One of the last transactions in 2022 saw the setting of a new high psf-price established at the forthcoming Riviere District 3. The purchase of a 560 sq . ft one-bedroom property was worth $1.89 million ($3,386 per square foot) as the developer closed on Dec 31st 2022. This is more than previous records which was established with the purchase of 2,002 sq . ft four-bedroom apartment at $6.7 million ($3,346 per sq ft) in July of 2020. It also is the highest PSF price of all condos which have surpassed psf-price records in Singapore during the time period Dec 27 to 2022.
Riviere is a planned landmark mixed-use development developed by Frasers Property Singapore. The development, which is 455 units, is situated on the site of the former Zouk nightclub located at Jiak Kim Street, on the banks of the Singapore River. The project comprises two 36-storey residential towers and an low-rise, four-storey structure with 80 apartments that are serviced and a few riverside warehouses that are being converted into commercial uses and as amenities.
The project was announced for sale in June of 2019. Due to the high-end positioning for the project in general Riviere, the sales for Riviere have been consistent over the last 3 1/2 years. According to developer information on sales provided to URA At least 411 units (90%) have been sold at the time of closing in December 2022.
Prices have also increased as sales have increased at the project. When it was first introduced one-bedroom units cost $2,580 psfor $1.53 million. The remaining one-bedders are selling for at least $3000 per square foot, including the purchase of a 560 square foot one-bedroom unit at $1.69 million ($3,023 per square foot) on November 21, 2022.
Record-breaking psf prices were also shattered in the Nassim Mansion in prime District 10, when a 2,852 sq 4 ft four-bedroom house traded hands at $9.28 million ($3,253 per square foot) on Dec . 29 2022. Prior to that the record-setting psf price came from a 3,412 square foot four-bedroom unit, which sold for $10.6 million ($3,107 per square foot) in June of this year.
Nassim Mansion It is an open-air development completed in 1977. This means that the property will be 46 this year. The development is situated at Nassim Hill, the development is located in a prestigious residential enclave that is close to The Singapore Botanic Gardens as well as Singapore Botanic Gardens, the Orchard Road shopping belt and other luxurious neighborhoods.
Its central position ensures that Nassim Mansion is close to the most important services, amenities and institutions. For instance, the property is located less than 400m away far from Gleneagles Medical Centre and Hospital It is also near major embassies on Napier Road and Tanglin Road.
The appeal of the area makes it a place where units are held in tight control. Based on URA restrictions that only 11 units in Nassim Mansion have changed hands during the last five years. In this time, the most expensive unit sold and the one that had the highest price per square foot was a 7,115 sq . ft. penthouse, which was purchased to a buyer for $14.88 million ($2,091 per square foot) in April of 2019.
The reality is that Nassim Mansion is not able to have the highest average value for Nassim Mansion. Nassim Road area. Based on the caveats this development is averaging an average cost of $2,923 per sq ft. According to property information compiled from EdgeProp Singapore, the average price at some modern developments are significantly higher than the older condo of 46 years.
For instance, The Nassim project, which was completed in the year 2015, is estimated at $4,663 per square foot. The Nassim Park Residences that was built in 2011, has a an average cost of $3,885 per square foot. The yet-to-be-completed ultra-luxury development The Nassim Maison has an eye-watering average price of $5,496 per sq ft.
The new projects One Pearl Bank and The Landmark in District 3 rounded out the year with new psf-price record highs. Both projects happen to be located within Pearl’s Hill, with the first project launching in July 2019 and the second in November 2020.
700 sq ft two-bedroom apartment set a psf record in One Pearl Bank, when the developer purchased it for $2.1 million ($3,009 per sq ft) on the 27th of December the year before. It’s a little more expensive than the previous highest that was a 560 sq feet, one-bedroom unit which was sold in August 2022 for $1.66 million ($2,973 per square foot) in August 2022.
One Pearl Bank is a 774-unit property development owned of property huge CapitaLand. Around 25% of units within the project were sold in the first sales launch. The project has a 94% sold by the end of 2022.
The same time The Landmark, a nearby project, The Landmark, also achieved a record price per square foot in which two 678 sq ft two-bedroom units purchased to buyers for $1.89 million ($2,802 per square foot) on the 29th of December in the year prior. The previous record was held for a short time by a 495 square foot unit which was purchased at $1.37 million ($2,787 per square foot) on the 18th of December 2022.
The Landmark is developed jointly by a group of developers comprised of MCC Singapore, SSLE Development and ZACD Group. The entire project is comprised of 396 units. Developer the sales of The Landmark have been performing moderately well, with sales of around 27.5% of units during the first month of sales. And the percentage has risen steadily to 53% at the end of 2022.
There were no lows in the psf-price index during the time period from Dec 27-31 2022.