A new high of $2,132 psf was achieved at The Riverine By The Park in District 12, when a three bedroom unit on the 20th floor sold for $2.57 million on March 27. This is the first time that a unit in the development has transacted for over $2.100 psf, with the previous record being $1,774 psf achieved in May 2021.
The Riverine By The Park is a freehold apartment consisting of 96 units, which was developed by WingTai Holdings and completed in 2010. Located near Kallang MRT station and close to both Bendemeer Primary School and Farrer Park Primary School, the project is situated on the banks of the Kallang River. The development offers two- to four-bedroom units ranging from 980 sq ft to 2,885 sq ft.
Capitaland is redeveloping the former JCUBE in Jurong East as J’Den Condo to include residential, commercial and leisure spaces, linked directly to the MRT Network. Launch J’Den Condo of J’Den Condo is projected for the second half of 2023.
The March 27 sale was the first transaction of the year at the condo, bringing the total number of resale transactions to seven in 2021. The most expensive unit sold was a 2,260 sq ft unit on the 29th floor for $4 million ($1,770 psf). Prices for The Riverine By The Park have seen a steady increase over the past 8 years, growing from $1,481 psf in April 2013 to $1,918 psf in April 2023.
The second highest psf-price high achieved during the week of March 24 to 31, was the sale of a three-bedroom unit on the 15th floor of The Shore Residences. The unit transacted at $2.32 million ($2,033 psf) on March 27, surpassing the previous record of $2.12 million ($1,854 psf) which was achieved on July 29, 2022.
The Shore Residences is a 103-year leasehold condo located on Amber road and completed in 2014. It consists of 408 units with a mix of one- to five-bedroom units ranging from 592 sq ft to 2,906 sq ft. The condo is near Marine Parade MRT Station on the East-West Line and schools such as Haig Girl’s School and Tanjong Katong Primary School. Nearby amenities include Katong Shopping Centre and Marine Parade Central Market and Food Centre.
The March 27 sale was the second transaction of the year for the property and the first in 2021 was a 1,377 sq ft on the 13th floor unit that sold for $2.61 million ($1,894 psf).
The transaction that achieved the lowest psf-price during the week was a 614 sq ft, one-bedroom unit at Irwell Hill Residences, which sold for $1.4 million ($2,282 psf) on March 26. The previous record low was set on March 25, when a similar-sized one-bedroom unit transacted for $1.6 million ($2,519 psf).
Irwell Hill Residences is a 99-year leasehold condo developed by City Developments (CDL) that was launched for sale in April 2021. The project has 540 units offering a mix of one- to six-bedroom units, with 50% of units selling during the launch. The property is close to Great World MRT Station on the Thomson-East Coast Line, as well as Alexandra Primary School and River Valley Primary School. Notable luxury condos in the area include Horizon Towers, New Futura and OUE Twin Peaks.
According to developer sales data, Irwell Hill Residences is about 95% sold to date. The most expensive unit sold so far is a 2,185 sq ft, four-bedroom unit that transacted for $9 million ($4,123 psf) in April 9 2021.
The Riverine By The Park, The Shore Residences and Irwell Hill Residences all set psf-price highs during the week of March 24 to 31, achieving price points that have never been seen in each respective project before. With a consistent increase in property prices in Singapore, it is interesting to see how much further they can go.
