The week also saw a new psf-price high at Orchard Towers on Claymore Road. A 947 sq ft unit, on the 10th floor, changed hands for $2.08 million ($2,196 psf) on Aug 4.
The sale of a 1,216 sq ft unit at One Devonshire marked a new psf-price high at the freehold condo and also topped the list of condos that achieved a psf-price high for the week of Aug 1 to 8.
The three-bedroom unit, on the 30th floor, changed hands for $3.7 million ($3,042 psf) on Aug 7. This is the first time that a resale unit at One Devonshire has crossed the $3,000 psf threshold. The previous high was from the sale of a 1,195 sq ft three-bedder for $3.25 million ($2,720 psf) on Oct 11, 2022.
Only one other transaction at One Devonshire has been recorded so far this year. It was for a 1,292 sq ft unit, on the seventh floor, that fetched $3.36 million ($2,608 psf) on May 10.
Read also: Leedon Green hits new high of $3,133 psf
One Devonshire is a freehold condo on Devonshire Road in River Valley in prime District 9. The 152-unit development was completed in 2012 by Allgreen Properties, a real estate development company under the Kuok Group of Companies, presided by tycoon Robert Kuok.
The three-bedroom unit at One Devonshire was sold for $3.7 million on Aug 7. (Picture: The Edge Singapore)
The condo consists of a 36-storey residential block that houses a mix of two- to four-bedroom units measuring 904 to 2,756 sq ft, as well as two penthouses of 4,876 sq ft and 4,155 sq ft. The development is close to the Orchard Road shopping belt, Great World City, Fort Canning Park, and the riverfront attractions along Boat Quay and Clarke Quay.
According to a tabulation of resale caveats by EdgeProp Singapore, prices at One Devonshire saw a gradual and consistent increase over the past decade. The average resale price at the condo has increased to about $2,605 psf this month from $2,162 psf in August 2013.
The second highest psf-price high attained during the week was from the sale of a 1,948 sq ft unit at Sommerville Park for $4.45 million ($2,284 psf) on Aug 4.
This is the latest in a series of resale transactions at Sommerville Park that have seen increasingly higher psf-prices being recorded at the freehold development. Just this year, the record had jumped from $2,094 psf in the sale of a 1,862 sq ft unit on Feb 28; to $2,181 psf in the sale of a 1,948 sq ft unit on March 9; to $2,188 psf in the sale of a 1,302 sq ft unit on June 26.
Sommerville Park saw a new psf-price high when a 1,948 sq ft unit there was sold for $4.45 million ($2,284 psf) on Aug 4. (Picture: The Edge Singapore)
Sommerville Park is a sprawling 855,571 sq ft development that was completed in 1985. The project comprises 396 condo units and 57 strata landed houses. Condo units are housed in four tower blocks and range from one- to three-bedders, while landed units comprise a mix of townhouses and two-storey maisonettes.
The development is located on Farrer Drive in prime District 10. It is close to the Good Class Bungalows along Gallop Road, Cluny Hill, and Holland Park; condos on Leedon Road; and amenities in the Holland Village and Dempsey Road areas.
Prices at Sommerville Park are generally on a par with the other freehold residential developments in the vicinity. Based on a tabulation of caveats, the average price at Sommerville Park is about $2,079 psf this month, compared to $2,076 psf at the neighbouring Sutton Place on Farrer Road, and $2,039 psf at Sommerville Grandeur on Farrer Drive.
The week also saw a new psf-price high at Orchard Towers on Claymore Road. A 947 sq ft unit, on the 10th floor, changed hands for $2.08 million ($2,196 psf) on Aug 4. This trumps the previous record — a 1,970 sq ft unit was sold for $3.38 million ($1,720 psf) in June 2007 — and marks the first time a resale apartment at Orchard Towers has fetched more than $2,000 psf.
The sale of a 947 sq ft unit at Orchard Towers marks the first time a resale unit there has gone for more than $2,000 psf. (Picture: Samuel Isaac Chua/The Edge Singapore)
It is also the first resale transaction at Orchard Towers this year. Last year, two units were sold on the secondary market: A 1,970 sq ft unit fetched $3.06 million ($1,553 psf) on Oct 5, and a different 1,970 sq ft unit changed hands for $3.05 million ($1,548 psf) on April 19.
Built in 1975, the freehold Orchard Towers comprises two 25-storey blocks — a commercial block that fronts Orchard Road and a rear apartment block on Claymore Drive. The towers are linked by an overhead pedestrian bridge across Claymore Drive. Nearby residential developments include The Tate Residences on Claymore Road; Boulevard 88 and Cuscaden Residences on Cuscaden Road; and Ardmore 3 and Sculptura Ardmore on Ardmore Park.
In February this year, a collective sale committee at Orchard Towers failed to obtain the requisite 80% approval to proceed with a proposed collective sale tender. In February 2022, the collective sale committee announced plans to pursue a collective sale bid of the development with a guide price of $1.6 billion.
The value of residential units at Orchard Towers has steadily increased, with prices moving from $741 psf in August 2003 to $1,101 psf a decade later in August 2013. Based on a tabulation of caveats by EdgeProp Singapore, the average price at Orchard Towers this month is about $1,733 psf.
No new psf-price lows were recorded during the period in review.
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