The Wharf Residence condo achieves new high of $2,421 psf

By Nur Hikmah Md Ali

/ EdgeProp Singapore |

October 6, 2023 11:03 AM SGT

SINGAPORE (EDGEPROP) - The Wharf Residence, a 999-year leasehold condo, topped a list of condos that saw a new psf-price high between Sept 12 and 19. This occurred when a 1,066 sq ft, two-bedroom unit at the condo changed hands for $2.58 million, or $2,421 psf. The owner of the unit had bought it for $2.4 million ($2,252 psf) on May 10, 2018, which means they made a profit of $180,000.

This is the third resale transaction at the property this year. The first transaction took place in April, when a 1,033 sq ft two-bedder was sold for $2.46 million ($2,381 psf). The second transaction involved a two-bedder unit occupying 1,066 sq ft, which was sold for $2.33 million ($2,186 psf) in May.

The Wharf Residence condo houses 186 units (Photo: Samuel Isaac Chua/EdgeProp Singapore).

Developed by Leonie Court, a wholly-owned subsidiary of CapitaLand, The Wharf Residence is a development of four 10- to 23-storey condominium blocks located along Tong Watt Road in River Valley, in District 9. It was completed in 2012 and consists of 186 units. The property is accessible through the Fort Canning MRT and Great World MRT Stations, and is located near Ngee Ann-Adelaide Education Centre and River Valley Primary School, based on EdgeProp’s Landlens tool.

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

Freehold condo Robertson 100 also saw a new psf-price high during the period in review at $2,304 psf. This follows the sale of an 872 sq ft, two-bedroom unit for $2,088,888 on Sept 18. The unit was previously bought on May 29, 2019, for about $1.59 million, or $1,827 psf, which works out to $415,888 in profit for the seller. This latest transaction beat the previous record of $2,251 psf, with the transaction of a 1,044 sq ft three-bedder for $2.35 million, or $2,251 psf, in April.

Robertson 100 is located in River Valley (Photo: Samuel Isaac Chua/EdgeProp Singapore).

Robertson 100 was completed in 2004 and houses 186 units. It was developed by MCL Land, a fully-owned subsidiary of listed-company Hongkong Land Holdings, a member of the Jardine Matheson Group. It is located along Robertson Quay, in River Valley, within District 9. It is within walking distance to the Great World MRT and Havelock MRT Stations.

Over at Sturdee Residences, the 99-year leasehold condo also saw a new record psf price at $2,192 psf. This occurred with the sale of a 420 sq ft, one-bedroom unit at $920,000 on Sept 14. This is the first time that the unit is resold. The owner bought the one-bedder for $747,000 in June 2016. This means that the owner made a profit of $173,000. This is the 17th unit that has been sold at the condo this year. Based on caveats lodged, the average psf price of all the units sold this year works out to about $1,951 psf.

Sturdee Residences condo saw a new psf-price high between the period in review (Photo: Samuel Isaac Chua/EdgeProp Singapore).

Located at Beatty Road in Kallang, District 8, Sturdee Residences comprises two 30-storey towers which house a total of 305 condo apartments. These include a mix of one- to five-bedroom units that range from 420 to 1,830 sq ft. The property was developed by SL Capital, a subsidiary of local property development company Sustained Land. It is within walking distance of Bendemeer MRT and Farrer Park MRT Stations.

The project was fully sold by August 2018, a year before it was completed. During its VIP preview launch in 2016, the condo sold 40% or 122 of its units at an average price of $1,550 psf. The starting prices ranged from $680,000 for a 420 sq ft, one-bedroom unit; to $3.2 million for a 1,830 sq ft, five-bedroom penthouse. The strong take-up rate can be attributed to its strategic city-fringe location and close proximity to two MRT stations.

The average rents of the units at Sturdee Residences are between $2.50 and $9.5 psf per month. This works out to an average of about 4.1% in rental yield for landlords.

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

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

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