RC411 Condo

PropNex, the largest real estate agency in Singapore, has recorded earnings of $21.9 million for its second half of the fiscal year 2024, which ended on December 31st, 2024. This is a decrease of 14.9% compared to the previous year. The full-year earnings for FY2024 were $40.9 million, a decrease of 14.4% compared to the preceding fiscal year.

The company attributes this decline to the slow property market in Singapore. The revenue for FY2024 was 6.6% lower than FY2023 due to the subdued property market. Despite this, PropNex plans to celebrate its 25th anniversary by paying a special dividend of 2.5 cents per share, in addition to the final dividend of 3 cents per share. This will bring the total dividend payout for FY2024 to a record of 7.75 cents, with a payout ratio of 140.1% and a yield of 8.2%.

Although the earnings for the year were lower, PropNex experienced an increase in activity during the last quarter of 2024, mainly driven by a surge in new private home units sold by the company. It is expected that the financial impact of these sales will be reflected in the next quarter’s numbers, which suggests a significant improvement in performance.

PropNex is confident of a strong performance in FY2025, thanks to the positive outlook for the property market and an estimated 13,000 new unit launches (including ECs). This is almost double the supply recorded in 2024. Additionally, the private resale market is expected to remain active, with transaction volumes ranging between 14,000 to 15,000 units. This is due to the price gap between new and non-landed resale properties, the preference for larger, move-in-ready homes, and the limited supply of new properties.

In the HDB resale market, price growth is expected to be between 5% to 7%, with transaction volumes reaching 29,000 to 30,000 units. This is due to fewer five-year minimum occupation period flats entering the market and sustained demand from urgent homebuyers, unsuccessful Build-To-Order applicants, and budget-conscious families.

According to Ismail, several newly-launched projects such as The Orie, Bagnall Haus, Parktown Residence, and ELTA have generated strong interest in the market. PropNex also anticipates a positive demand for developers’ sales in 2025, with a promising line-up of projects. The positive economic outlook and lower mortgage rates could further boost market confidence, providing opportunities for both home buyers and investors.…

A two-storey shophouse with an attic situated at 209 Jalan Besar is currently being offered for sale through private treaty. Gracelynn Zhu, of the PropNex Shophouse Elites team, is the marketing agent for this 999-year leasehold property, which is being priced at “below $20 million”.

The shophouse spans a total area of approximately 5,502 sq ft and is designated for commercial use. The first floor is approved for a restaurant while a portion of the second floor also allows for restaurant usage. With a price tag of $20 million, the psf price for this property works out to $3,635 on the floor area.

The location of 209 Jalan Besar can be seen on the map (Source: EdgeProp LandLens). Zhu mentions that this shophouse is currently undergoing asset enhancement initiatives (AEI), which includes the installation of micro piles. These piles extend 30m and serve to improve the property’s structural foundations. The AEI is expected to be completed by the end of this year.

This shophouse is situated in the Desker Road Conservation Area, within District 8 and in close proximity to Little India. The Jalan Besar MRT Station, which is part of the Downtown Line, is just a short walk away.…

According to a recent CBRE survey, the Asia Pacific (Apac) hotel sector is expected to see continued strong investment activity in 2025. The survey, which was conducted last November and December, found that over 72% of hotel investors plan to acquire more hotel assets this year. Of those, around 45% are looking to increase their purchasing volume by more than 10%.

Steve Carroll, head of hotels, capital markets, Asia Pacific, CBRE, explains that investors are optimistic about the pricing expectations of hotel and living assets in the region in 2025, following their strong performance over the past 18 months. The rebound in tourist arrivals in key markets such as Japan, Singapore, and Australia has also contributed to this positive outlook. The increase in international visitors has led to an uptick in hotel room rates, ensuring a continuation of the income growth achieved by hotel operators last year.

