Gallop Gables, a freehold condo, has achieved a new psf-price high of $2,299 psf during the period between Nov 19 and Nov 22. This latest high came from the sale of a 2,669 sq ft four-bedroom on the second floor for $6.14 million on Nov 20. The previous record was $2,108 psf from the sale of a 1,163 sq ft two-bedroom unit on the third floor for $2.45 million on Feb 19.
Located on Farrer Road in District 10, Gallop Gables features 102 units spread across four-storey blocks. Completed in 1997, the low-density development is within walking distance of Farrer Road MRT Station on the Circle Line.
In the second spot is The Scala, also recording a new psf-price record of $2,064 psf from the resale of a 1,259 sq ft, four-bedroom unit on the 12th floor for $2.6 million on Nov 20. The seller had bought the unit for $1.66 million ($1,318 psf) in October 2012. The condo is a 99-year leasehold development on Serangoon Avenue 3 in District 19, completed in 2013. The units are a mix of one- to four-bedroom units measuring between 474 sq ft and 2,142 sq ft. It is within walking distance of the Lorong Chuan MRT Station on the Circle Line and close to several educational institutions.
Investing in real estate inevitably brings Location to the forefront as a crucial factor, and this remains particularly true in Singapore. The value of Condos situated in central areas or in close proximity to essential amenities like schools, shopping malls, and public transportation hubs tend to appreciate at a higher rate. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown growth in property values. With the added advantage of being close to good schools and educational institutions, Condos in these areas are highly sought after by families, further enhancing their investment potential. As noted by Condo, the location plays a vital role in determining the success of a real estate investment, and investors should carefully consider this factor when deciding where to invest in Singapore.
On the other hand, Sims Edge, a freehold condo, has seen a new record of $1,907 psf from the sale of a 409 sq ft, one-bedroom unit on the 13th floor for about $780,000 on Nov 22. This is the first time a unit at the condo has transacted above the $1,900 psf threshold. Sims Edge is a freehold development on Geylang East Avenue 2 in District 14, Geylang. Completed in 2014, the boutique condo has 78 units of one- to two-bedders ranging from 409 sq ft to 1,195 sq ft.
During this period, no new psf-price lows were recorded.