Senja Close EC™

The record-breaking sale of a two-bedroom unit at Stirling Residences has set a new benchmark for psf prices at the 99-year leasehold condominium. The unit, located on the 25th floor of the development, was sold for $1.83 million ($2,697 psf) on September 18.

This transaction not only sets the record for the highest psf price achieved at Stirling Residences between September 12 and 23, but it also marks the absence of any new psf price lows during this period.

Notably, the previous record psf price achieved at Stirling Residences also involved another two-bedroom unit of the same size (678 sq ft), but located on a higher floor (39th) and sold for $1.82 million ($2,681 psf) on July 28. In terms of absolute price, the most expensive unit sold at Stirling Residences to date is a four-bedroom unit (1,346 sq ft) on the 22nd floor, which was transacted for $3.55 million ($2,638 psf) in December last year.

Stirling Residences is a 1,259-unit development located on Stirling Road in District 3. Developed by Chinese developer Nanshan Group and Hong Kong-listed property developer Logan Holdings, the project was completed in 2022. The development previewed during the weekend of June 30-July 1 in 2018 but was cut short due to a surprise announcement by the government of new property cooling measures on July 5, which would take effect the next day.

Read also: ANALYSIS: Are current asking prices unrealistic?

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However, despite the unexpected measures, Stirling Residences saw steady sales progress over the next few months and was eventually fully sold in June 2022. According to a compilation of caveats by EdgeProp Singapore, the average price at Stirling Residences today is approximately $2,380 psf.

Meanwhile, another record-breaking sale was achieved at Angullia Park Residences @ Orchard, a freehold condominium located along Cuscaden Walk in prime District 10. A two-bedroom unit of 936 sq ft on the fourth floor was sold for $2.5 million ($2,670 psf) on September 12, setting a new psf price high for the development. The previous record was held by a three-bedroom unit of 1,001 sq ft on the 13th floor, which was sold for $2.65 million ($2,647 psf) in March 2022.

The sale of this two-bedroom unit on the fourth floor sets a new record for psf prices at Angullia Park Residences @ Orchard. This development comprises 46 luxury units, with a mix of two- and three-bedroom units ranging between 936 sq ft and 1,603 sq ft, as well as three penthouses spanning 1,905 sq ft to 1,948 sq ft.

Based on a compilation of resale caveats by EdgeProp Singapore, prices at Angullia Park Residences @ Orchard have increased from about $2,060 psf in September 2017 to $2,350 psf in September 2020. As of now, the average price is about $2,530 psf.

The second runner-up on the list of projects that set new psf price highs this week was Parc Esta, another 99-year leasehold condominium, where a four-bedroom unit of 1,227 sq ft on the 11th floor was sold for $3.16 million ($2,575 psf) on September 12. This sale also set a new psf price high for the development, surpassing the previous record held by a three-bedroom unit of 1,119 sq ft on the 13th floor, which was sold for $2.85 million ($2,547 psf) in December last year.

This transaction also makes the unit on the 11th floor the most expensive resale unit sold at Parc Esta to date. The previous record was held by a five-bedroom unit of 1,399 sq ft on the 13th floor, which was sold for $3 million ($2,144 psf) in December 2022.

Parc Esta is a 1,399-unit development located on Sims Avenue in District 14. It comprises nine 18-storey residential towers and offers a mix of one- to five-bedroom units of between 420 sq ft and 1,475 sq ft. Launched in November 2018, the project sold 235 units (16%) during its first month and was fully sold out by April 2022. Based on caveats, the average price at Parc Esta is about $2,270 psf.