The survey also highlights the limited hotel supply in Apac as a driving factor for the healthy buying intentions of investors. Data from hospitality data intelligence group STR shows that the hotel supply pipeline in Apac is projected to grow at a CAGR of 2.2% between 2024 and 2028, significantly lower than the 5% CAGR seen between 2013 and 2023.

In terms of investor types, REITs had the highest net buying intentions at 22%, a sharp contrast to last year’s survey, which saw a -13% net buying intention. Institutional investors and property funds followed closely at 12% and 10%, respectively. CBRE notes that private equity and real estate funds are expected to remain active this year.

However, private investors and high-net-worth individuals are expected to drive fewer hotel acquisitions in 2025. After being the most active buyer type in the region for the past two years, private investors now anticipate a higher level of selling activity this year as they look to take advantage of the improving market sentiment after acquiring assets at a discount.

The survey also shows a shift in preference towards the upscale and upper midscale hotel categories for investment in 2025, overtaking the upper upscale category that was ranked highest in last year’s survey. CBRE attributes this to the operational flexibility and greater potential for value-added opportunities in the upscale and upper midscale segment, including redevelopment, adaptive reuse, and rebranding of existing properties. This segment also has a leaner labour pool, resulting in lower labour and operational costs.

Investors are also showing increased interest in long-stay or hybrid hospitality models, with a growing appetite for converting assets into co-living spaces. This trend is expected to gain momentum in markets like Japan, Hong Kong, and Singapore, where there is demand for affordable accommodation in relatively inflexible rental markets.

Other emerging trends identified in the survey include a preference for assets with vacant possession at the time of acquisition, allowing for more flexibility in terms of operator selection and refurbishment works. Limited-service hotels are also gaining more interest from investors as they aim to minimize operational costs.

Among the top cities preferred by hotel investors, Tokyo remains in the lead due to low interest rates and stable income streams generated by hotel properties. Osaka also made it to the top five due to similar reasons. Singapore and Sydney also ranked high, supported by solid hotel fundamentals such as growth in daily rates and underlying operating profits. Seoul also stood out, with more visitors from mainland China driving daily rates in recent years, leading to increased investor activity in recent months.…

On Feb 24, ETC and OrangeTee Group made a joint announcement that they would merge to form a new holding company, whose name is yet to be disclosed. According to Desmond Sim, CEO of ETC, this is not an acquisition, but a coming together of two companies with a shared vision.

Sim will serve as the group CEO of the merged entity, while Justin Quek, current CEO of OrangeTee & Tie, will be the deputy group CEO. This merger will see ETC focusing mainly on consultancy and advisory services, while OrangeTee will concentrate on proptech and its real estate agency business, which is supported by a network of 2,803 salespersons registered with the Council for Estate Agencies (CEA) as of Feb 24.

The combined company will have more than 520 employees and 2,803 salespersons. Sim believes that by combining their expertise, resources, and networks, they can achieve significant growth and create value for all stakeholders, allowing them to prosper in the ever-changing real estate industry.

This merger builds on the joint venture between the two companies in August 2017, when the former Edmund Tie and OrangeTee merged their associates’ business under a new entity, OrangeTee & Tie. This move led to a sales force of over 4,000 agents, propelling OrangeTee & Tie to become one of the top three agencies in Singapore. As part of the joint venture, the former Edmund Tie acquired a 20% stake in OrangeTee & Tie.

The latest merger was made possible by Triplestar Holdings and TH Investments, both related to the family of Roland Ng, managing director and group CEO of Tat Hong Holdings. They acquired a stake in ETC in 2016 after a management buyout. When some original shareholders, including Edmund Tie, retired, the company bought back their shares, increasing Triplestar and TH Investments’ stake to about 60%. Today, these two entities hold a 100% stake in ETC.

This year marks a significant milestone for ETC as they celebrate their 30th anniversary. In line with this, ETC has also rebranded as ETC to commemorate this special occasion.

