The top condo that set new price-psf records between June 9 and 16 was The Atria in Meyer. Its 1,475 sq ft three-bedroom unit located on the 2nd first floor in the freehold condominium located at Meyer Road was sold for $3.12 million ($2,116 per square foot) in June 12. The transaction is an increase past the prior record that was set in the year before, when an 1,615 square foot two-bedder at the 13th floor sold at $3.35 million ($2,075 per square foot) on April 8.
Atria located at Meyer is an 158-unit project that was completed in. The condo is a 24-story block, with two-to four-bedroom units that range from 1,044 sq ft up to 2,949 sq feet.
The condo is located in located in the Marine Parade area in the highly sought-after District 15. It’s also one of several condos located along Meyer Road that face East Coast Park as well as the sea. Other condos along this area comprise The Seafront located on Meyer, Hawaii Tower The upcoming Meyer Mansion, Meyer Park and The Meyerise.
The above transactions were the sole two transactions at The Atria at Meyer where units have been resold at more than $2,000 per sq.f. However, the condominium has seen an increase in average transaction costs over the last 20 years. Based on a compilation of caveats made by EdgeProp Singapore, the average price was around $875 per square foot in June 2003 increasing to $1,181 per square foot during June of 2013. In June 2013, the median price for this condo stood at $2,043.
This price increase puts The Atria at Meyer on the same level as some of the freehold condos in the vicinity. For instance, The Seafront on Meyer is averaging price of $2,083 per square foot, however, resales in Hawaii Tower are going for approximately $1,760 per square foot. The forthcoming luxury project Meyer Mansion commands the most expensive price to date at $2,747 psf.
The second-highest price psf peak that was set this week is the 420 square feet one-bedroom apartment at Sturdee Residences. The 17th floor unit was purchased for $888,000 ($2,115 per square foot) the 15th of June. The previous high of psf at the condo was a unit of 420 sq feet, a one-bedroom unit located on the 26th floor that was sold for $870,000 ($2,072 per square foot) on April 21.
Sturdee Residences is a 99-year leasehold condominium located situated on Beatty Road in District 8. The 305-unit condominium was built in the name of SL Capital, a subsidiary of the local property development firm Sustained Land. It is located near to Farrer Park MRT Station, the project is a 30 storey twin-tower building that has a mixture of one to five bedroom units that span between 420 and 1,830 square feet.
Prior to the time that the project was launched the project was launched, the project had 122 models (40%) were sold at a preview for VIPs on April 23rd on the 23rd of April, the 23rd of April. The units were offered at an average cost of $1,550 per square foot. A further 10 units were purchased during the launch of public sales in April. The whole project was 97% sold by January 2018% sold by the end of January 2018.
Price increases for Sturdee Residences has been steady over the last few years, increasing from $1,660 per sq ft in June 2020 to $2,051 per square foot in the month of June. Rents average around $6.40 per month. which means that the majority of tenants in the condo have a rent yield of around 3.9%.
On the other hand only one condo closed the week with the new low for psf. The 2,045 sq ft five-bedroom apartment located on the ground floor of Amber Park was sold by the developer, City Developments Ltd (CDL) with a value of $4.5 million ($1,956 per square foot) on the 16th of June. The previous record low was selling a 1,722 sq. ft five-bedder located on the 5th floor $3.5 million ($2,226 per square foot) on October 24, 2021.
592 units Amber Park was jointly built by mainboard-listed property the group CDL as well as Hong Realty. It is a freehold property located in 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.
Amber Park was initially launched to the public on May 5, 2019 and sold around 115 units for an average of $2,425 per square foot. At the time the developers had only 150 units available for sale. Since since then the sales have been steady, with the condo having sold approximately 99.5% of its units through April this year.
However, the sale that took place on June 16 is the first time that a unit in Amber Park has been sold by the developers at less than $2,200 per square foot. The developers purchased a 2,142 square ft, five-bedroom apartment at the top of the building for $5million ($2,334 per square foot) on the 18th of May this year.
Resale caveats also include at minimum six sub-sales. These range from the purchase of a 463 square foot apartment to $1.24 million ($2,679 per sq ft) the 3rd of May of this year to the purchase of a 743 sq.ft property to $2.1 million ($2,827 per sq ft) the 3rd of April, this year.
Comparatively, Amber Park still holds one of the most expensive average prices of condominiums within the Amber Park neighbourhood. According to EdgeProp Singapore analytics, Amber Park has an average cost of $2,515 per square foot. This is more expensive than neighboring Condos One Amber ($2,045 per sq ft) as well as the Esta ($2,123 per square foot). The latest project that is now completed will be Amber Sea on Amber Road, where prices average $2,628 per sq ft.