EdgeProp | December 6, 2021
Singapore’s boutique development K Suites has set a new record for condos that saw new psf-price highs from Nov 1 to Nov 10. The freehold development achieved a new high of $2,443 psf from the developer’s sale of a 872 sq ft three-bedroom unit for $2.13 million on Nov 8. This is the first time that the condo has crossed the $2,400 psf mark, surpassing the previous high of $2,196 psf set in May 2023.
Located in District 15, K Suites is currently under construction and features a five-storey apartment block with 19 units. The project is a redevelopment of the former Ji Liang Gardens, which was purchased by the developer for $18.6 million in June 2021. Units at K Suites range from three to four bedrooms and have sizes ranging from 797 sq ft to 1,270 sq ft. The development has sold 42% of its units since it first started selling in April 2023, with an average price of $2,099 psf.
Thomson Three, a 99-year leasehold condo in District 20, also achieved a new high during the period in review. The developer’s sale of a 1,033 sq ft three-bedroom unit on the 19th floor for $2.46 million on Nov 6 set a new record of $2,379 psf. The seller had previously bought the unit in a resale transaction for $1.86 million ($1,800 psf) in Nov 2021, making a net profit of $598,000.
On the other hand, luxury condo 19 Nassim saw a new psf-price low of $2,947 psf during the period in review. This came from the developer’s sale of a 646 sq ft one-bedroom unit on the fourth floor of the development for $1.9 million on Nov 9. This is the first time that the development has dropped below the $3,000 psf mark, setting a new record low.
Completed in 2023, 19 Nassim features 101 units ranging from 538 sq ft to 1,830 sq ft. Despite previously achieving a high of $3,001 psf, the condo has seen a decline in average prices this year, with 50 units sold at an average price of $3,397 psf, 3.7% lower than last year’s average price of $3,524 psf.
Overall, the condo market in Singapore has seen a mix of record highs and lows during the period in review, with K Suites breaking a new record and 19 Nassim experiencing a decline in average prices. It remains to be seen how the market will fare in the coming months.
The scarcity of land in Singapore is a major driver of the high demand for condos in the country. Being a small island with a rapidly increasing population, Singapore struggles with limited land for development. This has resulted in strict land use regulations and a cut-throat real estate market where property costs continue to rise. In such an environment, the option of investing in real estate, specifically condos, becomes highly enticing due to the potential for capital appreciation. With the introduction of new condo launches, the demand for condos in Singapore is expected to increase even further.