OrangeTee Group was incorporated in 2000 and will be celebrating its 25th anniversary this year. It is an investment holding company led by a board of directors and supported by C-suites, including Quek, CEO of OrangeTee & Tie; Marcus Oh, managing director of OrangeTee Advisory; Teo Yak Huat, CFO; and Christine Sun, chief researcher & strategist. Quek believes that with a stronger brokerage and consultancy team, coupled with advanced proptech, they are equipped to deliver innovative and seamless solutions across all real estate sectors.

Some of the stakeholders in OrangeTee Group include Tokyu Livable Inc., which acquired a 22.5% stake in the company in 2014. Tokyu Livable is one of Japan’s largest real estate agencies with 198 offices nationwide and is a subsidiary of Tokyu Fudosan Holdings, a real estate business under the Tokyu Group. Private property fund Vogue Capital Group is also a shareholder of OrangeTee Group.

Both Tokyu Livable and Vogue Capital will also have a stake in the new holding company post-merger, along with Ng’s Triplestar Holdings and TH Investments. ETC has already established a presence in Malaysia through its joint venture company Nawawi Tie, and has an associate company in Thailand, Edmund Tie & Co (Thailand). Sim believes that with this merger, more opportunities can be explored in the ASEAN region and Japan, especially through their relationship with Tokyu Livable.

In conclusion, the merger between ETC and OrangeTee Group presents a promising future for both companies, allowing them to expand their capabilities and tap into new markets.…

Joint developers UOL Group and CapitaLand Development (CLD) have recently announced that they sold 1,041 units or over 87% of the total 1,193 units at ParkTown Residence in Tampines North during its launch weekend on Feb. 23.

According to Anson Lim, UOL’s general manager of residential marketing, the project achieved an average price of $2,360 per square foot (psf). The majority of buyers were either Singaporean homebuyers or investors.

The two-bedroom and three-bedroom apartments were the most popular unit types, with 994 units (83%) snapped up over the weekend.

“Buyers were attracted to ParkTown Residence’s unique status as a fully integrated residential and lifestyle development, directly connected to a retail mall, the future Tampines North MRT station, a bus interchange, a green boulevard, a community club and a hawker centre,” says a spokesperson for UOL and CLD.

Prior to its launch, ParkTown Residence had already collected 2,367 cheques, translating to a sales conversion rate of 44%, which is well above the average of 30% to 35% for most new project launches in recent years.

Mark Yip, CEO of Huttons Asia, notes that the last mega project to sell more than 1,000 units in its launch weekend was the 1,399-unit High Park Residences, which sold 1,100 units over three days in July 2015.

ParkTown Residence at Tampines 62 is part of the first mixed-use development integrated with transport hub at Tampines (Source: EdgeProp Landlens)

In comparison, ParkTown Residence has moved the most units over a launch weekend since the 846-unit Emerald of Katong, which sold 835 units (99%) last November, says Ismail Gafoor, CEO of PropNex.

“The take-up at ParkTown Residence has also surpassed that of previous integrated developments,” he adds.

The most recent integrated project launch was the 732-unit The Reserve Residences, which recorded a 71% take-up rate during its launch weekend in May 2023. It is currently 98.2% sold at an average price of $2,484 psf, based on caveats lodged as of Feb 23.

Meanwhile, Marcus Chu, CEO of ERA Singapore, notes that mixed-use developments integrated with transport hubs are popular with homebuyers and investors due to their good capital upside potential and high rentability.

Read also: Sim Lian to preview Aurelle of Tampines on Feb 22 at prices from $1,651 psf

The last two fully integrated developments to be completed were the 920-unit North Park Residences in Yishun (launched in 2015) and the 680-unit Sengkang Grand (launched in 2019) at Buangkok. According to ERA’s Chu, North Park Residence commands an average price of $1,809 psf, 65% higher than the average resale prices of residential units across District 27, while Sengkang Grand has an average price of $2,029 psf, 25% higher than the average resale prices in District 19.

