Record-low psf price at Starlight Suites as one-bedder sells for $1,359 psf
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The sale of a 1,163 sq ft one-bedroom plus study unit at Starlight Suites on River Valley Close marked the lowest psf price recorded by a condo between June 28 to July 7. The unit, which includes a large open air terrace, was sold for $1.58 million ($1,359 psf) on July 4. This is a new record-low for the condo since the previous record was the sale of a 2,486 sq ft two-bedroom plus-study unit on the 32nd floor that fetched $3.75 million ($1,508 psf) when it was sold on Jan 24 last year.
Starlight Suites is a 105-unit development that was completed in 2014. The condo is in the River Valley neighbourhood in prime District 9, placing it close to other prominent residential and commercial areas like Clarke Quay, Robertson Quay, Great World City, and the shops along Orchard Road. (Find Singapore commercial properties with our commercial directory)
Nearby residential developments include The Avenir which was launched in January 2020 by developers GuocoLand, Hong Leong Holdings and Hong Realty. GuocoLand also developed the neighbouring Martin Modern. Another new project in the area is Riviere by Frasers Property.
A 1,163 sq ft unit at Starlight Suites was sold for $1.58 million on July 4. (Picture: Samuel Isaac Chua/The Edge Singapore)
Based on resale caveats, prices have been steadily falling at Starlight Suites over the past few years. In July 2013, the average price was about $2,142 psf but this has since dropped to $1,843 psf this month. Likewise, unprofitable sales far outnumber profitable resales at the condo, with 24 losses against just two profitable resales. Losses range from $29,000 to $715,000.
Starlight Suites is the only freehold condo in this area where prices have fallen under $2,000 psf. In comparison, its neighbour Euro-Asia Court, which was completed in 1994, has an average price of $2,028 psf. Other freehold condos such as Martin Place Residences ($2,535 psf), Oleanas Residences ($2,107 psf) on Kim Yam Road and Martin No 38 ($2,436 psf) on Martin Road still command prices on par with the area.
Prices at Starlight Suites have fallen from $2,142 psf in July 2013 to $1,843 psf this month. (Source: URA, EdgeProp)
A new psf-price-high was set at Myra, a boutique condominium along Meyappa Chettiar Road in Potong Pasir, when a 667 sq ft unit was sold for $1.81 million ($2,712 psf) on July 4. This transaction topped the list of condos that achieved a psf-price-high between June 28 and July 7.
Myra is a freehold condo by Malaysian development company Selangor Dredging. Located in the Potong Pasir neighbourhood, the project faces mixed-use development The Poiz Centre which is connected to Potong Pasir MRT station on the North-East line.
The condo also enjoys proximity to several schools in the area such as St Andrew’s Village which mainly houses St Andrew’s Primary School, St Andrew’s Secondary School and St Andrew’s Junior College. Cedar Primary School and Cedar Girls Secondary School are also within the vicinity.
Myra is an 85-unit uncompleted development with a mix of one- to four-bedroom units that range from 474 sq ft to 1,324 sq ft. The project was initially launched for sale in September 2020 with the developer moving 17 units at an average price of $2,000 psf over the Sept 26–27 launch weekend.
The freehold Myra in Potong Pasir set a record psf-price high of $2,712 psf on July 4. (Picture: Selangor Dredging)
According to developer sales data, the project is about 93% sold as of end-June 2023. At least 18 units have been sold this year and prices have ranged from $1.66 million ($2,484 psf) for the sale of a 667 sq ft two-bedder on July 1, to $3.08 million ($2,345 psf) for the sale of a 1,313 sq ft four-bedroom unit on May 8.
Overall, this places the average selling price at Myra at about $2,080 psf which is one of the highest transaction prices among freehold condos in the Potong Pasir area. In comparison, other freehold developments such as Intero on nearby Leicester Road have seen most units transact for about $1,471 psf, while the newly completed The Addition by Oxley Holdings on Meyappa Chettiar Road has clocked an average price of $1,868 psf.
Next on the list is the sale of a 1,066 sq ft unit at Newton 21 on Newton Road. The three-bedroom apartment on the 22nd floor was sold for $2.42 million ($2,271 psf) on July 3. This sale overrides the previous record in the condo which had been set in February this year when a similar-sized three-bedroom unit on the eighth floor changed hands for $2.38 million ($2,233 psf) on Feb 2.
Newton 21 is a boutique 69-unit condo in prime District 11. The freehold development was completed in 2004. It is close to two major road junctions namely Newton Circus connecting Scotts Road, Bukit Timah Road, and Dunearn Road, as well as the junction of Thomson Road and Newton Road in Novena. This means the condo is close to the Orchard Road shopping belt and commercial developments such as Royal Square at Novena, Novena Square and United Square.
Based on a tabulation of resale caveats by EdgeProp Singapore, prices at Newton 21 have climbed largely unabated over the past 10 years, from about $1,448 psf in July 2013 to $2,132 psf this month.
In terms of absolute price, the most expensive resale unit at Newton 21 is a 3,068 sq ft penthouse on the 25th floor that fetched $4.38 million ($1,428 psf) when it was sold on Oct 22, 2021. This is followed by the sale of a 1,539 sq ft, three-bedder on the ninth floor that changed hands for $3.3 million ($2,144 psf) on Jan 20 this year.
Several new launches have raised pricing expectations in the area. For example, the ultra-luxury Pullman Residences Newton on Dunearn Road commands the highest at $3,132 psf while Kopar at Newton on Makeway Avenue follows up at $2,542 psf. Other new projects such as The Atelier on Makeway Avenue have moved units for about $2,684 psf while Enchante on Evelyn Road is pricing units at about $2,723 psf.
Check out the latest listings near Starlight Suites, Myra, Newton 21, The Avenir, Martin Modern, Martin Place Residences, Pullman Residences Newton, The Poiz Centre, Potong Pasir MRT station, St Andrew’s Primary School, Cedar Primary School
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