Mattar Residences achieves new high of $2,400 psf
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - Freehold condo Mattar Residences topped a list of condos that reached new psf-price highs between Oct 13 and 18. On Oct 17, a 657 sq ft, two-bedroom unit on the fourth storey of the development was sold in a resale transaction for $1.58 million, or $2,400 psf. This is the unit’s only lodged caveat.
The new psf-price high beats the development’s previous record of $2,358 psf, set on Sept 4, about a month before. A 710 sq ft, two-bedroom unit on the second floor changed hands for $1.67 million.
Freehold Mattar Residences topped a list of condos that saw a new high between Oct 13 and Oct 18 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Completed in 2023, Mattar Residences is a freehold boutique condo on Mattar Road, off Aljunied Road in District 14. The development has 25 units, ranging from one to four bedrooms and measuring 495 sq ft to 893 sq ft. It is within walking distance of Mattar MRT station on the Downtown Line. It is located across the street from St Margaret’s School (Primary) and near Canossa Catholic Primary School.
Caveats lodged with URA show that the development has seen 17 transactions this year, 14 of which were resale deals, with the remaining three being units sold by the developer. The units were transacted at an average price of $2,237 psf.
Another freehold development, Dukes Residence, came in second on the list of condos that saw new psf-price highs during the period in review. The latest high of $2,397 psf came from the sale of a 1,076 sq ft, three-bedroom unit on the fourth floor of the development for $2.58 million on Oct 16.
The seller had bought the unit in a sub-sale transaction for $1.9 million ($1,765 psf) in July 2011, which means they netted a profit of $680,000 on the sale.
A 1,076 sq ft three-bedroom apartment at freehold Dukes Residence set the condo’s new high of $2,397 psf on Oct 16 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
This is the first time a unit at the condo has transacted above the $2,300 psf threshold. The previous psf-price record stood at $2,137 psf, which came from the sale of a 1,076 sq ft, three-bedroom unit on the second floor on Feb 8.
Besides the units sold on Oct 16 and Feb 8, Dukes Residences has seen only one other transaction this year. On Aug 15, a 2,433 sq ft, three-bedroom unit on the fifth floor had changed hands for about $4 million ($1,644 psf).
Dukes Residence is a freehold boutique condo on Duke’s Road in the Bukit Timah area in prime District 10. Completed in 2011, the development has 42 two- and three-bedroom units measuring 926 sq ft to 2,433 sq ft. It is within walking distance of Nanyang Primary School and St. Margaret’s School (Secondary).
Another freehold condo in District 10, The Tessarina, also charted a new record of $2,368 psf during the period in review. The latest high follows the sale of a 1,313 sq ft, three-bedroom unit on the condo’s third floor for $3.11 million on Oct 15.
The seller had bought the unit for $2.28 million ($1,736 psf) in a resale transaction in Nov 2020, gaining a net profit of $830,000 from the sale.
The new record is only 0.3% higher than the previous $2,361 psf, set on Aug 2. This follows the sale of a 1,313 sq ft, three-bedroom unit on the fourth floor of the development for $3.1 million. The seller had bought the unit for $2.1 million in Sept 2018, netting a gain of $999,200 from the resale transaction.
Freehold condo The Tessarina in prime District 10 reached a new high of $2,368 psf from the sale of a 1,313 sq ft three-bedroom unit (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Completed in 2003, The Tessarina is a 443-unit condo along Wilby Road, off Bukit Timah Road. The units consist of two- and three-bedroom units between 926 sq ft and 3,671 sq ft.
The condo has seen 10 transactions to date this year, at an average of $2,197 psf. This is 4.62% higher than the average price of $2,100 psf from the 11 transactions at the condo last year.
No new psf-lows were recorded during the review period.
Latest transactions at The Tessarina (Photo: EP Buddy)
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