Two-bedder at The M sets new psf-price high of $3,245
By Timothy Tay
/ EdgeProp Singapore |
The M is a 522-unit development on Middle Road in the Bugis district. The project is nearly fully sold, with a cumulative take-up rate of 95% as of November 2022.
SINGAPORE (EDGEPROP) - Among the condominiums that hit a new psf-price high from Dec 3 to 27, 2022, The M by Wing Tai Holdings topped the list when a 592 sq ft, two-bedroom unit that fetched $1.92 million ($3,245 psf) on Dec 24.
The previous record high at the development had been set by the sale of a 764 sq ft, two-bedder for $2.44 million ($3,193 psf) in October 2022.
The M is a 522-unit development on Middle Road in the Bugis district. The project was launched over the Feb 22–23 weekend in 2020, shortly before Singapore’s “circuit breaker” measures to combat the Covid-19 pandemic kicked in.
However, despite concerns over the virus at the time, the project performed well in its initial sales phase, and more than 360 units (70%) were sold at an average price of $2,450 psf. The developer attributed the positive response from buyers to the central location and attractive overall design of the project.
A 592 sq ft, two-bedroom unit at The M fetched $1.92 million on Dec 24. (Picture: Samuel Isaac Chua/The Edge Singapore)
Located between North Bridge Road and Beach Road, The M is close to shopping malls such as Buis Junction, the Intercontinental Singapore, Raffles Hotel, South Beach integrated development, and Suntec City. The project is also near major revitalisation projects to stimulate the Beach Road area, such as the upcoming Guoco Midtown integrated development.
Based on the latest developer data, the project is nearly fully sold, with a cumulative take-up rate of 95% as of November 2022.
Another chart-topper over the period in review was another new project, Van Holland, located in prime District 10. On Dec 23, a 710 sq ft, two-bedroom unit was sold by the developer for $2.29 million ($3,237 psf). This surpasses the previous record high which had been set by the sale of a 797 sq ft two-bedder for $2.47 million ($3,106 psf) on July 6, 2022.
Van Holland is a freehold luxury project by developers Koh Brothers. The 69-unit boutique project was launched for sale in January 2020. The initial take-up rate for the project was moderate, with about 10 units (15%) sold during the opening weekend on Jan 11–12. Based on the latest developer data, the project has achieved an average selling price of $2,907 psf and a cumulative take-up rate of about 55%.
Van Holland saw a new psf-price high when a 710 sq ft, two-bedroom unit was sold by the developer for $2.29 million ($3,237 psf) on Dec 23. (Picture: Albert Chua/The Edge Singapore)
On the other hand, Sloane Residences saw a new psf-price low when a 1,249 sq ft, three-bedroom unit was sold for $3.46 million ($2,664 psf) on Dec 16. The previous record low was set by the sale of a 1,249 sq ft three-bedder for $3.34 million ($2,677 psf) in September 2020.
The project is developed by TSky Development, a joint venture between developers Tiong Seng and Ocean Sky International. Tiong Seng holds a 60% stake in the latter.
This new psf-price low at Sloane Residences comes on the back of its temporary occupation permit (TOP) achieved in November 2022. The freehold project is a 12-storey condominium along Balmoral Road in prime District 10 and has 52 residential units.
According to the latest developer sales data submitted to URA, Sloane Residences is 82.7% sold and has an average selling price of approximately $2,902 psf.
Sloane Residences saw a new psf-price low when a 1,249 sq ft three-bedder was sold for $3.46 million ($2,664 psf) on Dec 16. (Picture: Albert Chua/The Edge Singapore)
Based on property data compiled by EdgeProp, the development commands one of the highest average selling prices for its area. For example, the average selling price at nearby Goodwood Grand is about $2,526 psf, while the freehold Volari has an average selling price of $2,494 psf. Other developments like The Hyde, which was completed last year, has selling prices of about $2,998 psf, while the upcoming luxury project Perfect Ten has seen units go for about $2,968 psf.
Check out the latest listings near The M, Van Holland, Sloane Residences, Goodwood Grand, Volari, The Hyde, Perfect Ten
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