SINGAPORE (EDGEPROP) - Pullman Residences Newton has hit a psf-price high for the project when a 667 sq ft two-bedroom unit on the 30th floor was sold for $2.35 million ($3,515 psf) on April 13. The sale is the highest psf-price for condos that attained record psf prices for the week of April 7 to 14.
This record price overthrows the previous record high which had only been set ten days ago, when a 463 sq ft one-bedroom unit on the 29th floor was sold for $1.62 million ($3,496 psf) on April 3.
The 667 sq ft, two-bedroom unit at Pullman Residences Newton was sold for $2.35 million on April 13. (Picture: Samuel Isaac Chua/The Edge Singapore)
Pullman Residences Newton is a freehold development located along Dunearn Road in prime District 11. It consists of 340 units. A new project by developer EL Development, the project is a three-minutes walk from Newton and Novena MRT stations.
The project features a mix of one- to four-bedroom units ranging 463 sq ft to 1,389 sq ft. It was launched over the November 9 and 10 weekend in 2019, and saw 12 units sold over the two days. According to developer’s sale data to URA, the project is 78.5% sold as of end-March 2023.
The most expensive unit sold in the project was a 1,378 sq ft, four-bedder at $4.25 million ($3,083 psf) on September 29, 2022. The average psf price for units in the project has increased from $2,834 psf in November 2019 to $3,246 psf in April 2023. Projects surrounding the area include Kopar Newton and The Atelier. These projects have average prices of $2,814 psf and $2,593 psf respectively, as of April 2023.
The second highest psf-price high during the week was the resale of a 2,411 sq ft, unit on the second floor of The Ladyhill. It was sold for $7.28 million ($3,019 psf) on April 13. The previous record psf-high at the condo was the resale of a 2,325 sq ft, three-bedroom unit on the second floor that fetched $6.6 million ($2,839 psf) on April 9 2010.
A 2,411 sq ft unit on the second floor of The Ladyhill was sold for $7.28 million ($3,019 psf) on April 13, marking a new psf-price high for the development.
The Ladyhill is a freehold condominium consisting of 55 units, it features a mix of three- to four-bedroom units ranging 2,239 to 4,499 sq ft. The project was completed in 2002 by developer, SC Global Developments. Located at Lady Hill Road in prime District 10. Nearby amenities include Concorde Shopping Mall and Tanglin Shopping Centre, and schools in the vicinity are Alexandra Primary School, Anglo Chinese School (Primary), River Valley Primary School and Singapore Chinese Girls’ Primary School.
When the project was first launched in 2000, units were sold at prices ranging from $1,139 to $1,781 psf, based on caveats lodged then. Prices at The Ladyhill first increased in 2010, when units crossed $2,800 psf for the first time. A sales transaction of $2,809 psf occurred for a 2,271 sq ft three-bedroom unit on the third floor on February 3, 2010.
According to caveats, the average price at the development is $2,525 psf as of end-March 2023. In comparison, surrounding properties such as Sage and Nassim 9 had average prices of $3,320 psf and $3,296 psf respectively.
On the other hand, the transaction that garnered the lowest record psf-price for a development during the week was a 1,970 sq ft four-bedroom unit on the fifth floor of The Lilium. It was sold for $3.33 million ($1,693 psf) on April 13. The selling price is a new all-time low for the development.
A 1,970 sq ft, four-bedroom unit at The Lilium was sold at a psf-price low of $1,693 during the week. (Picture: Samuel Isaac Chua/The Edge Singapore)
The Lilium, located along How Sun Road in District 19, is a project developed by Singhaiyi Group. It is near Bartley MRT station and Tai Keng Shopping Centre. The project has a total of 80 units. It features a mix of two- to four-bedroom units ranging 699 sq ft to 1,970 sq ft.
Approximately 87.5% of units in the project have been sold as of March 2023. The project launched over the May Day holiday of April 31 to May 2 2019. It saw a take up of 2.5% by buyers in the first month of sales.
However, developer sales plateaued till July 2021 when sales started to pick up and the take up rate increased to 6.5%. The project subsequently saw steady sales growth and is now about 87.5% sold. Units at surrounding properties Bayou Residence and Kensington Square had average prices of $1,323 psf and $1,487 psf respectively .