Tribeca reaches new high of $2,594 psf

SINGAPORE (EDGEPROP) - Tribeca, a freehold development on Kim Seng Road in District 9, topped the list of condos that saw a new psf-price high between Oct 31 and Nov 7. This follows the sale of a 517 sq ft, one-bedroom unit on the 25th floor for $1.34 million or $2,594 psf on Nov 2. The new high comes just a week after the previous record of $2,574 psf set on Oct 31 when a 517 sq ft unit changed hands for $1.33 million.

The seller of the unit that changed hands on Nov 2 had purchased the apartment in June 2010 for $982,300 ($1,901 psf). This means they made a gross profit of about $358,000 on the transaction.

The new high at Tribeca was achieved with the resale transaction of a 517 sq ft unit for $1.34 million on Nov 2 (Picture: Samuel Isaac Chua/The Edge Singapore)

Tribeca was completed in 2010. Located alongside the Singapore River, the 30-storey residential block has 175 residences comprising studio to four-bedroom apartments from 517 sq ft to 1,905 sq ft. There are also penthouses between 2,174 sq ft and 3,907 sq ft. The development is within walking distance of the Havelock and Great World MRT Stations on the Thomson-East Coast Line.

Tribeca has seen a steady volume of resale transactions in the past couple of years, which has supported an increase in psf prices transacted. There have been seven resale transactions recorded at the condo to date this year based on caveats lodged, with units sold at an average price of $2,455 psf. In comparison, Tribeca saw nine units change hands in 2022 at an average price of $1,813 psf.

AMO Residence also achieved a new psf-price high during the period in review following the sale of a 2,293 sq ft penthouse unit for $5.6 million, or $2,443 psf, on Nov 3. The four-bedroom unit on the 25th floor was sold by the developer. It beats AMO Residence’s previous high of $2,406 psf set by the sale of another penthouse spanning 2,497 sq ft for around $6 million in July 2022.

AMO Residence hit a new high of $2,443 psf following the sale of a 2,293 sq ft penthouse on Nov 3 for $5.6 million (Picture: Samuel Isaac Chua/The Edge Singapore)

AMO Residence is a 372-unit condo at Ang Mo Kio Rise in District 20. The 99-year leasehold project consists of two 25-storey towers. It has a mix of two- to five-bedroom units ranging from 614 sq ft to 1,475 sq ft. There are also three penthouses measuring between 2,293 sq ft and 2,497 sq ft. The development is slated for completion in 2026.

The project was launched for sale on July 23, 2022, marking the first new condo in Ang Mo Kio in over eight years. It saw a strong response, with 98% of the condo’s units sold on the first day of launch. Caveats lodged with URA as of Nov 21 show that only one unit — the last penthouse measuring 2,293 sq ft — remains to be sold.

Another development that hit a new psf-price high is Yong An Park, a freehold development on River Valley Road in District 9. A four-bedder on the 20th floor measuring 3,434 sq ft changed hands for $8.3 million, or $2,417 psf, on Nov 3. The transaction surpasses Yong An Park’s previous record of $2,376 psf registered in January 2020 when a 1,023 sq ft unit was sold for $2.43 million.

The sale of a 3,434 sq ft unit at Yong An Park for $8.3 million on Nov 3 resulted in a new psf-price high of $2,417 psf for the development (Picture: Samuel Isaac Chua/The Edge Singapore)

Completed in 1986, Yong An Park has a total of 288 residences. Typical units comprise one- to four-bedders between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with sizes from 3,466 sq ft and 6,878 sq ft respectively, as well as a collection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.

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

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