year leasehold condo by CEL Development, the property development arm of mainboard-listed Chip Eng Seng Corp. The condo is located at the corner of Bedok South Avenue 3 and Upper Changi Road East.
The project comprises one- to five-bedroom units. One- and two-bedders range from 420 to 667 sq ft, while three-bedroom units are 882 to 979 sq ft. The four- and five-bedroom units are 1,130 to 1,453 sq ft.
Grandeur Park Residences - EDGEPROP SINGAPORE
A 624 sq ft, two-bedroom unit at Grandeur Park Residences was transacted for $1.16 million ($1,858 psf) on April 1. (Picture: Samuel Isaac Chua/The Edge Singapore)
The initial sales launch of the 720-unit development was in March 2017. The project sold 420 units (58%) out of the total number of available units during its opening sales weekend on March 4-5. Units were priced from about $1,350 psf.
According to research by EdgeProp Singapore, the average price at Grandeur Park Residences as of March 2022 is about $1,633 psf. URA caveats show that there have been seven transactions at Grandeur Park Residences so far this year. The transaction on April 1 has the highest absolute price so far this year, followed closely by a 667 sq ft unit that was sold for $1.15 million ($1,723 psf) on Feb 3.

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