Residences @ Killiney achieves new high of $2,612 psf

SINGAPORE (EDGEPROP) - Freehold Residences @ Killiney topped the list of condos that hit a new record psf-price of $2,612 psf during the period of Aug 8 to 16. This came after a 1,550 sq ft three-bedroom unit on the third floor changed hands for $4.05 million on August 12.

The seller had bought the unit in a sub-sale transaction at $3.27 million ($2,108 psf) in June 2013. This means they made a net profit of about $781,888 on the August 12 sale.

The new psf-price record is 7.5% higher than the previous record of $2,430 psf set at the condo upon the resale of a 1,625 sq ft three-bedroom unit for $3.95 million in March 2023.

A 1,550 sq ft three-bedder unit at freehold Residences @ Killiney was sold for $4.05 million on Aug 12, achieving the condo’s new record of $2,612 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Residences @ Killiney is a freehold apartment on Killiney Road in District 9, River Valley. Completed in 2012, the boutique development has 68 units comprising two- to four-bedroom units between 1,055 sq ft and 6,749 sq ft.

The apartment is within walking distance of River Valley Primary School and Somerset MRT Station on the North-South Line.

Another District 9 condo that achieved a new psf-price high during the period in review is Yong Ann Park on River Valley Road. The condo hit $2,505 psf when a 3,434 sq ft four-bedroom apartment on the 13th storey changed hands for $8.6 million on August 12. The seller had bought the unit for $1.88 million in July 1998. This means they made a net gain of $6.72 million on the sale.

Freehold Yong An Park saw a new high of $2,505 psf from the sale of a four-bedroom apartment for $8.6 million on Aug 12 (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The new psf-price high beats the previous record of $2,470 psf. This came from the resale of a similar-sized unit on the 12th floor for $8.48 million on April 8.

Yong An Park has seen a steady price appreciation in the last few years. Four units at the development have changed hands to date this year at an average price of $2,393 psf. This is nearly 7% higher than the average price of $2,238 psf from the sale of four units at the condo last year.

Yong An Park is a freehold condo sitting right next to the Great World MRT Station on the Thomson-East Coast Line. It has 288 units of one- to four-bedders between 1,023 sq ft and 3,778 sq ft. It also has three- to five-bedroom penthouses of between 3,466 sq ft and 6,878 sq ft, as well as several six-bedroom, strata-titled townhouses with sizes starting from 7,718 sq ft.

A third development, Parc Esta, also hit a new psf-price high during the period in review. A 958 sq ft, three-bedroom unit on the 14th floor was sold for $2.33 million. This translates to $2,432 psf. The seller had bought the unit from the developer at $1.54 million ($1,608 psf) in December 2018. This means they netted a profit of $790,000.

The new psf-price high beats the previous record of $2,409 psf achieved less than three months ago on June 3. A 581 sq ft, two-bedder on the 12th floor was sold for $1.4 million. The seller had bought the unit from the developer at $1.03 million, or $1,775 psf, in November 2018. This translates into a net profit of about $368,000 on the June 3 transaction.

A 958 sq ft three-bedroom unit on the 14th floor of Parc Esta was sold for $2.33 million, hitting a record psf-price of $2,432 at the development (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Parc Esta is a 99-year leasehold development along Sims Avenue in Geylang, District 14. It was completed in 2022 and comprises 1,399 units of one- to five-bedders, ranging from 420 sq ft to 1,604 sq ft. The condo also has a cluster of five adjoining retail shops. It is across the Eunos MRT Station on the East-West Line and Eunos bus interchange.

The development has seen 57 resale transactions this year with an average price of $2,217 psf.

No new psf-price lows were recorded during the period in review.