Investing in a condominium in Singapore presents a multitude of benefits, one of which is the potential for capital appreciation. With its prime location as a global business hub and strong economic foundation, Singapore continuously sees a high demand for real estate. Throughout the years, the country has exhibited a consistent upward trend in property prices, especially in prime areas, resulting in substantial appreciation for condo owners. For those who make a timely investment and hold onto their properties for an extended period, significant capital gains can be achieved. To explore available condominium options in Singapore, visit Singapore Projects.
Singapore’s Edgeprop recently reported that Gallop Gables, a freehold condo, has topped the list of condos with new psf-price highs between November 19 and November 22. The latest high of $2,299 psf was set by a 2,669 sq ft four-bedroom unit on the second floor that sold for $6.14 million on November 20. This translates to a gain of $1.64 million for the seller, who originally purchased the unit for $4.5 million ($1,686 psf) in July 2017.
The transaction on November 20 surpassed Gallop Gables’ previous high of $2,108 psf, which was achieved in February 19 from the sale of a 1,163 sq ft, two-bedroom unit on the third floor for $2.45 million. The seller had purchased the unit for $2.07 million ($1,781 psf) in January 2021, making a net profit of $380,000.
Gallop Gables, a freehold condo located on Farrer Road in District 10, is known for its low-density development with 102 units spread across four storeys. It is situated within walking distance to Farrer Road MRT Station on the Circle Line.
The developers of Gallop Gables is a 99-year leasehold condo, The Scala, also set a new psf-price record of $2,064 psf from the sale of a 1,259 sq ft, four-bedroom unit on the 12th floor for $2.6 million on November 20. The initial owner had purchased the unit for $1.66 million ($1,318 psf) in October 2012.
The transaction on November 20 marks the first time The Scala surpassed the $2,000 psf mark. Before this, the condo’s previous record of $1,969 psf was set from the sale of a 904 sq ft, two-bedroom unit on the 11th floor for $1.78 million on September 9. The seller had purchased the unit for $1.31 million ($1,449 psf) in March 2013.
The Scala has seen a total of 16 resale transactions this year, with an average price of $1,823 psf. This reflects an 8% increase compared to the average price of $1,688 psf achieved by 16 transactions at the development last year.
The Scala is located on Serangoon Avenue 3 in District 19 and is known for its 468 units spanning 17 storeys. It includes a range of one- to four-bedroom units that measure between 474 sq ft to 2,142 sq ft. The condo is situated within walking distance to the Lorong Chuan MRT Station on the Circle Line and is close to a variety of educational institutions such as Nanyang Junior College, St Gabriel’s Primary School and Yangzheng Primary School.
Another freehold condo, Sims Edge, also set a new record of $1,907 psf during the review period from the sale of a 409 sq ft, one-bedroom unit on the 13th floor for about $780,000 on November 22. The seller had originally bought the unit for $663,807 ($1,623 psf) in April 2019.
This sale marks the first time that a unit at the condo has sold above the $1,900 psf mark. The previous record of $1,834 psf was set from the sale of a 409 sq ft, one-bedroom unit on the fifth floor for $750,000 on January 18. The unit was purchased by the developer for roughly $527,000 ($1,288 psf) in July 2011.
Sims Edge has seen a total of five resale transactions this year, with an average price of $1,800 psf. This reflects a higher price compared to the average of $1,644 psf set by four transactions seen at the development last year.
Sims Edge is a freehold development situated on Geylang East Avenue 2 in District 14, Geylang. The boutique development houses 78 units between one- to two-bedroom units that range from 409 sq ft to 1,195 sq ft. It is located within 500m of the Paya Lebar MRT Interchange Station on the East-West Line and Circle Line.
No new psf-price lows were seen during the review period.