Resale Two Bedder Scotts Square Sets Record Low Price 2703 Psf
The week’s bestseller at The Reef at King’s Dock: Non-strata landed townhouse at $5.7 mil
The prime district of Orchard Road has witnessed a new low in psf prices for a freehold condo at Scotts Square. During the week of July 4 to July 11, it was the only development on the list of projects that achieved a new psf price low.
The transaction that set a new record low at Scotts Square involved a two-bedroom unit on the 21st floor that spanned 947 sq ft and was sold for $2.56 million ($2,703 psf) on July 7. This is the first time a resale unit at Scotts Square has been sold for less than $2,800 psf, beating the previous record of $2,803 psf set in 2016 when a 1,249 sq ft unit on the 18th floor was sold for $3.5 million.
Located on Scotts Road in prime District 9, Scotts Square is a mixed-use development consisting of two residential towers – 43 and 34 storeys high – with a total of 338 units, and a four-storey retail podium. It sits between the Grand Hyatt Singapore and Singapore Marriott Tang Plaza hotels.
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The average price of apartments at Scotts Square has declined in recent years, falling from an average of $3,772 psf in July 2010 to $3,319 psf in July 2020, according to a compilation of resale caveats by EdgeProp Singapore.
On the other hand, a three-bedroom unit at Martin Place Residences set a record psf price high when it was sold for $4.05 million ($2,850 psf) on July 8. This transaction tops the list of psf-price high-setting projects during the week.
Completed in 2011, Martin Place Residences is a 302-unit development situated along Martin Place, off Kim Yam Road, in prime District 9. The 33-storey twin tower project comprises one- to five-bedroom units ranging from 592 sq ft to 3,434 sq ft.
Nearby freehold and 999-year leasehold condos include 51-unit The Iveria on Kim Yam Road, 376-unit The Avenir on River Valley Close and the recently launched 999-year leasehold Robertson Opus on Unity Street.
Read also: Freehold condo 1919 hits new psf-price high of $2,555
Furthermore, a resale unit at The Belvedere also achieved a record psf price high during the week when a three-bedroom unit on the 14th floor was sold to the tune of $3.55 million ($2,597 psf) on July 8. This is slightly higher than the previous record of $2.56 million ($2,530 psf) when a 1,012 sq ft two-bedroom unit on the 11th floor was sold in June last year.
Completed in 2007, The Belvedere is a freehold condo located on Meyer Road in District 15. The development comprises 167 units and is situated next to Katong Park MRT station on the Thomson-East Coast Line.
Overall, there have been five residential resale transactions at Scotts Square this year, with transactions ranging from a 635 sq ft unit that fetched $1.9 million ($2,992 psf) on June 3 to the sale of a 1,249 sq ft unit that went for $4.1 million ($3,284 psf) on January 22.
The bestseller at Martin Place Residences this week is a unit that fetched $4.05 million ($2,850 psf) on July 8. This development has recorded three resale transactions this year, with the other two units fetching $5.35 million ($2,672 psf) on March 13 and $3.83 million ($2,700 psf) on February 24.
At The Belvedere this year, the transaction that fetched the highest psf price was for a unit sold for $3.55 million ($2,597 psf) on July 8, followed by another unit sold for $2.56 million ($2,530 psf) last June.
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