Located at Tampines Street 62, ParkTown Residence is part of the first mixed-use development integrated with a transport hub in Tampines, the third largest HDB town in Singapore after Hougang and Woodlands. “A significant number of buyers were HDB upgraders who desired to stay in Tampines,” says Huttons’ Yip.

The completion of ParkTown Residence in 2030 will coincide with the scheduled opening of the Tampines North MRT Station on the Cross Island Line (CRL), a major arterial line running from east to west of Singapore, says Ken Low, managing partner of SRI. 2030 is also the scheduled relocation of the neighboring Paya Lebar Airbase, which will free up an estimated 800 hectares of land for future developments.

Under the URA Master Plan, three more government land sales (GLS) sites will be linked to the upcoming Tampines North MRT Station. “However, these new projects could potentially be launched at higher prices,” says Low.

In addition, Tampines will benefit from new infrastructure developments by 2027, including a cycling bridge, an underpass, and another 7.7km of cycling paths, bringing the total to 40km. There will also be a new pedestrian route between Tampines MRT Station and the malls in the regional center. These additions were recently announced on Feb 22, as part of the Tampines Town Council’s five-year masterplan for 2025 to 2030.

Read also: PARKTOWN Residence: Upscale living with seamless connectivity and exceptional convenience

“All of these will further enhance the liveability in Tampines, which already has strong attributes,” says SRI’s Low. So if you’re interested in purchasing a unit at ParkTown Residence, be sure to check for the latest listings and available units and prices. You can also use Ask Buddy to generate a price trend graph for new launch condos in District 18, compare price trends for HDB, condo, and landed properties, and explore recently launched projects.…

On February 22, joint venture partners MCL Land and CSC Land Group achieved a significant milestone when they successfully sold 326 out of the 501 units at their joint project, Elta, located at Clementi Avenue 1. This translates to a commendable 65% sales figure, with an average selling price of $2,537 per square foot.

The majority of the buyers, at 90%, were Singaporeans, while the remaining 10% were permanent residents. The district breakdown of buyers showed that the highest number of buyers came from districts 19 (primarily Hougang, Serangoon, Sengkang, Punggol and northeast region), 5 (Buona Vista, Clementi, Dover and Pasir Panjang) and 23 (Bukit Batok, Bukit Panjang, Choa Chu Kang, Hillview and Dairy Farm).

Among the various unit types, the two-bedrooms were the most popular, with 98% of the 179 units sold at prices starting from $1.388 million, which works out to be $2,261 per square foot. The three-bedroom units also saw a high take-up rate, with 81% of the 108 units being taken up at prices starting from $2.198 million. The one-bedroom plus study units were also popular, with 78% of the 135 units sold at prices starting from $1.158 million.

For those interested in Elta, be sure to check out the latest availability and prices for units.

What’s more noteworthy is that over 60% of the units sold were the one- and two-bedroom units, with prices below $2.2 million. According to Ismail Gafoor, CEO of PropNex, this shows that buyers have strong confidence in a development that offers a fusion of modern living, convenience and comfort.

MCL Land CEO Lee Tong Voon also expressed his delight in the sales performance, citing it as a testament to the project’s ability to seamlessly integrate modern living with convenience and comfort. MCL Land is a Singapore-based development arm of Hongkong Land.

Elta is the third and final private condominium to be launched on a government land sales (GLS) site at Clementi Avenue 1. According to Gafoor, this is also the first new launch in the Clementi area since December 2020, when the 640-unit Clavon was put on the market.

The two earlier projects at Clementi Avenue 1 were The Clement Canopy, a 505-unit development, and Clavon, a 640-unit development developed jointly by UOL Group and Singapore Land Group. With no further development plots available in the Clementi town centre, Ken Low, managing partner of SRI, notes that the strong sales at Elta can also be attributed to the track record of the previous projects at Clementi Avenue 1, which have had zero unprofitable transactions.

Based on caveats lodged, the average selling price of The Clement Canopy has increased by 45% to $1,922 per square foot since its launch in February 2017. Similarly, the average selling price at Clavon has seen an increase of 27% to $2,086 per square foot since its debut in December 2020.

