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The Scala achieves new high of $1,816 psf

By Nur Hikmah Md Ali

/ EdgeProp Singapore |

September 29, 2023 11:23 AM SGT

SINGAPORE (EDGEPROP) - Among the list of condos that saw a new psf-price high between Sept 10 to 12, The Scala, a 99-year leasehold condo on Serangoon Avenue 3, topped the list. The condo saw a new psf-price high of $1,816 after the sale of a 474 sq ft, one-bedroom apartment for $860,000 on Sept 12. The seller of the unit had purchased it in January 2016 for $715,000 ($1,510 psf), which means they made a profit of $145,000 on the sale.

The transaction marks the first time a unit at The Scala has transacted above the $1,800 psf threshold. It beats the previous record psf-price for the condo set on June 30 after a two-bedroom unit measuring 829 sq ft sold for $1.5 million, or $1,789 psf.

The Scala consists of one- to four-bedroom units measuring between 474 to 2,142 sq ft (Photo: Samuel Isaac Chua/EdgeProp Singapore).

Developed by a consortium between Hong Leong Holdings, TID and Hong Realty, The Scala is a 17-storey condominium located in the Serangoon Gardens area. Completed in 2013, the condo consists of 468 units. Units include a mix of one- to four-bedders measuring between 474 to 2,142 sq ft.

Read also: Two-bedder at Zenith sold at new high of $2,383 psf

Freehold condo Cosmo also hit a new psf-price high during the period in review at $1,808. This comes from the sale of 398 sq ft, one-bedroom apartment for $720,000 on Sept 11, which works out to $1,808 psf. This surpasses the previous record of $1,695 psf set in May 2012 after a 398 sq ft unit changed hands for $675,000. It is also the first time a unit at Cosmo has transacted above $1,800 psf.

Freehold condo Cosmo sold its first unit this year on Sept 11 (Photo: Fission Group).

The unit sold on Sept 11 is the first apartment at Cosmo to change hands in a year. Prior to this, the most recent resale transaction occurred in August 2022, when a 667 sq ft unit fetched $1.06 million ($1,588 psf).

Cosmo is a condo by Fission Group, the developer behind other apartments including the 293-unit Alexis at Alexandra Road and the 167-unit Robinson Suites on Robinson Road. Cosmo was completed in 2010 and has 45 units comprising one- and two-bedders between 398 to 1,238 sq ft. Cosmo is located along Guillemard Crescent, off Guillemard Road in District 14. It is within walking distance of the Mountbatten MRT Station.

Bukit Regency also reached a new record psf price. This follows a transaction on Sept 12, when a three-bedroom apartment measuring 1,399 sq ft sold for $2.3 million, or $1,669 psf. The previous psf-price high record at Bukit Regency was held by the sale of a 947 sq ft, two-bedroom unit for $1.6 million ($1,657 psf) on June 7.

Freehold condo Bukit Regency reached a new record psf price of $1,669 psf from the sale of a three-bedder measuring 1,399 sq ft, for $2.3 million (Photo: Allgreen Properties).

The seller of the unit sold on Sept 12 had purchased it in January 1999 for $760,000 ($543 psf). This means they netted a gain of $1.575 million on the sale, making it the most profitable transaction record to date at Bukit Regency, based on data compiled on EdgeProp Research.

Located along Upper Bukit Timah View in District 21, Bukit Regency is a freehold condo by Allgreen Properties that was completed in 1995. It consists of six blocks housing 224 units. Units include two- to four-bedders between 926 to 1,701 sq ft.

Read also: Parc Esta achieves new high of $2,409 psf

Apart from the units sold on Sept 12 and June 7, Bukit Regency has seen only two other resale transactions to date this year. On May 17, a 936 sq ft unit fetched $1.5 million ($1,602 psf). The other sale was on Jan 18, of a 1399 sq ft apartment at the price of $2.17 million, or $1,547 psf.

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

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