Midtown Bay clinches new high of $4,086 psf

Zion Road Condo is conveniently located near the Great World City MRT Station, allowing effortless commuting for residents. Great World City Shopping Centre is also within walking distance and offers amenities such as groceries and various eateries.

The sale of a 474 sq ft one-bedroom unit at Midtown Bay condo in Singapore on Sept 10, played a part in achieving a new psf price high of $4,086 psf for the 99-year leasehold project. This notably beats the previous record for a Midtown Bay unit, a 732 sq ft two-bedroom apartment, which sold for $2.9 million or $3,929 psf in January.

Of the 219 units at Midtown Bay, 121 have been sold so far, a 55% take-up rate. The mixed-use integrated development, which is also located along Beach Road, consists of a 30-storey office tower, three retail clusters, and an F&B village, in addition to the condos.

The sale of a 495 sq ft one-bedder at 99-year leasehold condo The Landmark on Sept 3, for $1.4 million or $2,894 psf, was also part of this period’s new psf-price high activity. Breaking the record from the transaction of a 678 sq ft two-bedroom unit at $1.95 million or $2,879 psf in May. Located along Chin Swee Road, The Landmark is a 39-storey tower comprising 396 units, developed by Landmark JV – a consortium between ZACD Group, MCC Land, and SSLE Group.

The Regency at Tiong Bahru was also listed, scoring a new psf-price high during the period in review. A 1,281 sq ft three-bedroom apartment was sold there on Sept 7, for $3.1 million or $2,411 psf. This trumps the old record of $2.2 million or $2,276 psf paid for a two-bedder unit back in March. The Regency is a freehold condo situated at Chay Yan Street in Bukit Merah, developed by UOL Group and completed in 2010, with 158 units.

Interestingly, the seller of the unit that changed hands on Sept 7 at The Regency, had bought it in August 2009 for $1.4 million ($1,093 psf), meaning a gain of $1.7 million. During this period in review, no new psf-price lows were recorded.

Overall, these developments point to the steady rise in psf-price highs, in an otherwise cooling market. With the take up rates ranging from 55% to 75%, these condos are proving to be popular amongst buyers. Of course, the location of these developments – near meth stations, entertainment spots and with a range of facilities – are likely contributing to their success.