Four-bedroom unit at Scotts Highpark sold at record $3,084 psf

The 4,112 sq ft unit at Scotts Highpark was sold for $12.68 million on May 18.

SINGAPORE (EDGEPROP) - The sale of a four-bedroom unit at Scotts Highpark topped the list of record psf-price highs achieved during the week of May 12 to 19. The 4,112 sq ft unit on the 24th floor was sold for $12.68 million on May 18, which translates to $3,084 psf on the floor area.

This marks the first time that a unit at Scotts Highpark has crossed $3,000 psf. Previously, the record psf-price high in the condo was from the sub-sale of a 3,466 sq ft, four-bedroom unit on the 18th floor for $8.73 million ($2,520 psf) in October 2007.

The 4,112 sq ft unit at Scotts Highpark was sold for $12.68 million on May 18. (Picture: Samuel Isaac Chua/The Edge Singapore)

Scotts Highpark is a freehold condo located between Goldbell Towers and the Sheraton Towers Singapore Hotel on Scotts Road, in prime District 9. The 73-unit development was completed in 2009 and comprises two towers — one 19 storeys high and the other 27 storeys high — with a mix of two- to four-bedroom units that range from 1,141 to 4,112 sq ft and a five-bedroom duplex penthouse of 6,545 sq ft.

The condo is close to Newton MRT Interchange on the North-South and Downtown lines. The condo is also near the Novena area and the Orchard Road shopping belt. Major roads that serve this area include Dunearn Road, Bukit Timah Road, Scotts Road and Newton Road.

Based on data by EdgeProp Singapore, the average price at the condo has risen to about $2,409 psf as of this May from $1,916 psf in November 2013. Compared to some of the surrounding condos, Scotts Highpark is moderately priced. Only The Hermitage, completed in 1999, commands a lower average price at $2,058 psf as of this May. Reignwood Hamilton Scotts sees units go for an average of $$2,722 psf, while Goodwood Residence has an average price of $2,577 psf.

New and upcoming condos in the vicinity — for example, Pullman Residences Newton ($3,115 psf) on Dunearn Road; Kopar at Newton ($2,547 psf) and The Atelier ($2,686 psf), both on Makeway Avenue; and Klimt Cairnhill ($3,684 psf) on Cairnhill Road — are already pushing up prices in the area.

The second highest psf-price high during the week occurred at 10 Evelyn, a boutique, freehold condo on Evelyn Road, also in District 11. A 527 sq ft, one-bedroom unit on the second floor was sold by the developer for $1.62 million on May 19. This translates to $3,062 psf on the floor area, setting a record high at the project.

This is also the first time that a unit at 10 Evelyn has been sold for more than $3,000 psf. The previous high was for another 527 sq ft one-bedder on the third floor that was sold by the developer, Amara Holdings, for $1.53 million ($2,908 psf) in January 2019.

Singapore-listed Amara Holdings launched 10 Evelyn in October 2018. 10 Evelyn consists of just 56 units, with half of the unit mix comprising one-bedroom units of 496 to 614 sq ft. The rest are two-bedders that range from 732 to 829 sq ft, along with four 3-bedroom penthouses of 1,227 to 1249 sq ft.

A 527 sq ft, one-bedroom unit at 10 Evelyn was sold at $3,062 psf on May 19, marking a new high at the project. (Picture: Amara Holdings)

Based on developer sales data to URA, 10 Evelyn has seen a slow take-up rate. In January 2020, the project was 8.9% sold, and it is only 35.7% sold as of April this year.

According to URA caveats, two of the three-bedroom penthouses have been sold. A 1,421 sq ft unit was sold for $3.23 million ($2,270 psf) in October 2021, while a 1,432 sq ft unit was sold for $3.35 million ($2,340 psf) on April 27 last year.

Opposite 10 Evelyn is the soon-to-be-completed Enchante, another 25-unit freehold boutique project on Evelyn Road. The maiden project of local developer Victory Land, it was launched in August last year. Caveats show that it has sold six units at an average price of approximately $2,723 psf.

Despite the sales progress at 10 Evelyn, Amara Holdings has other projects in this area. In March 2021, it purchased the former Surrey Point, a freehold apartment block at the junction of Newton Road and Surrey Road, for $47.8 million. The redevelopment is a 38-unit boutique called Sanctuary @ Newton. It has not listed any sales to date.

Also in the vicinity is 35 Gilstead on Gilstead Road. This boutique, 70-unit development by AmCorp (former Tee Land) was launched in March 2019 and was fully sold by February this year. The project garnered an average selling price of about $2,500 psf.

There are no psf-price lows recorded for the week in review.

Check out the latest listings near Scotts Highpark, 10 Evelyn, Pullman Residences Newton, Kopar at Newton, Klimt Cairnhill, The Atelier, Enchante, 35 Gilstead, Newton MRT Interchange