Commonwealth Towers has taken the lead as the private non-landed property with the highest psf-price peak during the week of December 27th to January 3rd. The 99-year leasehold condo reached a new psf high of $2,460 on December 27th when a 904 sq ft, three-bedroom unit on the 40th floor was sold for $2.22 million.
This new record surpassed the previous high of $2,402 psf set just three months ago in September 2024, when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for approximately $1.65 million.
Commonwealth Towers has been steadily increasing in average resale prices over the past three years. In 2022, the project recorded 53 transactions at an average psf-price of $1,971. The following year, the average price increased to $2,097 psf across 51 resale transactions. Last year, the development saw 37 resale transactions at an average price of $2,200 psf, marking an 11.6% increase in average resale prices since 2022.
According to the latest resale transactions data from the Urban Redevelopment Authority (URA), the most expensive unit to change hands at Commonwealth Towers was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. This transaction was recorded in November 2024.
Completed in 2017, Commonwealth Towers is a 99-year leasehold condo with approximately 87 years remaining on its tenure. The development, located along Commonwealth Avenue, consists of two 43-storey residential blocks housing 845 condo units, ranging from one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft.
Taking the second spot on the list of private residential projects with a new psf-price peak is the upcoming freehold development, Parq Bella. The project achieved a new psf high of $2,416 when a 1,076 sq ft, three-bedroom unit on the fourth floor was sold for about $2.6 million on December 31st. This unit also marked the first transaction at the development to surpass $2,400 psf.
This latest transaction beat the previous psf-price record of $2,385 set in August 2023 when a 926 sq ft, two-bedroom fourth-floor unit was sold for about $2.2 million.
Located on Tembeling Road in District 15, Parq Bella is a boutique freehold project consisting of 20 apartments ranging from two to four bedrooms, with floor plans spanning from 926 sq ft to 1,787 sq ft. The project, expected to be completed by December 2026, has seen five new sale transactions last year at an average price of $2,347 psf. Since its launch in 3Q2023, Parq Bella has sold 19 of its 20 units (95%) at an average price of $2,244 psf, based on caveats lodged as of January 14th.
The only private residential development to see a new psf-price low during the period in review was the freehold luxury project, Klimt Cairnhill. The new psf-price floor was set by the developer’s sale of an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on January 3rd, translating to $3,077 psf.
Klimt Cairnhill, located along Cairnhill Road in Prime District 9, consists of 138 apartments in two- to four-bedroom configurations. The final unit sold at the project achieved 100% sales at an average price of $3,665 psf, based on caveats lodged. The project was previewed in August 2021 and officially launched in January 2023.
The development, with a mix of two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft, also has two penthouses of 4,898 sq ft and 5,920 sq ft. It is expected to obtain its Temporary Occupation Permit in April this year.