Commonwealth Towers sets new psf-price record of $2,460
By Nicholas Lam
/ EdgeProp Singapore |
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Commonwealth Towers topped the list of private non-landed properties to reach a new psf-price peak during the week of Dec 27 to Jan 3. The 99-year leasehold condo hit its new price high of $2,460 psf on Dec 27 when it recorded the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million.
The new record surpasses the previous high of $2,402 psf, which was established just three months prior, when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for about $1.65 million in September 2024.
Commonwealth Towers hit a new price-high of $2,460 psf on Dec 27 (Photo: Samuel Isaac Chua / EdgeProp Singapore)
The average resale price of condo units at Commonwealth Towers has been on the rise for the past three years. In 2022, the project recorded 53 transactions at an average psf-price of $1,971. The following year, the average price increased to $2,097 psf across 51 resale transactions. Last year, the development saw 37 resale transactions at an average price of $2,200 psf. This marks an 11.6% increase in average resale prices since 2022.
Read also: The Continuum sees new high of $3,091 psf
Latest resale transactions at Commonwealth Towers (Source: URA, EP Buddy)
By absolute price, the most expensive unit to change hands at Commonwealth Towers was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. The transaction was recorded in November 2024.
Completed in 2017, Commonwealth Towers is a 99-year leasehold condo with about 87 years remaining on its tenure. Located along Commonwealth Avenue, the development is comprised of two 43-storey residential blocks housing 845 condo units. The units are a mix of one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft.
Freehold project Parq Bella took the silver medal among private residential projects to see a new psf-price peak during the period in review. The upcoming development set a new psf-price high of $2,416 psf when the developer sold a 1,076 sq ft, three-bedroom unit on the fourth floor for about $2.6 million on Dec 31. The unit was also the first at the development to transact for more than $2,400 psf.
Artist's Impression of Parq Bella, a 20-unit boutique freehold project located on Tembeling Road in District 15 (Image: Kims Land @ E C)
This beats the psf-price record of $2,385 set in August 2023 when a 926 sq ft, two-bedroom fourth-floor unit was sold for about $2.2 million.
Parq Bella is a freehold project located on Tembeling Road in District 15. It has 20 apartments ranging from two to four bedrooms, with floor plans spanning from 926 sq ft to 1,787 sq ft. The project is expected to be completed by December 2026.
The boutique project recorded five new sale transactions last year at an average price of $2,347 psf. Since its launch in 3Q2023, Parq Bella has sold 19 of its 20 units (95%) at an average price of $2,244 psf based on caveats lodged as of Jan 14.
Recent transactions at Parq Bella (Source: URA, EP Buddy)
Freehold luxury project Klimt Cairnhill was the only private residential development to see a new psf-price low during the period in review. The new psf-price floor came from the developer’s sale of an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on Jan 3. The price translates to $3,077 psf.
Located along Cairnhill Road in Prime District 9, Klimt Cairnhill consists of 138 apartments in two- to four-bedroom configurations (Photo: Samuel Isaac Chua / EdgeProp Singapore)
The two-bedroom unit is the final unit sold at Klimt Cairnhill, a 138-unit freehold development, which achieved 100% sales at an average price of $3,665 psf, based on caveats lodged. The project was previewed in August 2021 and officially launched in January 2023.
Located along Cairnhill Road in Prime District 9, Klimt Cairnhill has a mix of two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft. There are also two penthouses of 4,898 sq ft and 5,920 sq ft.
The development is expected to obtain its Temporary Occupation Permit in April this year.
Check out the latest listings for Commonwealth Towers, Condominium properties
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