Looking for your dream home in the Clementi area? Check out EdgeProp’s comprehensive listings for Elta.

The popularity of the Clementi area as a residential location is also reflected by the strong rental demand from tenants, particularly among international students and professionals, notes Low.

For instance, two-bedroom units at The Clement Canopy, ranging from 624 to 732 square feet, have been leased at $4,200 to $4,700 per month, or $5.60 to $6.42 per square foot per month in January and February, based on data from EdgeProp Landlens and URA Realis. At Clavon, the latest rental transaction was for a 764 square feet, two-bedroom unit leased for $4,600, or $6.02 per square foot per month.

Elta’s proximity to various employment nodes, such as the National University of Singapore (NUS), one-north, Pandan Loop Industrial Estate, the Science Park, Jurong Lake District, and the future Dover Knowledge District, has also been a key factor in its popularity. Moreover, with the existing Clementi MRT Station on the East-West Line, the upcoming Cross Island Line, which will run from east to west across Singapore, will also have a station at Clementi. This enhanced connectivity is expected to attract a wider pool of quality tenants, which bodes well for investors.

Mark Yip, CEO of Huttons Asia, adds that the development’s proximity to various nature parks, including Clementi Woods Park, West Coast Park, and Kent Ridge Park, is also a draw for residents who appreciate easy access to green spaces.

According to ERA Singapore’s CEO, Marcus Chu, Elta has also seen strong interest from HDB upgraders in the Clementi and Queenstown area. This is because over 2,500 HDB units reached their minimum occupation period (MOP) in 2020, with another 1,100 units expected to do so this year. Additionally, with the presence of primary, secondary, and tertiary schools in the vicinity, families with children can enjoy the convenience of staying in the same area for a good 15 years, which is the duration of a child’s education.

Given all these factors, Qian Liang Zhong, chairman of CSC Land Group, a subsidiary of China Construction (South Pacific) Development Co., is confident in the continued popularity of Clementi as a highly sought-after residential destination for both homebuyers and investors.

The weekend of February 22-23 also saw the launch of ParkTown Residence, a 1,193-unit development, which achieved sales of 1,041 units. Together, the sales of Elta and ParkTown Residence surpassed the total number of new home sales for the entire month of January (1,083 units). This indicates a positive start for the primary market in 2021, and Gafoor predicts that the momentum seen at the end of 2020 will continue into the new year, with the primary market remaining relatively lively and improved sentiment.

Huttons Data Analytics estimates developers’ sales for February to exceed 1,500 units. This brings the total sales for the first two months of 2021, estimated to be between 2,500 and 2,700 units, equivalent to 39% of the total new sales of 6,469 units for the entire 2020, observes Huttons. As such, the agency has revised its full-year projection for 2021 to between 7,500 and 8,500 units, from its earlier estimate of 7,000 to 8,000 units. Huttons also forecasts a price growth of between 4% and 7% for the entire 2021.…

CapitaLand India Trust (CLINT) has announced plans to acquire a new office project located in Nagawara, Outer Ring Road, Bangalore for $233.6 million. The acquisition will be made through a forward purchase agreement with Maia Estates Offices.

According to CLINT, this acquisition of a 1.13 million sq ft office project is expected to have a positive impact on the earnings and distributions for unitholders. The trust forecasts a net profit of $7.7 million on a stabilized basis, with distribution per unit increasing from 6.84 cents to 6.98 cents.

The office project is part of a mixed-use development that includes both office and retail spaces. Under the forward purchase agreement, CLINT will fully fund the development of the office project and receive interest on the funding at a higher rate than its borrowing cost.

For investors looking to diversify their portfolio with overseas properties, CLINT offers a variety of projects for sale around the world.

Upon completion of the development, CLINT is expected to acquire the office space in 1H2030, while Maia Estates will retain the retail portion. This acquisition will increase the operational area of CLINT’s portfolio in Bangalore to 9.9 million sq ft, up from the current 8.7 million sq ft.

