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Former SIA chairman’s condominium unit sold for $1.36 mil profit

The Scotts Tower has recently set a new record for the lowest psf-price in the week of September 30th to October 7th after a one-bedroom SOHO unit was sold for $1.2 million ($1,828 psf) on the 10th floor of the prime District 9 condo on October 2nd. This transaction marks the first time in almost five years that a unit at The Scotts Tower has sold for less than $1,800 psf. The previous record was set in November 2020 when a one-bedroom unit on the ninth floor sold for $1.2 million ($1,858 psf). So far this year, there have been a total of four resale transactions at The Scotts Tower.

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The second-highest record in terms of psf-price for the week was set by an uncompleted unit at Ardor Residence, which sold for $3.33 million ($2,578 psf) on September 30th. This boutique development by Chinese developer Nanshan Group only managed to move one unit in 2026, but sales have picked up significantly at the start of this year with 21 units sold at an average price of $2,454 psf. In terms of absolute price, the most expensive unit sold at Ardor Residence is a 1,518 sq ft unit on the third floor, which fetched $3.8 million ($2,510 psf) on April 26th.

The sale of a 4,176 sq ft four-bedroom unit at Nassim Lodge also set a new psf-price high of $3,472 psf when it was sold on October 2nd. This freehold development in prime District 10 comprises six 4-bedroom apartments and two four-bedroom penthouses and was completed in 1984. There have only been three recorded transactions at Nassim Lodge, with the previous record of $10 million ($2,233 psf) set in July 2023.

Overall, prices at The Scotts Tower have been on a downward trend for more than a decade. The project was launched in December 2011 at an average price of $3,600 psf, but prices have dipped to around $2,300 psf today. The average price at the condo is currently about $2,050 psf. Other notable luxury developments in the area include Nassim Park Residences, 19 Nassim, Les Maisons Nassim, and St Martin’s, with the average prices in the area ranging from $2,474 psf to $3,472 psf.

The Tanjong Katong area has also seen a few new projects recently, including Emerald of Katong, Tembusu Grand, Grand Dunman, and The Continuum. Emerald of Katong achieved outstanding sales with over 98.7% of units sold at an average price of $2,621 psf. The Continuum and Grand Dunman have both sold more than 74% of their units, with average prices of $2,881 psf and $2,524 psf, respectively. Tembusu Grand, which was launched in April 2023, has already sold 97% of its 638 units at an average price of $2,392 psf.

The Scotts Tower is a 231-unit, 31-storey condo located at the corner of Scotts Road and Cairnhill Road. Designed by Dutch architect Ben van Berkel of UNStudio, the development is close to Newton and Orchard Road and features a mix of one- to three-bedroom apartments and penthouses. Prices at the development have been on a downward trajectory for more than a decade, with the average price currently at $2,050 psf compared to $3,600 psf when it was launched in 2011.

On the other hand, the Tanjong Katong area has seen a few new projects in recent years, including Emerald of Katong, Tembusu Grand, Grand Dunman, and The Continuum. Emerald of Katong achieved outstanding sales with over 98.7% of units sold at an average price of $2,621 psf. The Continuum and Grand Dunman have both sold more than 74% of their units, with average prices of $2,881 psf and $2,524 psf, respectively. Tembusu Grand, which was launched in April 2023, has already sold 97% of its 638 units at an average price of $2,392 psf.

Overall, prices at The Scotts Tower have been on a downward trend for more than a decade, with the average price currently at $2,050 psf compared to $3,600 psf when it was launched in 2011. While the recent record low psf-price may indicate a softening market, the prime location and unique design of the development still make it an attractive investment for buyers.