A 1,475-square-foot, three-bedroom home on the second floor of a Meyer Road freehold condo sold for $3.12 million

, ,

Read more: Rents for new Grade A offices are expected to be higher, according to Colliers International, which brokered this office purchase

Rents for new Grade A offices are expected to be higher, according to Colliers International, which brokered this office purchase

The top condo that set new price-psf records between June 9 and 16 was The Atria located at Meyer. The 1,475 square feet, 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 sale is a leap above the 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 in Meyer is a 158-unit condominium which was completed in the year 1996. The condominium is a 24 storey block that has two- and four-bedroom apartments with sizes ranging from 1,044 square feet to 2,949 sq feet.

The property is located in The Marine Parade area in the highly sought-after District 15. It’s also one of the few condos on Meyer Road that face East Coast Park as well as the sea. Other condos along this section are The Seafront at Meyer, Hawaii Tower and the soon-to-be Meyer Mansion, Meyer Park and The Meyerise.

The two transactions above were the sole two in The Atria at Meyer where units have been sold for over $2,000 per square foot. However, the condominium has seen a substantial increase in average transaction costs in the past 20 years. Based on a table of caveats provided by EdgeProp Singapore, the average price was around $875 per square foot in June 2003 which grew to $1,181 per sq ft at the end of June. In June 2013, the average cost at condominium was at $2,043.

The positive price change puts The Atria at Meyer on the same level as some of the freehold condos in the vicinity. For instance, The Seafront on Meyer has an average cost of $2,083 psf 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 psf-price record recorded for the week was set by an 420 sq ft one-bedroom apartment in Sturdee Residences. The 17th floor unit was sold for $888,000 ($2,115 per square foot) the 15th of June. The previous high of psf at the condo was a one-bedroom, 420 square feet unit located on the 26th level, which 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 through SL Capital, a subsidiary of the local property development firm Sustained Land. The development is situated 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 from 420 – 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 sold for an average cost of $1,550 per square foot. Ten units were purchased during the launch of public sales in April. The whole project was sold at 97% sold by the end of January 2018.

The price of rent in Sturdee Residences has been steady over the last few years, rising from $1,660 in June 2020 to $2,051 per square foot this month. Rents average around $6.40 per month. which means that the majority of tenants in the condo get a yield of approximately 3.9%.

However, only one condo closed the week with an all-time low in psf. The 2,045 sq ft five-bedroom apartment on the ground floor in 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 an auction of 1,572 square foot five-bedder located on the 5th floor $3.5 million ($2,226 per square foot) on the 24th of October 2021.

Amber Park is a 592-unit development. Amber Park was jointly built by mainboard-listed property company CDL as well as Hong Realty. It is a freehold property located 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.

Amber Park was initially launched to the public on May 5th, 2019 It sold up to 115 units with an average cost of $2,425 per square foot. At the time the developers had only 150 units to be sold. Since since then the sales have been slow, with the condo selling around 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 have sold a 2,142 sq feet, five bedroom unit located on the 2nd floor, for $5 million ($2,334 per square foot) on May 18 of this year.

Resale caveats include at minimum six sub-sales. They range from the purchase of a 463 square foot apartment to $1.24 million ($2,679 per square foot) in May 3, of this year to the purchase of a 743 sq. ft property to $2.1 million ($2,827 per sq ft) in April, this year.

Comparatively, Amber Park still holds one of the most expensive median prices among condominiums within the Amber Park neighbourhood. According to EdgeProp Singapore analytics, Amber Park is averaging price of $2,515 per square foot. It is much higher than the neighbouring condominiums One Amber ($2,045 per sq ft) as well as the Esta ($2,123 per square foot). The most recent project that is now completed can be found at Amber Sea on Amber Road, where prices are on average $2,628 per square foot.