8M Residences Sets New Price High 2384 Psf

The condominium market in Singapore continues to see strong demand and steady growth, with the latest transaction records showing that 8M Residences has topped the list of private condos to hit a new psf-price peak in the week of Feb 1 to 7. This freehold development, located in District 15, has achieved a new high of $2,384 psf when a two-bedroom unit on the 15th floor was sold for $1.54 million on Feb 3. This marks the first time a unit at 8M Residences has been sold for more than $2,300 psf, breaking the previous record of $2,261 psf set in April 2023.8M Residences also recorded another transaction during the period in review that surpassed the previous peak. On Feb 3, a one-bedroom unit on the 11th floor was transacted for $1.2 million ($2,275 psf), surpassing the previous peak of $2,261 psf set in April 2023.8M Residences has consistently seen a rise in resale prices over the last few years, with a 7.3% increase in average prices over the last three years. Completed in 2017, this 20-storey residential tower has a mix of one- to three-bedroom units, as well as penthouses.8M Residences is located within walking distance of various amenities, such as schools and the Katong Park MRT Station. Meanwhile, Kovan Jewel, a boutique condo in District 19, took second place on the list with a three-bedroom unit on the second floor sold by the developer for $2.41 million on Feb 7, setting a new high of $2,236 psf. The new record inches past the previous peak at Kovan Jewel set last August when a similar three-bedroom unit on the fourth floor fetched $2.4 million ($2,228 psf).With one- to three-bedroom units ranging from 624 to 1,345 sq ft, Kovan Jewel also has four-bedroom penthouses from 1,237 to 2,153 sq ft. As of February 18, 17 units (50%) have been sold at an average price of $2,111 psf, with the first unit sold this year on Feb 7. Lastly, boutique condo Oleanas Residence recorded a new record of $2,207 psf on Feb 3, when a three-bedroom unit on the sixth floor was sold for $2.52 million. This surpassed the previous peak of $2,157 psf, from the sale of a three-bedroom unit for $2.67 million in August 2022. This freehold condo, completed in 1999, has seen four resale transactions in the last three years. It is located in District 9, within walking distance of two MRT Stations and various educational institutions.Overall, these transactions are a testament to the strong demand for condos in Singapore, with the market showing steady growth and potential for profitable investments.

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