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8M Residences has once again made headlines as the top private condo to achieve a new psf-price peak for the week of Feb 1 to 7. The freehold development reached an impressive high of $2,384 psf when a 15th-floor, two-bedroom unit was sold for $1.54 million on Feb 3. This marks the first time a unit at 8M Residences has exceeded the $2,300 psf mark.
The record-breaking sale beats the previous peak of $2,261 psf set in April 2023, when a similar two-bedroom unit on the 11th floor was sold for $1.46 million. In fact, 8M Residences recorded another sale during the same period that exceeded the April 2023 record. On Feb 3, a one-bedroom unit on the 11th floor was transacted for $1.2 million ($2,275 psf).
But that’s not all – in terms of absolute price, the most expensive unit sold at 8M Residences was a 1,841 sq ft, three-bedroom unit that fetched $2.85 million ($1,548 psf) in October 2012.
According to data compiled by EdgeProp Singapore, resale prices at 8M Residences have continuously increased in the past few years. In fact, based on a 12-month rolling average, the average price of units at the condo has gone up 7.3% in the last three years, from $2,028 psf in February 2022 to $2,177 in February 2025.
8M Residences is a 20-storey residential tower with 68 units, completed in 2017. The development offers a mix of one- to three-bedroom units ranging from 517 to 1,421 sq ft, as well as four penthouses from 1,184 to 1,841 sq ft. Located within walking distance of EtonHouse International Research Pre-School, Katong Swimming Complex, and Katong Park MRT Station, the development is in high demand.
Not far behind on the list of condos with a new psf-price high is Kovan Jewel, a boutique condo along Kovan Road in District 19. The sale of a three-bedroom unit on the second floor for $2.41 million on Feb 7 set a new high of $2,236 psf. This record marginally surpasses the previous peak in August 2022, when a 1,076 sq ft, three-bedroom unit on the fourth floor was sold for $2.4 million ($2,228 psf).
Completed last year, Kovan Jewel offers 34 units of one- to three-bedroom units spanning 624 to 1,345 sq ft, as well as four-bedroom penthouses from 1,237 to 2,153 sq ft. As of Feb 18, 17 units have been sold at an average price of $2,111 psf, based on caveats lodged. Out of these, nine were sold last year at an average price of $2,111 psf. The Feb 7 transaction is the first sale this year.
Rounding up the top three on the list of condos with a new psf-price high is Oleanas Residence, located along Kim Yam Road in District 9. On Feb 3, a 1,141 sq ft, three-bedroom unit on the sixth floor was sold for $2.52 million, setting a new record of $2,207 psf at the condo. Previously, the highest transacted price at Oleanas Residence was $2,157 psf from the sale of a 1,238 sq ft, three-bedroom unit for $2.67 million in August 2022. In terms of absolute price, the most expensive resale unit at the condo was a 1,636 sq ft, three-bedroom unit that fetched $3.3 million ($2,017 psf) in December 2022.
Completed in 1999, Oleanas Residence has only seen four resale transactions in the last three years, ranging from $2.4 million ($2,103 psf) for a 1,141 sq ft, three-bedroom unit in November 2023 to $3.3 million ($2,129 psf) for a 1,550 sq ft, four-bedroom unit in April 2024. The condo is within close proximity to two MRT Stations: Great World MRT Station on the Thomson-East Coast Line and Fort Canning MRT Station on the Downtown Line. Nearby educational institutes include River Valley Primary School and Outram Secondary School.
These recent sales have shown that the property market remains strong and properties are continuing to fetch high prices, with 8M Residences, Kovan Jewel, and Oleanas Residence leading the pack in achieving new psf-price highs.