In a period between Jan 3 and Jan 11, The Botanic on Lloyd, The Cape and Tembusu Grand set new price records, while Sentosa Cove condominiums saw a repeat of 2022’s most profitable sale at the exclusive address.Freehold condo The Botanic on Lloyd sold a four-bedroom unit for $5.13 million, or $2,493 psf on Jan 7, setting a new record for the highest psf-price achieved at the 66-unit development. The transaction surpassed the former record of $2,339 psf, which was established in October last year when another four-bedroom unit located on the fourth floor was sold for $3.5 million. The development located along Lloyd Road comprises 60 apartments and six townhouses and was completed in 2006.In a similar fashion, The Cape, a 76-unit freehold condo, set a new price record of $2,284 psf when a three-bedroom unit sold for $3 million on Jan 10. The previous record of $2,265 psf was achieved in November 2012 when a two-bedroom unit was sold for $3.49 million. The development located along Amber Road was completed in 2014 and consists of one- to three-bedroom units.Known for its luxurious waterfront living, Sentosa Cove saw a repeat of last year’s most profitable sale at the exclusive address. In a transaction that took place on Jan 11, a 4,284 sq ft, four-bedroom unit at The Oceanfront was sold for $7.5 million ($1,752 psf). The previous transaction saw the same unit sold for $6.5 million ($1,517 psf) in August 2022. The exclusive address is home to some of the priciest condominiums and bungalows in the country.In contrast to The Botanic on Lloyd and The Cape, upcoming 99-year leasehold development Tembusu Grand set a new price floor of $2,174 psf on Jan 11 when a three-bedroom unit of 1,399 sq ft was sold for $3.04 million. This transaction surpassed the previous record low of $2,193 psf set just two months earlier in November 2024 when another similarly sized three-bedroom unit on the same floor was sold for $3.07 million. The development located on Jalan Tembusu is expected to be completed in 2028 and has since sold 584 units at an average price of $2,444 psf since its launch in April 2023.
In Singapore, investing in condominiums is a popular option, but it’s important to also consider the government’s property cooling measures. The Singaporean government has implemented various measures over the years to control speculative buying and maintain a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a secure environment for investing in condos. Considering the government’s efforts to regulate the housing market, condo investments in Singapore offer a more reliable and stable investment opportunity.