The Atelier marks new psf-price low of $2,494

At The Atelier, a 1,281 sq ft, three-bedroom unit fetched a new low psf price of $2,494 on March 5. On the other hand, the highest psf price in the same time frame was set by a 4,284 sq ft four-bedder at Nassim Park Residences at an eye-watering $4,785 psf. In between lies D’Grove Villas, a 45-unit freehold condo on Orange Grove Road, where prices have jumped from $1,319 psf in 2003 to about $2,500 psf today.

The Atelier, located on Makeway Avenue in the Newton area in prime District 9, is a 120-unit freehold development set to be completed in 2021. On March 5, the transaction of a 1,281 sq ft, three-bedroom unit at The Atelier for $3.2 million, or $2,494 psf, set a new low in terms of psf price for the project. The Atelier is connected to major roads, including Bukit Timah Road, Dunearn Road, Scotts Road and Newton Road, and is close to the Newton MRT Interchange Station and the nearby Novena and Orchard Road areas.

Developer sales data shows that The Atelier has moved approximately 37 units to date, reflecting a 31% take-up rate. The record high psf price at The Atelier can be attributed to an 883 sq ft, two-bedroom unit on the 20th floor, which was transacted for $3,040 psf, or $2.68 million, in March last year.

Senja Residences is a 99 years leasehold Executive Condominium in Bukit Panjang, offering 300 units with resort-style facilities. Located near Bukit Panjang Integrated Transport Hub, it offers multigenerational families convenience and flexibility with easy access to Bukit Panjang MRT Senja Close EC Station, Segar LRT and Bus Interchange.

Interestingly, an analysis of resale transactions at the 45-unit freehold condo D’Grove Villas on Orange Grove Road in prime District 10 reveals an impressive capital appreciation over the past decade. Prices at the condo have increased from $1,319 psf in March 2003 to $1,731 psf in March 2013 and now to about $2,500 psf. This month, a 1,690 sq ft, two-bedroom unit at D’Grove Villas was transacted for $4.3 million ($2,544 psf).

On the other end of the spectrum, the most expensive transaction from Feb 24 to March 3 was achieved by the sale of a 4,284 sq ft, four-bedroom unit at Nassim Park Residences for $20.5 million, or $4,785 psf. This beats their previous psf-price record set by a 3,466 sq ft, four-bedroom unit sold by the developer for $14.28 million ($4,120 psf) in July 2010.

The Atelier and Nassim Park Residences serve as a good indication of the variety of price points available in the Singaporean property market. While the March 5 transaction of a 1,281 sq ft, three-bedroom unit at The Atelier for $2,494 psf sets a new low in terms of psf price for the project, the Feb 27 sale of a 4,284 sq ft, four-bedder at Nassim Park Residences for a record high of $4,785 psf illustrates the versatility of luxury property prices in the city.