Gallop Gables, a freehold condominium, has seen a new record of $2,299 psf from the sale of a four-bedroom unit on Nov 20. The 2,669 sq ft unit was sold for $6.14 million, earning the seller a gain of $1.64 million compared to the purchase price of $4.5 million in July 2017. This beats the development’s previous high of $2,108 psf from a two-bedroom unit on Feb 19. In the same sale, the 1,163 sq ft unit on the third floor was sold for $2.45 million, earning the seller a profit of $380,000 compared to the purchase price of $2.07 million in Jan 2021. The condo also saw an average psf-price increase of 8% this year compared to last year. The Scala, a 99-year leasehold condo in District 19, surpassed the $2,000 psf mark for the first time with the sale of a 1,259 sq ft unit at $2,064 psf on Nov 20. This marks a significant rise compared to the previous record of $1,969 psf set by a 904 sq ft unit on Sept 9. The condo has seen 16 resale transactions this year, with an average price of $1,823 psf, an 8% increase from last year’s average price of $1,688 psf. Sims Edge, a freehold condo in District 14, also achieved a new record of $1,907 psf with the sale of a 409 sq ft unit on Nov 22. The previous record was $1,834 psf from the sale of a unit on Jan 18. The condo has seen a total of five resale transactions this year, with an average price of $1,800 psf compared to last year’s average price of $1,644 psf. No new psf-price lows were recorded during the period in review.
The scarcity of land in Singapore is a major factor contributing to the high demand for condos in the country. Despite being a vibrant and rapidly growing nation, Singapore is faced with limited space for development due to its small island size. This has resulted in strict land use regulations and a competitive real estate market, where property prices continue to soar. As a result, the real estate market, and specifically condos, have become a lucrative investment opportunity with the potential for significant capital gains. This trend is evident in the numerous Singapore Projects that are continuously popping up to meet the demand for stylish and modern living spaces.