A two-bedroom apartment at Leonie Hill Residences topped the list of condo projects that set psf-price highs during the week of March 10 to 17.
A two-bedroom apartment at Leonie Hill Residences topped the list of condo projects that set psf-price highs during the week of March 10 to 17. The 1,141 sq ft unit on the eighth floor was sold for $2.8 million ($2,454 psf) on March 16.
This leaps over the previous record high at Leonie Hill Residences, which was set by a 1,410 sq ft, three-bedroom apartment on the 26th floor. The sale, at $3.3 million ($2,340 psf), took place in July 2018.
Leonie Hill Residences is a freehold apartment building along Leonie Hill Road, and is in a luxury residential neighbourhood in prime District 9. Along Leonie Hill Road are luxury condos Horizon Towers, New Futura and OUE Twin Peaks. Other luxury condos in the area include Grange Infinite on Grange Road, 8 St Thomas on Saint Thomas Walk, and the upcoming Irwell Hill Residences on Irwell Bank Road.
Leonie Hill Residences is a boutique 80-unit apartment completed in 2005. The 27-storey development features two- and three-bedroom units which range from 1,141 to 2,799 sq ft.
Leonie Hill Residences is an 80-unit freehold apartment completed in 2005. (Picture: Samuel Isaac Chua/The Edge Singapore)
The March 16 transaction marks the first resale at Leonie Hill Residences this year. Last year, six units were sold at prices ranging from $2.55 million ($2,235 psf) for a 1,141 sq ft unit on the 13th floor, to $3.25 million ($2,305 psf) for a 1,410 sq ft unit on the 16th floor.
URA caveats show that the selling prices at Leonie Hill Residences have moved up significantly since its completion. In March 2023, the price is $2,207 psf, compared to $1,305 psf in March 2006.
Second among projects that reaped psf-price highs during the week is another condo in District 9. A 1,625 sq ft, three-bedroom unit on the second floor of Residences @ Killiney was sold for $3.95 million ($2,430 psf) on March 17. Previously, the record psf-price at Residences @ Killiney was from the sale of a 1,076 sq ft unit on the sixth floor for $2.51 million ($2,332 psf) on Sept 9, 2022.
Residences @ Killiney is a freehold apartment development on Killiney Road. The 68- unit project was completed in 2012. It comprises a mix of two- to four-bedroom units that range from 1,055 sq ft to 2,368 sq ft, as well as 5,059 to 6,749 sq ft penthouses on the 10th floor.
Several new projects have recently launched around Residences @ Killiney, including Martin Modern and The Iveria. (Map: EdgeProp Singapore)
There is a relatively wide range of prices among freehold residential projects in the Killiney Road and River Valley area. Based on URA caveats, Residences @ Killiney commands an average selling price of about $2,274 psf. Its neighbour, The Boutique, which was completed in 2014, has seen its units go for about $1,578 psf. Meanwhile, across the road at One Devonshire, which was completed in 2011, the average price is about $2,687 psf.
The week also saw the sale of an 807 sq ft unit at Devonshire Residences, another freehold apartment building in the River Valley neighbourhood in prime District 9. The one-bedroom unit, on the 23rd floor, was sold for $1.42 million ($1,755 psf) on March 13 — the lower psf-price of two condos that fetched psf-price lows for the week of March 10 to 17. This is marginally lower than the previous record which was for the sale of an 829 sq ft unit on the 23rd floor by the developer in July 2011. The price was $1.49 million ($1,800 psf).
Devonshire Residences is an 84-unit apartment completed in 2015. Units range from 495 to 829 sq ft, with penthouse units on the 25th floor which range from 947 to 1,055 sq ft.
A unit at Devonshire Residences (centre) fetched a psf-price low of $1,755 on March 13. (Picture: Samuel Isaac Chua/The Edge Singapore)
The March 13 transaction marks the first resale at Devonshire Residences in nearly two years. The last time a unit changed hands at the apartment building was in June 2021, when a 495 sq ft unit on the 12th floor was sold for $1.08 million ($2,181 psf).
Resale data shows that the development has not been able to hold up its capital values over the past seven years. Sale prices at Devonshire Residences reached their peak around May 2015, at approximately $2,420 psf. However, prices then went on an uninterrupted slide, declining to $2,195 psf in May 2020, and further to $1,890 psf as of March 2023.
As a result, Devonshire Residences has the lowest average price among condos and apartments in the area. Units are selling at an average of $1,755 psf, compared to $2,211 and $2,699 psf for its neighbours Illuminaire on Devonshire and The Metz, respectively.