Commonwealth Towers Sets New Psf Price Record 2460
Commonwealth Towers topped the list of private non-landed properties to reach a new psf-price peak during the week of Dec 27 to Jan 3. According to data from EdgeProp Singapore, the 99-year leasehold condo hit a new high of $2,460 psf on Dec 27, when a 904 sq ft, three-bedroom unit on the 40th floor was sold for $2.22 million. This surpasses the previous record of $2,402 psf, set just three months prior in September 2024.
The average resale price of units at Commonwealth Towers has been on the rise for the past three years. In 2022, there were 53 transactions at an average price of $1,971 psf. This increased to $2,097 psf across 51 resale transactions in 2023, and reached $2,200 psf for 37 transactions in 2024. This marks an 11.6% increase in average resale prices since 2022.
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The most expensive unit to change hands at Commonwealth Towers was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. This transaction was recorded in November 2024.
Completed in 2017, Commonwealth Towers is a 99-year leasehold condo comprising of two 43-storey residential blocks housing 845 condo units. The units are a mix of one to four-bedroom apartments ranging from 441 sq ft to 1,302 sq ft. The project is located along Commonwealth Avenue, with about 87 years remaining on its tenure.
Taking second place on the list of private residential projects to see a new psf-price peak during the period in review is Parq Bella, a boutique freehold project located on Tembeling Road in District 15. The development recorded a new high of $2,416 psf on Dec 31, when a 1,076 sq ft, three-bedroom unit on the fourth floor was sold for about $2.6 million, also marking the first transaction above $2,400 psf. This surpassed the previous high of $2,385 psf, set in August 2023 when a 926 sq ft, two-bedroom unit on the fourth floor was sold for about $2.2 million.
Parq Bella comprises of 20 apartments ranging from two to four-bedrooms with floor plans ranging from 926 sq ft to 1,787 sq ft. The project is expected to be completed by December 2026 and has recorded five new sale transactions last year at an average price of $2,347 psf. Since its launch in 3Q2023, the project has sold 19 out of 20 units (95%) at an average price of $2,244 psf based on caveats lodged as of Jan 14.
The only private residential development to see a new psf-price low during the period in review was Klimt Cairnhill, a freehold luxury project which achieved a new record of $3,077 psf when the developer sold an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on Jan 3.
Located along Cairnhill Road in District 9, Klimt Cairnhill consists of 138 apartments in two to four-bedroom configurations. The two-bedroom unit was the final unit sold at the project, which achieved 100% sales at an average price of $3,665 psf, based on caveats lodged. The project was previewed in August 2021 and officially launched in January 2023. There is a mix of two to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft, as well as two penthouses of 4,898 sq ft and 5,920 sq ft. The project is set to obtain its Temporary Occupation Permit in April this year.