The Sovereign hits new high of $2,602 psf
/ EdgeProp Singapore |
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The Sovereign, a freehold condo in District 15, topped the list of condos that achieved new psf-price highs during the week of June 14 to 21. This comes with the resale of a four-bedroom, 3,305 sq ft unit on the 15th floor for $8.6 million on June 20. This translates to $2,602 psf. This price is nearly 6% higher than the previous high of $2,465 psf set last November after a four-bedder spanning 2,637 sq ft fetched $6.5 million. The unit sold on June 20 is the first apartment to change hands at the condo since the November transaction.
Caveats lodged show that the unit was purchased by the seller in February 2010 for $4.6 million ($1,392 psf). This means that they reaped a gross profit of $4 million on the sale of the unit after owning it for over 14 years.
The new high at The Sovereign follows the resale of a 3,305 sq ft unit for $8.6 million on June 20 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Sovereign is an 87-unit condo that was completed in 1993. Located along Meyer Road, it is one of a handful of condos that overlook East Coast Park, which fronts the sea. It is less than a 10-minute walk from the Tanjong Katong MRT Station on the Thomson-East Coast Line, which opened on June 23. Units comprise four-bedders from 2,637 sq ft to 3,305 sq ft.
Data compiled on EdgeProp Research indicates that The Sovereign commands higher prices compared to other freehold developments located along Meyer Road that were built around the same time. Based on sales data over the past 12 months, units at The Sovereign have transacted at an average price of $2,494 psf.
In comparison, nearby condos along Meyer Road, such as 157-unit The Atria At Meyer, which was completed in 1996, has an average price of $2,143 psf, while The Makena, completed in 1998 with 504 units, averages at $1,794 psf. The 135-unit Hawaii Tower, built in 1984, averages at $1,787 psf.
Just down the road from The Sovereign, another freehold condo along Meyer Road hit a new psf-price high during the week in review. The Seafront On Meyer achieved a record $2,450 psf after a three-bedroom unit measuring 1,604 sq ft on the 20th floor changed hands for $3.93 million on June 18.
The transaction surpasses the previous high of $2,400 psf established in April of last year upon the sale of a 1,604 sq ft unit on the 22nd floor for $3.85 million. It is also only the second time a resale unit at the condo has crossed the $2,400 psf benchmark.
The Seafront On Meyer achieved a new high of $2,450 psf after a 1,604 sq ft unit changed hands for $3.93 million on June 18 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Seafront On Meyer was built in 2010 and has 327 residences across three towers spanning 24 storeys. Units consist of two- to four-bedroom units from 1,066 sq ft to 2,605 sq ft. There are also six four-bedroom penthouses between 4,273 sq ft to 4,295 sq ft.
The condo has seen an uptick in prices over the last year. Average prices transacted at the development have risen from $2,054 psf in 2022 across 11 transactions to $2,337 psf in 2024 across four transactions to date. This represents an average price growth of 14%.
Read also: Parc Esta achieves new high of $2,409 psf
On the other hand, The Myst hit a new psf-price low during the week in review. This comes with the developer sale of a three-bedroom, 1,163 sq ft apartment on the third floor for $2.192 million on June 16, which works out to $1,886 psf. The price inches past the condo’s previous low of $1,894 psf when the developer sold another 1,163 sq ft unit on the fourth floor for $2.202 million on May 17.
A 1,163 sq ft unit at The Myst fetched $2.192 million on June 16, resulting in a new low of $1,886 psf for the condo (Picture: Samuel Isaac Chua/The Edge Singapore)
The Myst is a 408-unit condo on Upper Bukit Timah Road in District 23. The 99-year leasehold development comprises two 24-storey towers. Units include a mix of one-bedroom-plus study apartments of 517 sq ft, two-bedroom units of 678 sq ft to 732 sq ft, three-bedders of 850 sq ft to 1,163 sq ft, four-bedders of 1,453 to 1,518 sq ft and five-bedders of 1,690 sq ft.
The project was launched for sale in July 2023, where it saw 110 (27%) units sold during the first weekend of launch at an average price of $2,057 psf. Based on caveats lodged as of July 2, the project has moved 250 (61%) of its units at an average price of $2,073 psf.
Check out the latest listings for The Sovereign properties
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