New psf-price high of $3,322 set at The M, now over 99% sold
A one-bedroom plus study unit at The M, a Wing Tai-developed 99-year leasehold residential project on Middle Road in District 7, was sold for $1.75 million ($3,322 psf) on Oct 17, setting a new psf-price high. Additionally, a 463 sq ft, one-bedroom unit at Amber Park, a freehold condo along Amber Gardens in District 15, was sold in a sub-sale for $1.43 million ($3,085 psf) on Oct 24. This was the first time a unit at Amber Park has transacted for more than $3,000 psf. On the other end of the spectrum, a 872 sq ft unit on the 11th floor at Myra, a freehold development along Meyappa Chettiar Road in Potong Pasir, was sold for $1.4 million (1,600 psf) on Oct 16, setting a record psf-price low.
Oct 16 to 24 saw two projects setting new psf-price highs and lows, and both of them have been drawing intense interest from buyers. The M, a 99-year leasehold residential project in District 7 saw a one-bedroom plus study unit being sold for $1.75 million ($3,322 psf) on Oct 17. This beats the previous record price of a 592 sq ft two-bedder, sold for $1.94 million ($3,277 psf) on Feb 23.
Despite the pandemic and Singapore’s “circuit breaker” shutdown in April 2020, The M has been recording relatively consistent sales momentum and is 99% sold-to-date. Based on caveats, the average selling price at The M is $2,974 psf.
The week in review also saw a sub-sale transaction at Amber Park, in District 15, setting the first time a unit there has fetched over $3,000 psf. The 463 sq ft, one-bedroom unit was sold for $1.43 million ($3,085 psf) on Oct 24, after initially being purchased from the developer for $1.21 million ($2,622 psf) in May 2019. The highest absolute price recorded at Amber Park is $13 million for the 4,392 sq ft unit sold in August 2021.
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On the opposite end of the spectrum, a new record psf-price low of $1,600 was set at Myra. The 872 sq ft unit on the 11th floor was sold for $1.4 million on Oct 16, while another 1,324 sq ft unit on the 12th floor was sold for $2.12 million ($1,600 psf). This means that the condo is now fully sold, slightly over three years since its initial launch in September 2020.
The M, Amber Park, and Myra have all been the focus of intense buyer demand, due to their prime locales and unique selling points. In the Bugis/Beach Road area, The M joins the likes of GuocoLand’s Guoco Midtown and the redevelopment of Shaw Tower. In East Coast, Amber Park is the newest in the neighbourhood, and commands the highest average price of $2,581 psf. As for Myra, the boutique freehold development is located close to Potong Pasir MRT, and The Poiz Centre.
These latest sales set the bar for future resales, and it remains to be seen which properties will have the highest psf-price highs and lows in the next few weeks.