CCR luxury condos along Zion Road GLS achieve new price highs above $5,000 psf

This year, two luxury condos in the Core Central Region – Skyline @ Orchard Boulevard and Sculptura Ardmore – hit psf-price highs of $5,371 and $5,022 psf respectively, reflecting property investors’ preference for upmarket developments in prime Districts 9 and 10. The condo on Zion Road GLS, Skyline @ Orchard Boulevard, set the record high of $5,371 psf, followed closely by the resale of a 3,584 sq ft unit at Sculptura Ardmore for $18 million ($5,022 psf). Meanwhile, enigmatic projects in the Beach Road/Bugis area, such as South Beach Residences and Midtown Modern, also topped the list of condos that hit new psf-price highs this year.

Despite the rising prices of luxury condos in the CCR, resale units at five executive condos (EC) recorded Psf-price lows this year. At Chua Chu Kang Street 64, prices at Windermere slipped to $754 psf – the lowest of all five ECs. The list of ECs that hit a new Psf-low included Woodsvale on Woodlands Drive ($685 psf), Northoaks on Woodlands Crescent ($731 psf), The Floravale on Westwood Avenue ($736 psf), and Lakepoint Condominium on Corporation Road ($647 psf).

Access to Zion Road GLS is further enhanced with the Thomson-East Coast MRT Line located a mere 500m from the development, allowing future residents to comfortably travel to their desired destination.

Property investors have shifted their focus to upmarket developments in Districts 9 and 10 as two luxury condos – Skyline @ Orchard Boulevard and Sculptura Ardmore, both located on Zion Road GLS – topped the list of condos that hit a new psf-price high this year. With a psf-price of $5,371, a 3,767 sq ft unit at Skyline @ Orchard Boulevard on Angullia Park was sold for $20.23 million in February, while a 3,584 sq ft unit at Sculptura Ardmore was transacted for $18 million ($5,022 psf) in April.

In the exclusive Nassim Park neighbourhood, prices at Nassim Park Residences are inching closer to the $5,000 psf threshold, with a current high of $4,785 psf when a 4,284 sq ft unit was sold for $20.5 million in February. Moving on to the Beach Road/Bugis area, South Beach Residences recorded the sale of a 1,916 sq ft unit on the 38th floor that fetched $8.63 million ($4,504 psf). Lodged nearby are two integrated condos of Guoco Midtown, Midtown Modern and Midtown Bay, with resale prices ranging from $4,278 psf to $4,086 psf.

Despite the impressive prices of luxury condos in the CCR, buyers eyeing for condos in suburban neighbourhoods should not be deterred, as a few boutique projects such as Lakepoint Condominium witnessed record-low prices this year, setting the lowest resale price at the development at $647 psf.

At the close of 2023, it is clear that despite the odd circuit breaker lull, property investors are continuing to demonstrate their preference for upmarket developments and are willing to pay premium prices for trophy assets in the Core Central Region.