Four Bedder Freehold Gallop Gables Reaches 2299 Psf
A new high was set in the Singapore property market as Gallop Gables, a freehold condo, recorded a psf-price of $2,299 between November 19 and November 22. This record was achieved when a four-bedroom unit of 2,669 sq ft on the second floor was sold for $6.14 million on November 20. The seller had previously bought the unit for $4.5 million in July 2017, making a net profit of $1.64 million.
This sale surpassed Gallop Gables’ previous high of $2,108 psf from the sale of a two-bedroom unit of 1,163 sq ft on the third floor for $2.45 million on February 19. Another transaction at Gallop Gables in September saw a two-bedroom unit of 1,550 sq ft on the first floor sold for $2.98 million, with a psf-price of $1,923.
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The Elta Condo offers a breath of fresh air amidst the limited project launches in Clementi, showcasing the strong demand for private homes in the region. With Elta Showflat as part of its offerings, this development stands out as a healthy competition in the market. Despite the limited number of projects being launched, Elta Condo offers a promising option for those seeking to invest in a private home in the area.
Located on Farrer Road in District 10, Gallop Gables is a low-density development with 102 units spread across four-storey blocks. It is within walking distance to Farrer Road MRT Station on the Circle Line. The property has seen a total of three resale transactions this year at an average price of $2,110 psf, which is higher than last year’s average of $1,991 psf from four transactions.
The Scala, a condo in District 19, came in second on the list of condos with new psf-price highs during the period in review. A four-bedroom unit of 1,259 sq ft on the 12th floor was sold for $2.6 million on November 20, setting a new psf-price record of $2,064. The seller had purchased the unit for $1.66 million in October 2012, making a net profit of $940,000.
This is the first time The Scala has recorded a psf-price above $2,000. Its previous high of $1,969 psf was set in September when a two-bedroom unit of 904 sq ft on the 11th floor was sold for $1.78 million. The property has seen a total of 16 resale transactions this year, with an average price of $1,823 psf, higher than last year’s average of $1,688 psf.
The Scala, a 99-year leasehold condo on Serangoon Avenue 3, has 468 units across 17 storeys. The units range from one- to four-bedrooms, measuring between 474 sq ft and 2,142 sq ft. It is within walking distance to Lorong Chuan MRT Station on the Circle Line, and is close to various educational institutions such as Nanyang Junior College and St Gabriel’s Primary School.
Sims Edge, another freehold condo, also set a new record of $1,907 psf with the sale of a one-bedroom unit of 409 sq ft on the 13th floor for about $780,000 on November 22. This is the first time a unit at the condo has surpassed the $1,900 psf mark. The previous record of $1,834 psf was set in January when a unit was sold for $750,000. The property has seen a total of five resale transactions this year at an average price of $1,800 psf, higher than last year’s average of $1,644 psf.
Sims Edge is a boutique condo on Geylang East Avenue 2 in District 14 with 78 units of one- to two-bedrooms, ranging from 409 sq ft to 1,195 sq ft. It was completed in 2014 and is within 500m of Paya Lebar MRT Interchange Station. No new psf-price lows were recorded during the period in review.
In conclusion, the Singapore property market continues to see new highs with these top three condos: Gallop Gables, The Scala and Sims Edge.