Midtown Bay clinches new high of $4,086 psf

A new psf price high was recently achieved by Guocoland’s 99-year leasehold condo Midtown Bay, selling a 474 sq ft one-bedroom unit at $1.97 million on Sept 10. This sets the record at $4,086 psf, breaking a list of condos that saw new highs from Aug 29 to Sept 10. The highest previous record for Midtown Bay was registered in January with a 732 sq ft two-bedroom apartment selling for $2.9 million or $3,929 psf.

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To-date, 121 of the 219 units have been sold, giving a take-up rate of 55%. Located within Guoco Midtown along Beach Road, Midtown Bay features a mix of one- to three-bedroom apartments.

The Landmark, a 99-year leasehold condo hitting a new record of $2,894 psf from the sale of a 495 sq ft one-bedder at $1.4 million on Sept 3 is the second place on the list. This suggests a rise from the previous record set in May for a 678 sq ft two-bedroom unit at $1.95 million or $2,879 psf. Developed by Landmark JV, a consortium between ZACD Group, MCC Land, and SSLE Development, The Landmark located along Chin Swee Road offers a single 39-storey tower with 396 units. At its launch in November 2020, the condo sold out 92% of 120 units released and as of Sept 21, The Landmark has sold 297 units, giving a take-up rate of 75% with an expected completion in 2025.

Third in the list of condos that saw new psf-price highs during the period in review is The Regency at Tiong Bahru. A 1,281 sq ft three-bedroom apartment was sold for $3.1 million or $2,411 psf on Sept 7, setting a new psf price high for the freehold condo. The seller of the unit had purchased the same in August 2009 for $1.4 million ($1,093 psf), resulting in a gain of $1.7 million. The Regency at Tiong Bahru sits at Chay Yan Street in Bukit Merah and was completed in 2010, with 158 units and within walking distance of Tiong Bahru, Redhill and Queenstown MRT stations.

No new psf-price lows were recorded during the period in review.

Midtown Bay and The Landmark, both 99-year leasehold condos, have seen successful take-up rates in terms of units sold, with Midtown Bay at 55% and The Landmark at 75%. While The Regency at Tiong Bahru may have only achieved a third-place ranking, the condo saw a new record in psf-price that came with an added bonus of the seller having made a gain of $1.7 million upon resale.