During the week of December 27 to January 3, Commonwealth Towers emerged as the top private non-landed property to hit a new psf-price peak. The 99-year leasehold condo achieved its new record of $2,460 psf on December 27 with the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million. This surpasses its previous high of $2,402 psf, which was set just three months ago when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for about $1.65 million in September 2024.
The average resale price for condo units at Commonwealth Towers has been on the rise over the past three years. In 2022, the project recorded 53 transactions at an average psf-price of $1,971. The following year, the average price increased to $2,097 psf across 51 resale transactions. Last year, the development saw 37 resale transactions at an average price of $2,200 psf. This marks an 11.6% increase in average resale prices since 2022.
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The most expensive unit to change hands at Commonwealth Towers in terms of absolute price was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. The transaction was recorded in November 2024.
Completed in 2017, Commonwealth Towers is a 99-year leasehold condo with about 87 years remaining on its tenure. Located along Commonwealth Avenue, the development comprises of two 43-storey residential blocks with 845 condo units. The units range from one- to four-bedroom apartments, spanning 441 sq ft to 1,302 sq ft.
The runner-up on the list of private residential projects to see a new psf-price peak during the period is the freehold development Parq Bella. It set a new psf-price high of $2,416 psf on December 31 when the developer sold a 1,076 sq ft, three-bedroom unit on the fourth floor for about $2.6 million. The unit is also the first at the development to transact for more than $2,400 psf. This beats the previous record of $2,385 which was set in August 2023 when a 926 sq ft, two-bedroom fourth-floor unit was sold for about $2.2 million.
Parq Bella is a freehold project located on Tembeling Road in District 15. It has 20 apartments ranging from two to four bedrooms, with floor plans spanning from 926 sq ft to 1,787 sq ft. The project is expected to be completed by December 2026. Last year, Parq Bella saw five new sale transactions at an average price of $2,347 psf. Since its launch in the third quarter of 2023, the project has sold 19 out of its 20 units (95%) at an average price of $2,244 psf, based on caveats lodged as of January 14.
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Another development to make the list is freehold luxury project Klimt Cairnhill. It was the only private residential development to see a new psf-price low during the period. The new psf-price floor of $3,077 was achieved through the developer’s sale of an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on January 3.
Klimt Cairnhill is a 138-unit freehold development that achieved 100% sales at an average price of $3,665 psf, based on caveats lodged. The project was previewed in August 2021 and officially launched in January 2023.
Located along Cairnhill Road in Prime District 9, Klimt Cairnhill offers a mix of two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft. There are also two penthouses measuring 4,898 sq ft and 5,920 sq ft. The development is expected to obtain its Temporary Occupation Permit in April of this year.