Other properties under development in Bangalore for CLINT include two office buildings in Gardencity, an IT Park at Hebbal, and another IT Park at ITPB.

With the addition of the new office project, CLINT’s portfolio size will increase by 4%, from approximately 30.2 million sq ft to approximately 31.47 million sq ft.

Commenting on the acquisition, CLINT CEO Gauri Shankar Nagabhushanam said, “The strategic location of this office project will further strengthen CLINT’s presence in Bangalore, one of India’s most prominent office markets. In 2024, Bangalore saw record-high leasing levels for Grade A office space. The Outer Ring Road is currently the largest office micro-market in Bangalore. By adding this prime office property to our portfolio, we will be able to offer our tenants a wider selection of premium office space options across key micro-markets in Bangalore.”

On Feb 21, units in CLINT closed flat at $1.…

Sim Lian Group has announced the opening of e-applications for its executive condo (EC), Aurelle of Tampines, on Feb 22. The 760-unit EC is situated in Tampines North, at Tampines Street 62. It is the first new EC project of 2025.

Aurelle of Tampines is located just a five-minute walk away from the upcoming Tampines North Transport Hub, which includes the Tampines North MRT Station (on the Cross Island Line, set to open in 2030), an air-conditioned bus interchange, and an integrated mixed-use development known as ParkTown Mall. The area also features a Community Club, Hawker Centre, and ParkTown Residence, which will have 1,093 units and will be officially launched for sale on Feb 22.

The 301,391 sq ft site will house 14 14-storey residential blocks, with units designed to cater to young professionals and growing families. The development offers three-, four-, and five-bedroom units.

Prices for Aurelle of Tampines start from $1.417 million ($1,687 psf) for a three-bedroom unit of 840 sq ft, $1.689 million ($1,651 psf) for a four-bedroom unit of 1,023 sq ft, and $2.258 million ($1,665 psf) for a five-bedroom unit of 1,356 sq ft.

Artist’s impression of the clubhouse fronting one of the seven pools at Aurelle of Tampines.

Next to Aurelle of Tampines is the 618-unit EC Tenet, developed by Qingjian Realty and Santarli Realty. Launched in December 2022, the project has sold 617 units at an average price of $1,385 psf. The highest transacted price based on caveats lodged was for a 1,367 sq ft unit which sold for $2.26 million ($1,651 psf) in December. As of Feb 21, there is only one unit available for sale in Tenet.

E-application for Aurelle of Tampines will run from Feb 22 to Mar 4, with sales bookings starting on Mar 8. The appointed marketing agents for the project are ERA, Huttons, OrangeTee, and PropNex.

As per the current EC regulations, during the initial launch period (the first 30 days), 70% of the project must be allocated to first-time buyers, with only 30% available for second-timers.

Check out the latest listings for properties at Aurelle of Tampines, Tenet, and Parktown Residence.…

River Valley Apartments, a freehold condominium located on River Valley Road, has been successfully sold for a whopping price of $56 million. This transaction marks the first collective sale deal to be completed in 2025. The attractive deal translates to a land rate of $1,622 per square foot per plot ratio (psf ppr). The fortunate owners who own strata-titled units in this development are expected to receive a handsome sum of between $2 million to $2.6 million each, based on the final sale price. According to a press release by Knight Frank Singapore, the marketing agent for this sale, the buyer is a Singapore family office. The buyer intends to redevelop the site into serviced apartments. The Urban Redevelopment Authority (URA) has granted an Outline Permission for the development of serviced apartments on this site. This is a promising development as the living sector in Singapore has been rapidly expanding in recent years.

Chia Mein Mein, head of capital markets (land and collective sale) at Knight Frank Singapore, notes that the successful sale of River Valley Apartments is a significant milestone in the current challenging collective sale market, especially in the residential sector. The sale of this development is the first of its kind in the prime districts since May 2023, when Kew Lodge was sold for $66.8 million to Aurum Land.

