Three-bedder at The Atria at Meyer hits new psf high of $2,116
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Topping the list of condos that scored new psf-price highs from June 9 to 16 is The Atria at Meyer. A 1,475 sq ft, three-bedroom unit on the second floor of the freehold condo on Meyer Road was sold for $3.12 million ($2,116 psf) on June 12. This transaction leaps over the previous record high set last year, when a 1,615 sq ft two-bedder on the 13th floor changed hands for $3.35 million ($2,075 psf) on April 8.
The Atria at Meyer is a 158-unit development that was completed in 1996. The condo is a 24-storey block with a mix of two- to four-bedroom units from 1,044 sq ft to 2,949 sq ft.
The condo is in the Marine Parade area in the highly desirable District 15. It is also one of a handful of condos along Meyer Road that face East Coast Park and the sea. Other condos on this stretch include The Seafront on Meyer, Hawaii Tower, the upcoming Meyer Mansion, Meyer Park and The Meyerise.
The transactions mentioned above are the only two at The Atria at Meyer where units have been resold for more than $2,000 psf. However, the condo has seen a significant increase in average transaction prices over the past 20 years. Based on a tabulation of caveats by EdgeProp Singapore, the average price was about $875 psf back in June 2003, and this increased to $1,181 psf in June 2013. Last month, the average price at the condo was $2,043 psf.
The three-bedroom unit at The Atria at Meyer was sold for $3.12 million ($2,116 psf) on June 12. (Picture: Samuel Isaac Chua/The Edge Singapore)
This positive price movement places The Atria at Meyer on a par with some of the surrounding freehold condos. For example, The Seafront on Meyer sees an average price of $2,083 psf, while resale units at Hawaii Tower are going for about $1,760 psf. The upcoming luxury project Meyer Mansion commands the highest price so far at $2,747 psf.
The second highest psf-price peak set for the week is by a 420 sq ft, one-bedroom unit at Sturdee Residences. The 17th-floor unit was sold for $888,000 ($2,115 psf) on June 15. The previous psf-price high at the condo was by another 420 sq ft, one-bedroom unit on the 26th floor, which changed hands for $870,000 ($2,072 psf) on April 21.
Sturdee Residences is a 99-year leasehold condo on Beatty Road in District 8. The 305-unit condo was developed by SL Capital, a subsidiary of local property development company Sustained Land. Located close to Farrer Park MRT Station, the development is a 30-storey twin-tower project with a mix of one- to five-bedroom units that range from 420 to 1,830 sq ft.
A 420 sq ft, one-bedroom unit on the 17th floor of Sturdee Residences was sold for $888,000 ($2,115 psf) on June 15. (Picture: Samuel Isaac Chua/The Edge Singapore)
Even before the project was officially launched, 122 units (40%) were sold at a VIP preview event on April 23, 2016. At the time, the units were sold at an average price of $1,550 psf. Another 10 units were snapped up at the public sales launch on April 30. The entire project was 97% sold by January 2018.
Price growth at Sturdee Residences has been steady over the past few years, moving up from $1,660 psf in June 2020 to $2,051 psf last month. Average rents stand at about $6.40 psf per month, which means that most landlords in the condo typically see a rental yield of about 3.9%.
On the other hand, only one condo ended the week by setting a new psf-price low. A 2,045 sq ft, five-bedroom unit on the ground floor of Amber Park was sold by the developer, City Developments Ltd (CDL), for $4 million ($1,956 psf) on June 16. The previous low was from the sale of a 1,572 sq ft four-bedder on the fifth floor for $3.5 million ($2,226 psf) on Oct 24, 2021.
The 592-unit Amber Park is jointly developed by mainboard listed property group CDL and Hong Realty. The freehold development is on Amber Gardens in District 15. The project has a mix of units ranging from one-bedroom-plus-study units of 463 sq ft, to a six-bedroom-plus-study penthouse of 5,005 sq ft.
A five-bedroom unit sold for $1,956 psf is the only unit at Amber Park to go for less than $2,200 psf at the new condo. (Picture: Samuel Isaac Chua/The Edge Singapore)
Amber Park was initially launched for sale on May 5, 2019, and it moved 115 units at an average price of $2,425 psf. At the time, the developers only released 150 units for sale. Since then, sales have been relatively gradual with the condo selling about 99.5% of its units by April this year.
But the recent sale on June 16 marks the first time a unit at Amber Park has been sold by the developers for less than $2,200 psf. The developers sold a 2,142 sq ft, five-bedroom unit on the second floor for $5 million ($2,334 psf) on May 18 this year.
Resale caveats also list at least six sub-sales. These range from the sale of a 463 sq ft unit for $1.24 million ($2,679 psf) on May 3 this year, to the sale of a 743 sq ft unit for $2.1 million ($2,827 psf) on April 3 this year.
In comparison, Amber Park still holds one of the highest average prices among the condos in the Amber Park neighbourhood. Based on EdgeProp Singapore analytics, Amber Park has an average price of $2,515 psf. This is higher than neighbouring condos One Amber ($2,045 psf) and The Esta ($2,123 psf). The newest completed project is Amber Sea on Amber Road, where prices average $2,628 psf.
Check out the latest listings near The Atria at Meyer, Sturdee Residences, Amber Park, The Seafront on Meyer, Hawaii Tower, Meyer Mansion, Meyer Park, The Meyerise, One Amber, The Esta, Amber Sea, Farrer Park MRT Station
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