Scotts demolishes auction recordMartin Place Residences at Martin Place, off Kim Yam Road, in prime District 9, reported the latest price high during the week of July 4 to July 11 when a 1,421 sq ft three-bedroom unit was sold for $4.05 million ($2,850 psf) on July 8. The previous record was achieved by another three-bedroom unit that sold for $4.78 million ($2,775 psf) in April. Completed in 2011, Martin Place Residences is a 302-unit condo that offers residents easy access to the Robertson Quay enclave. There have been three resale transactions at the project so far this year and EdgeProp Singapore estimates that the average resale price at Martin Place Residences is $2,620 psf.
The Scotts Square, a freehold condominium located on the iconic Orchard Road, has recently set a new record for its lowest price per square foot (psf). During the week of July 4 to July 11, it was the only development that achieved a new price low among all projects listed. The record-setting transaction involved a 947 sq ft two-bedroom unit on the 21st floor, which was sold for $2.56 million ($2,703 psf) on July 7.
This sale marked the first time a resale unit at Scotts Square was sold for less than $2,800 psf, beating the previous record of $2,803 psf set in 2016 for a 1,249 sq ft unit on the 18th floor.
Located between the Grand Hyatt Singapore and Singapore Marriott Tang Plaza hotels, Scotts Square is a mixed-use development in prime District 9. Completed in 2011, the freehold development consists of two residential towers, 43 and 34 stories high, with a total of 338 units, as well as a four-story retail podium.
In January 2024, the retail podium at Scotts Square was put up for sale through an expression of interest (EOI) with a guide price of $450 million, which translates to $3,438 psf based on the development’s total gross floor area of 130,875 sq ft. However, the EOI closed last February without a successful sale.
So far this year, there have been five residential resale transactions at Scotts Square, with prices ranging from $1.9 million ($2,992 psf) for a 635 sq ft unit sold on June 3, to $4.1 million ($3,284 psf) for a 1,249 sq ft unit sold on Jan 22.
A compilation of resale caveats by EdgeProp Singapore also shows that the average price per square foot at Scotts Square has been on a decline, dropping from $3,772 psf in July 2010 to $3,319 psf in July 2020. The current average resale price at the condo is estimated to be around $3,176 psf.
In contrast, a record-breaking sale at Martin Place Residences was also reported during the week, with a 1,421 sq ft three-bedroom unit sold for $4.05 million ($2,850 psf) on July 8. This tops the list of price per square foot high-setting projects during the same period.
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Completed in 2011, Martin Place Residences is a 302-unit development in prime District 9, located along Martin Place off Kim Yam Road. The 33-story twin tower project offers one- to five-bedroom units ranging from 592 sq ft to 3,434 sq ft. It is also one of the few freehold developments situated close to the Robertson Quay enclave. Other nearby freehold and 999-year leasehold condos include The Iveria on Kim Yam Road, The Avenir on River Valley Close, and the recently launched Robertson Opus on Unity Street.
As of now, there have been three resale transactions at Martin Place Residences this year. The other two involved a 2,002 sq ft unit on the 21st floor sold for $5.35 million ($2,672 psf) on March 13, and a 1,421 sq ft unit on the 8th floor sold for $3.83 million ($2,700 psf) on Feb 24.
Based on EdgeProp Singapore’s estimates, the average resale price at Martin Place Residences is around $2,620 psf, which is lower than the average price per square foot of $2,713 psf at The Iveria launched in 2019, and $3,387 psf at The Avenir launched in 2020.
Meanwhile, the newly-launched Robertson Opus sold 143 units (41%) during its opening sales weekend on July 19-20, achieving an average price of $3,360 psf. The project is a redevelopment of the former Fraser Place at Robertson Walk.
A record-breaking sale was also reported at The Belvedere, a freehold condo situated on Meyer Road in District 15, with a 1,367 sq ft three-bedroom unit on the 14th floor sold for $3.55 million ($2,597 psf) on July 8. This is marginally higher than the previous record of $2.56 million ($2,530 psf) for a 1,012 sq ft two-bedroom unit sold in June.
The Belvedere, completed in 2007, consists of 167 units across two residential blocks, offering a mix of two- and three-bedroom units ranging from 1,012 sq ft to 1,615 sq ft, as well as seven penthouses measuring 2,131 sq ft to 2,949 sq ft. The development is situated next to the Katong Park MRT station on the Thomson-East Coast Line and is near the Singapore Sports Hub and East Coast Park.
So far this year, there have been two resale transactions at The Belvedere. The other one involved a 1,012 sq ft unit on the 11th floor sold for $2.56 million ($1,012 psf) on June 19. The average price per square foot at The Belvedere has steadily increased from around $1,630 psf in July 2015 to $2,442 psf currently, according to EdgeProp Singapore’s caveats compilation.