Chia adds that the tender for River Valley Apartments garnered significant interest from potential buyers. She attributes this interest to the development’s prime location in the highly sought-after River Valley neighbourhood. Additionally, the planned redevelopment of the site into serviced apartments adds to its appeal, considering the growing demand for such accommodation in Singapore.

River Valley Apartments is a four-storey building with 24 units and covers a land area of 12,408 square feet. The site, which is zoned “residential,” has a gross plot ratio of 2.8, as indicated in the latest Master Plan. The collective sale committee of River Valley Apartments launched the sale of this development on January 7, 2025, with a guide price of $56 million.

Jerry Tan, chairman of the River Valley Apartments collective sale committee, says that the owners have been trying to initiate a collective sale for some time now. However, this is the first time that they have managed to secure an 80% consensus among the owners to proceed with the tender launch. The strong interest shown by potential buyers is evident in the fact that the development was sold for a higher price than its guide price. This is a positive sign for the collective sale market, which has been struggling in recent times. Interested buyers can check out the latest listings for River Valley Apartments properties and compare them to similar developments in the area.…

The week of Feb 1 to 7 saw 8M Residences topping the list of private condos to hit a new psf-price peak. The freehold development achieved a new high of $2,384 psf when a two-bedroom unit was sold for $1.54 million on Feb 3, marking the first time a unit at 8M Residences was sold for more than $2,300 psf. The previous peak of $2,261 psf was set in April 2023 when a similar unit was sold for $1.46 million. This record-setting sale surpasses the previous peak and shows consistent growth in resale prices at 8M Residences over the last few years.In fact, based on a 12-month rolling average, the average price of units at the condo has risen 7.3% over the last three years from $2,028 psf in February 2022 to $2,177 in February 2025. Completed in 2017, 8M Residences is a 20-storey residential tower with 68 units. It offers a mix of one- to three-bedroom units ranging from 517 to 1,421 sq ft, as well as four penthouses from 1,184 to 1,841 sq ft.Located within walking distance of amenities like EtonHouse International Research Pre-School, Katong Swimming Complex, and Katong Park MRT Station, 8M Residences offers convenience and comfort to its residents. This is most likely a contributing factor to the consistent rise in resale prices over the years.2nd on the list is Kovan Jewel, a boutique condo along Kovan Road in District 19. A 1,076 sq ft unit was sold on Feb 7 for $2.41 million, setting a new high of $2,236 psf. This beats the previous peak set last August when a similar unit on the fourth floor was sold for $2.4 million ($2,228 psf). Completed last year, Kovan Jewel offers one- to three-bedroom units from 624 to 1,345 sq ft, as well as four-bedroom penthouses from 1,237 to 2,153 sq ft.As of Feb 18, 17 units (50%) have been sold at an average price of $2,111 psf, based on caveats lodged. The most expensive unit was sold in 2022 at $2,111 psf, with the unit transacted on Feb 7 being the first sale of the year.Concluding the top three is Oleanas Residence, a freehold condo along Kim Yam Road in District 9. A 1,141 sq ft unit was sold for $2.52 million on Feb 3, setting a new record of $2,207 psf. The highest transacted price previously was $2,157 psf in August 2022 when a 1,238 sq ft unit was sold for $2.67 million.In terms of absolute price, the most expensive resale unit was sold for $3.3 million ($2,017 psf) in December 2022. Completed in 1999, Oleanas Residence saw four resale transactions in the last three years, ranging from $2.4 million ($2,103 psf) for a three-bedroom unit to $3.3 million ($2,129 psf) for a four-bedroom unit. It is within walking distance of two MRT Stations: Great World MRT Station and Fort Canning MRT Station. Educational institutes nearby include River Valley Primary School and Outram Secondary School.The consistent rise in resale prices at these developments showcases the potential for good returns on investment. With their strategic locations and modern amenities, these condos continue to attract buyers and investors alike.…