8M Residences leads the pack as the top private condo to hit a new psf-price peak in the week of Feb 1 to 7. The freehold development achieved a new high of $2,384 psf with the sale of a two-bedroom unit spanning 646 sq ft on the 15th floor for $1.54 million on Feb 3. This marks the first time a unit at 8M Residences has been sold for more than $2,300 psf.The record-breaking transaction surpasses the previous peak of $2,261 psf set in April 2023 when a similar 646 sq ft, two-bedroom unit on the 11th floor was sold for $1.46 million. Additionally, a 527 sq ft, one-bedroom unit on the 11th floor was also transacted for $1.2 million ($2,275 psf) on Feb 3, setting another record high for the condominium.In terms of absolute price, the most expensive unit to change hands at 8M Residences is a 1,841 sq ft, three-bedroom unit that was sold by developers for $2.85 million ($1,548 psf) in October 2012.Resale data compiled by EdgeProp Singapore shows that prices at 8M Residences have consistently risen over the past few years. According to a 12-month rolling average, the average price of units in the condo has increased by 7.3% from $2,028 psf in February 2022 to $2,177 in February 2025.Built in 2017, 8M Residences is a 20-storey residential tower with 68 units featuring a mix of one- to three-bedroom units ranging from 517 to 1,421 sq ft. It also houses four penthouses from 1,184 to 1,841 sq ft.Besides 8M Residences, two other private condos also achieved new psf-price peaks in the week of Feb 1 to 7. Second on the list is Kovan Jewel, a freehold, 34-unit condominium along Kovan Road in District 19. The sale of a 1,076 sq ft, three-bedroom unit on the second floor was transacted by the developers at $2.41 million ($2,236 psf) on Feb 7, surpassing the previous peak of $2,228 psf set in August 2023 when a similar 1,076 sq ft, three-bedroom unit on the fourth floor was sold for $2.4 million.Touted as the third most expensive condo to set a new psf-price peak, Oleanas Residence takes third place on the list. On Feb 3, a 1,141 sq ft, three-bedroom unit on the sixth floor was sold for $2.52 million ($2,207 psf). This sets a new record for the condo, overtaking the last peak of $2,157 psf from the sale of a 1,238 sq ft, three-bedroom unit for $2.67 million in August 2022. In terms of absolute price, the most expensive resale unit at Oleanas Residence was a 1,636 sq ft, three-bedroom unit that was sold for $3.3 million ($2,017 psf) in December 2022.Oleanas Residence is a freehold condominium built in 1999 and has recorded just four resale transactions over the past three years. These transactions range from $2.4 million for a 1,141 sq ft, three-bedroom unit in November 2023 to $3.3 million for a 1,550 sq ft, four-bedroom unit in April 2024. The condo is within walking distance of Great World MRT Station on the Thomson-East Coast Line and Fort Canning MRT Station on the Downtown Line. It is also surrounded by various educational institutes such as River Valley Primary School and Outram Secondary School within a 1km radius.
When it comes to real estate investments, location is a critical aspect to consider, and this is especially true in Singapore. Investing in condos that are situated in central areas or close to essential amenities like schools, shopping malls, and public transportation hubs can lead to higher appreciation in value. For instance, areas such as Orchard Road, Marina Bay, and the Central Business District (CBD) are considered prime locations where property values have consistently shown growth.
Not only do these areas offer convenience, but also the potential for a solid return on investment. Families, in particular, are drawn to these locations due to their proximity to good schools and educational institutions, making condos in these areas highly sought after investments. With Condo as an added factor, investing in properties in these prime locations becomes an even more attractive option.