A four-bedroom Scotts Highpark unit sold for a record $3,084 per square foot
The auction of a four-bedroom apartment in Scotts Highpark topped the list of records for psf price highests recorded during the period between May 12 and 19. The 4,112 sq ft apartment on the 24th floor purchased to the public for $12.68 millions on the 18th of May, which amounts to $3,084 per sq ft in the floor area.
It is the first time an apartment in Scotts Highpark has crossed $3,000 per square foot. The previous record psf highest in the condo came due to the sub-sale of 3,466 square feet of four-bedroom apartment located on the 18th floor, for $8.73 million ($2,520 per square foot) on October 7, 2007.
Scotts Highpark is a freehold condominium situated within Goldbell Towers and the Sheraton Towers Singapore Hotel located on Scotts Road, in prime District 9. The 73-unit project is completed as of 2009 and consists of two tall buildings — one of which is 19 stories high, the second one at 27 stories high and comprised of two-to four-bedroom units ranging between 1,141 and 4,112 square of living space and a penthouse with five bedrooms with 6,545 square feet.
The condo is located near the Newton MRT Interchange on the North-South and Downtown lines. It is within the Novena area as well as it is located near the Orchard Road shopping belt. The major roads that connect the area comprise Dunearn Road, Bukit Timah Road, Scotts Road and Newton Road.
Based on data from EdgeProp Singapore, the average price of the condo has increased to around $2,409 per square foot at the time of this writing from $1,916 in November 2013. Comparatively to nearby condos, Scotts Highpark is moderately priced. There is only The Hermitage, completed in 1999, has a lower average price of $2,058 per sq ft in May. Reignwood Hamilton Scotts sees units sell for an average of $2,722 psf as of May, while Goodwood Residence is averaging price of $2,577 per square foot.
New and forthcoming condos are within the neighborhood (for example, Pullman Residences Newton ($3,115 per square foot) located on Dunearn Road; Kopar at Newton ($2,547 psf) and The Atelier ($2,686 psf) Both are located in Makeway Avenue; and Klimt Cairnhill ($3,684 per sq. ft.) located on Cairnhill Road — are already driving upwards prices in the region.
The second-highest psf-price in the week was 10. Evelyn which is which is a freehold, boutique condo located on Evelyn Road located within District 11. 527 square feet, one-bedroom apartment on two floors was purchased through the developer for $1.62 million on the 19th of May. It’s equivalent to $3,062 per square foot for the floor space and set a record for the development.
It is the first time the unit at 10 Evelyn is sold for more than $3000 per square foot. The previous highest was for another 527 sq ft one-bedder located on the third floor, which was offered to developer Amara Holdings. developer, Amara Holdings, for $1.53 million ($2,908 per square foot) in January of 2019.
Singapore-listed Amara Holdings launched 10 Evelyn in October 2018. 10 Evelyn comprises just 56 homes, the majority of the mix being one-bedroom apartments of 496 to 614 sq feet. The remainder are two-bedroom units that vary from 732 to 829 square feet, with four three-bedroom penthouses ranging from 1 227 to 1249 square feet.
According to developer sales data provided to URA 10 Evelyn has had an incredibly slow rate of take-up. In January of 2020 10 Evelyn had 8.9% sold, and it was just 35.7% sold as of April of this year.
According to URA conditions according to URA caveats, two of the penthouses with three bedrooms have been sold. One 1,421 square foot unit was bought to a buyer for $3.23 million ($2,270 per square foot) in October 2021 and a 1,432 square foot unit was purchased to the tune of $3.35 million ($2,340 per sq ft) on April 27, last year.
In the opposite direction of 10 Evelyn is the soon-to-be completed Enchante Another freehold development of 25 units is a boutique development on Evelyn Road. The first project by Local developer Victory Land, it was officially launched in August of the year before. The caveats indicate that it has sold six units for an average cost of $2,723 per square foot.
Despite the slow sales pace to 10 Evelyn, Amara Holdings has other projects in the region. It was in the month of March that 2021 when the company bought the old Surrey Point, a freehold apartment block located at the intersection between Newton Road and Surrey Road in the amount of $47.8 million. The redevelopment consists of a boutique with 38 units called Sanctuary at Newton. The boutique has not announced any sales as of yet.
In the same vicinity is nearby is 35 Gilstead located on Gilstead Road. The boutique development of 70 units from AmCorp (former Tee Land) was officially launched in March 2019 and had been sold out in February of this year. The development earned an average sale price of $2,500 per square foot.
There are no lows in the psf-price index that have been recorded in the week’s the review.