Leedon Green sees record high of $3,387 psf

/ EdgeProp Singapore |

March 2, 2023 7:00 AM SGT

A 1,496 sq ft, four-bedroom unit on the sixth floor at Leedon Green was sold by the developer for $5.07 million ($3,387 psf) on Feb 17.

SINGAPORE (EDGEPROP) - Leedon Green has taken the top spot as the project with the highest record psf-price high during the week of Feb 10 to 18. The freehold project has frequently topped the chart since it was launched slightly over three years ago.

This time, Leedon Green reached a new psf-price high when a 1,496 sq ft, four-bedroom unit on the sixth floor was sold by the developer for $5.07 million ($3,387 psf) on Feb 17. The previous record had been set by the sale of a 1,356 sq ft, three-bedroom unit on the 10th floor for $4.45 million ($3,282 psf) on Jan 9.

Leedon Green is jointly developed by MCL Land and Yanlord Land Group. The 638-unit project occupies a prominent freehold site on Leedon Heights in prime District 10. The entire development consists of seven 12-storey blocks.

Leedon Green scale model - EDGEPROP SINGAPORE

A four-bedroom unit at Leedon Green was sold for $5.07 million ($3,387 psf) on Feb 17. (Picture: Samuel Isaac Chua/The Edge Singapore)

The project’s prime location in the Farrer Road area puts it in close proximity to upmarket neighbourhoods and Good Class Bungalow (GCB) areas such as Cornwall Gardens, Gallop Road/Wollerton Park, and Holland Park.

It is also close to the numerous F&B options and entertainment spots in Holland Village, as well as Holland Village MRT Station on the Circle Line.

Among the uncompleted projects in the Farrer Road/Holland Road area, Leedon Green commands the highest average selling price at about $2,838 psf, compared to nearby new projects such as Wilshire Residences ($2,724 psf) and Hyll on Holland ($2,699 psf). According to the latest developer sales data, Leedon Green is about 82% sold as of end-January.

The project that clocked in the second highest psf-price high during the period in review was Hyll on Holland, a freehold development on Holland Road. A 936 sq ft, three-bedroom unit on the 12th floor fetched $2.83 million ($3,017 psf) on Feb 18, the first time prices crossed $3,000 psf at Hyll on Holland. The previous psf-price high involved the sale of another 936 sq ft unit on the 11th floor for $2.78 million ($2,971 psf) on Dec 3, 2022.

The most expensive unit sold, in terms of absolute price, at Hyll on Holland is a 1,055 sq ft unit on the 10th floor that was transacted for $3.02 million ($2,862 psf) on Feb 2.

Hyll on Holland scale model - EDGEPROP SINGAPORE

The sale of a three-bedder for $2.83 million on Feb 18 marks the first time prices crossed $3,000 psf at Hyll on Holland. (Picture: Samuel Isaac Chua/The Edge Singapore)

Hyll on Holland is a 319-unit development that is jointly developed by Far East Consortium International and Koh Brothers Group. It has two- and three-bedroom units that range from 570 to 1,055 sq ft.

The project benefits from the same locational attributes as Leedon Green.

Sales at Hyll on Holland have been positive so far. The developers sold about a third of its total units in 2022, moving from a take-up rate of 36% in March to 69% by August. Latest developer sales data shows that Hyll on Holland is about 79% sold as of end-January.

On the other hand, Pollen & Bleu saw a new psf-price low with the sale of a 1,163 sq ft unit on the second floor for $1.89 million ($1,626 psf) on Feb 13. The previous record low saw the sale of another 1,163 sq ft unit on the same floor for $1.89 million ($1,630 psf) on Dec 22, 2022.

Pollen & Bleu is a 99-year leasehold development on Farrer Drive in prime District 10. Developed by SingLand, the 106-unit condo was completed in 2016. It has one- to four- bedroom units that range from 549 to 1,593 sq ft, as well as two-bedroom loft units and a mix of three- to five-bedroom duplex penthouses sized from 1,841 to 2,831 sq ft.

Pollen & Bleu saw a new psf-price low with the sale of a 1,163 sq ft unit on the second floor for $1.89 million ($1,626 psf) on Feb 13. (Picture: Samuel Isaac Chua/The Edge Singapore)

The condo sits on an elevated plot that offers views of the Farrer Drive and Wollerton Park private residential enclave.

The development was fully sold in 2017, with an average selling price of $2,009 psf at the time. The average price then reached a peak of about $2,027 psf in July 2018, but has since fallen to $1,732 psf as of end-February.

Pollen & Bleu lacks a fair comparison against neighbouring condos in the area as most are freehold and command higher prices. The closest comparison is the 1,715-unit d’Leedon, a 99-year leasehold project on Leedon Heights. The latest caveats show that the average price in that development is about $1,783 psf.