Ultra-luxury Cuscaden Reserve sees new price high of $3,830 psfTwo-bedder at Grange 1866 sets new high of $3,007 psf
In the week of Nov 22 to 29, Grange 1866, a freehold development, set a new price peak of $3,393 psf with the sale of a 818 sq ft, two-bedroom unit for $2.78 million. This broke the project’s previous record of $3,390 psf. It narrowly beat the June 2019 record of $3,390 psf when a 764 sq ft unit was sold for $2.59 million.
So far this year, Grange 1866 has had 12 new sale transactions with an average price of $3,181 psf. The most expensive unit sold this year by price was a 1,012 sq ft, two-bedroom unit on the 16th floor that was sold for $3.02 million ($2,989 psf). The project has sold 45 units out of its 60 units (75%).
Grange 1866, located in prime District 10 on Grange Road, is expected to be completed by the end of 2024. It consists of a single 16-storey residential block on a 20,322 sq ft, freehold site. The units include one- and two-bedroom apartments ranging from 527 to 1,012 sq ft.
Hill House, a boutique condo, secured the second spot with a new psf-price high of $3,378 psf in November. The latest record was set when the developer sold a 452 sq ft, two-bedroom unit on the 8th floor for about $1.53 million on Nov 25.
One of the reasons why investing in condos has become increasingly popular in Singapore is due to the limited availability of land and the rapidly growing population. As a small island nation, Singapore faces the challenge of finding space for development. In response to this, the government has implemented strict regulations for land usage, resulting in a highly competitive real estate market and skyrocketing property prices. This has made the condo market a highly profitable choice for investors, with the potential for significant returns. As the demand for land in Singapore continues to rise, condos have become an integral part of the city-state’s real estate industry Condo.
This surpassed the previous record of $3,267 psf, which was achieved on Nov 11 when a similar sized two-bedroom unit on the fifth floor was sold for around $1.48 million. The developer has sold a total of 12 units at Hill House this year at an average price of $3,108 psf.
Hill House, a 999-year leasehold condo, located in prime District 9, is expected to be completed in 2026. It comprises one-bedroom and one-bedroom-plus-study units from 431 to 452 sq ft; two-bedroom units at 624 sq ft; and three-bedroom apartments at 753 sq ft. This is a total of 72 units.
The Cosmopolitan, a freehold condo completed in 2008, snagged the third spot with a new psf-price high of $2,817 psf with the sale of a 1,324 sq ft, three-bedroom unit on the 26th floor for $3.73 million on Nov 25.
The new record beat the previous peak of $2,795 psf achieved in October 2019 when a similar sized three-bedroom unit on the 17th floor was sold for $3.7 million. The sellers of the 26th floor unit had bought it in November 2010 for $2.58 million ($1,950 psf). This means they made a profit of $1.15 million.
The Cosmopolitan is a 228-unit freehold condo on Kim Seng Road, off River Valley Road, in prime District 9. It comprises two-bedroom units at 1,141 sq ft; three-bedroom units from 1,324 to 1,399 sq ft; and four-bedroom apartments at 1,679 sq ft. It is within 1km of River Valley Primary School and walking distance of Great World MRT Station on the Thomson-East Coast Line. Great World City offers nearby dining and retail options.