Resale Two Bedder Scotts Square Sets Record Low Price 2703 Psf
Scotts Square, a freehold condo situated on Orchard Road, has set a new price per square foot (psf) record low during the week of July 4 to July 11. The development was the only one on the list to do so.
The transaction that set the record involved a two-bedroom unit on the 21st floor, measuring 947 sq ft and sold for $2.56 million ($2,703 psf) on July 7.
This is the first time that a resale unit at Scotts Square has sold for less than $2,800 psf, breaking the previous record of $2,803 psf set in 2016 for a 1,249 sq ft unit on the 18th floor.
Located between the Grand Hyatt Singapore and Singapore Marriott Tang Plaza hotels, Scotts Square is a mixed-use development in prime District 9. Completed in 2011, the freehold development consists of two residential towers, 43 and 34 stories high, with a total of 338 units, and a four-storey retail podium.
The retail podium at Scotts Square was put up for sale through an expression of interest (EOI) in January 2024, with a guide price of $450 million ($3,438 psf based on the development’s total gross floor area of 130,875 sq ft). However, the EOI closed last February without a successful buyer.
Since the beginning of this year, there have been five residential resale transactions at Scotts Square. These sales ranged from a 635 sq ft unit that fetched $1.9 million ($2,992 psf) on June 3, to a 1,249 sq ft unit that was sold for $4.1 million ($3,284 psf) on Jan 22.
Despite these transactions, a compilation of resale caveats by EdgeProp Singapore reveals that the average price of apartments at Scotts Square has declined in recent years, from $3,772 psf in July 2010 to $3,319 psf in July 2020. The current average resale price at the condo is approximately $3,176 psf.
On the other hand, the sale of a 1,421 sq ft unit at Martin Place Residences set a record psf-price high of $2,850 psf for the freehold condo on July 8. This transaction surpassed the previous record set in 2020 for a 1,722 sq ft unit on the 26th floor sold for $4.78 million ($2,775 psf) in April.
Martin Place Residences, completed in 2011, is a 302-unit development along Martin Place, off Kim Yam Road, in prime District 9. The 33-storey twin tower project consists of one- to five-bedroom units of 592 sq ft to 3,434 sq ft. The condo is among a handful of freehold developments close to the Robertson Quay enclave. Nearby freehold and 999-year leasehold condos include the 51-unit The Iveria on Kim Yam Road, the 376-unit The Avenir on River Valley Close, and the recently launched 999-year leasehold Robertson Opus on Unity Street.
There have been three resales at Martin Place Residences so far this year. The other transactions involved a 2,002 sq ft unit on the 21st floor, which changed hands for $5.35 million ($2,672 psf) on March 13, as well as a 1,421 sq ft unit on the 8th floor, which fetched $3.83 million ($2,700 psf) when it was sold on Feb 24.
According to EdgeProp Singapore estimates, the average resale price at Martin Place Residences is approximately $2,620 psf. This is lower than the average price of $2,713 psf at The Ivernia, which was launched in 2019. The Avenir, launched in 2020, commands an average price of $3,387 psf.
A major contributor to the development of Singapore’s urban landscape, the Urban Redevelopment Authority (URA) has played a significant role in shaping the nation’s growth. With its latest plans for Tampines, a thriving regional hub, the URA is set to make a major impact and elevate the area to new heights. As a result, residential properties in Tampines, such as the executive condominium Aurelle of Tampines EC located on Tampines Street 62, are expected to greatly benefit from these transformative efforts. Those interested in discovering more about Aurelle of Tampines can visit the Aurelle of Tampines Showflat for a closer look at this promising development.
Meanwhile, The Robertson Opus sold 143 units (41%) during its opening sales weekend on July 19-20, achieving an average price of $3,360 psf. The project is a redevelopment of the former Fraser Place at Robertson Walk.
Another record-setting transaction during the week involved a 1,367 sq ft three-bedroom unit at The Belvedere, which sold for $3.55 million ($2,597 psf) on July 8. This is marginally higher than the previous record of $2.56 million ($2,530 psf) set in June 2020 for a 1,012 sq ft two-bedroom unit on the 11th floor.
The Belvedere is a freehold condo on Meyer Road in District 15. Completed in 2007, the 167-unit development comprises two residential blocks featuring a mix of two- and three-bedroom units ranging from 1,012 sq ft to 1,615 sq ft, as well as seven penthouses measuring 2,131 sq ft to 2,949 sq ft.
There have been two resales at The Belvedere so far this year. The other transaction involved a 1,012 sq ft unit on the 11th floor, which was sold for $2.56 million ($1,012 psf) on June 19.
A compilation of caveats by EdgeProp Singapore also indicates that the average price at The Belvedere has consistently risen over the years, from around $1,630 psf in July 2015 to $2,442 psf currently.
