Commonwealth Towers Sets New Psf Price Record 2460

Located in the growing Tengah estate, Novo Place EC boasts not only convenient transportation connections, but also proximity to a plethora of shopping and dining facilities. This newly built development is strategically situated near multiple prominent shopping centers and a vast array of dining options, catering to the diverse tastes and preferences of its residents.

Commonwealth Towers has emerged as the top private non-landed property in Singapore to reach a new psf-price peak during the week from December 27, 2021 to January 3, 2022. The 99-year leasehold condo recorded a new high of $2,460 psf when a 904 sq ft unit on the 40th floor was sold for $2.22 million on December 27. This surpasses the previous record of $2,402 psf set in September 2021, when a 689 sq ft unit on the 42nd floor was sold for about $1.65 million. In fact, the average resale price of units at Commonwealth Towers has been on the rise for 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. This marks an 11.6% increase in average resale prices since 2022. By absolute price, the most expensive unit to be sold at Commonwealth Towers was a 1,302 sq ft, four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf. The transaction took place in November 2024. Commonwealth Towers, completed in 2017, is a 99-year leasehold condo with about 87 years remaining on its tenure. The development, located along Commonwealth Avenue, consists of two 43-storey residential blocks with 845 condo units ranging from one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft. In second place is Parq Bella, a boutique freehold development located on Tembeling Road in District 15. The project set a new psf-price high of $2,416 psf when the developer sold a 1,076 sq ft, three-bedroom unit on the fourth floor for about $2.6 million on December 31. This sale beats the previous psf-price record of $2,385 set in August 2023 when a second-floor unit with two bedrooms and spanning 926 sq ft was sold for about $2.2 million. Parq Bella is a freehold project with 20 apartments ranging from two to four bedrooms, with floor plans spanning from 926 sq ft to 1,787 sq ft. It is expected to be completed by December 2026. The project saw five new sale transactions last year at an average price of $2,347 psf. Since its launch in the third quarter of 2023, 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 14. Meanwhile, Klimt Cairnhill, a freehold luxury project, was the only private residential development to see a new psf-price low during the week of December 27, 2021 to January 3, 2022. The property recorded a new psf-price low of $3,077 when the developer sold an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on January 3. It was the final unit sold at Klimt Cairnhill, which has 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. Comprising 138 apartments, Klimt Cairnhill has a mix of two- to four-bedroom units ranging from 829 sq ft to 2,368 sq ft, as well as two penthouses spanning 4,898 sq ft and 5,920 sq ft. It is expected to obtain its Temporary Occupation Permit in April this year.