Sovereign Hits New High 2602 Psf
for sale
The Sovereign, a freehold condo located in District 15, has become the talk of the town as it topped the list of condos that achieved record prices per square foot (psf) during the week of June 14 to 21. This impressive feat was made possible by the resale of a four-bedroom, 3,305 sq ft unit on the 15th floor for a whopping $8.6 million on June 20, translating to $2,602 psf. This price is almost 6% higher than the previous high of $2,465 psf set in November last year when a four-bedroom unit measuring 2,637 sq ft was sold at $6.5 million. What makes this even more remarkable is the fact that this is the first time an apartment has been sold at The Sovereign since November last year.
According to caveats lodged, the unit was purchased by the seller back in February 2010 at $4.6 million ($1,392 psf). This means that the seller made an impressive gross profit of $4 million after owning the unit for over 14 years. The new record at The Sovereign is a testament to the development’s popularity among buyers, as well as its location along Meyer Road, which offers a stunning view of the East Coast Park.
The Sovereign, which was completed in 1993, is a freehold condo with 87 units. Its strategic location, coupled with its proximity to the sea, makes it a highly coveted property. It is also conveniently located less than 10 minutes away from the recently opened Tanjong Katong MRT Station on the Thomson-East Coast Line. The units at The Sovereign comprise four-bedders that range from 2,637 sq ft to 3,305 sq ft in size.
Rewritten:
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The data compiled by EdgeProp Research reveals that The Sovereign commands a higher price compared to other freehold developments along Meyer Road that were built around the same time. Based on sales from the past 12 months, units at The Sovereign have been transacted at an average price of $2,494 psf. On the other hand, other nearby condos like The Atria at Meyer, which has 157 units and was completed in 1996, averages at $2,143 psf, while The Makena, which was completed in 1998 and has 504 units, averages at $1,794 psf. The Hawaii Tower, which has 135 units and was built in 1984, averages at $1,787 psf.
In a similar development, another freehold condo located along Meyer Road, The Seafront on Meyer, also achieved a new psf-price high during the week in review. A three-bedroom unit measuring 1,604 sq ft on the 20th floor was sold for $3.93 million on June 18, translating to a record $2,450 psf. This transaction surpassed the previous high of $2,400 psf, which was set in April last year when a 1,604 sq ft unit on the 22nd floor was sold for $3.85 million. This is only the second time that a resale unit at the condo has surpassed the $2,400 psf benchmark.
The Seafront on Meyer is an impressive 24-storey condo with 327 residences. It was completed in 2010 and features two- to four-bedroom units that range from 1,066 sq ft to 2,605 sq ft. The condo also has six four-bedroom penthouses, which measure between 4,273 sq ft and 4,295 sq ft. The development has seen an increase in prices over the past year, with average prices per unit rising from $2,054 psf in 2022 (across 11 transactions) to $2,337 psf in 2024 (across four transactions). This represents an impressive average price growth of 14%.
On the flip side, The Myst saw a new psf-price low during the week in review. This was as a result of a developer sale of a three-bedroom, 1,163 sq ft apartment on the third floor, which was sold for $2.192 million on June 16, translating to $1,886 psf. This price marginally surpassed the condo’s previous lowest price of $1,894 psf, which was achieved on May 17 when a 1,163 sq ft unit on the fourth floor was sold for $2.202 million.
The Myst is a 99-year leasehold condo that has 408 units. It is located in District 23 on Upper Bukit Timah Road and comprises of two 24-storey towers. Units at The Myst include a mix of one-bedroom-plus study apartments measuring 517 sq ft, two-bedroom units spanning 678 sq ft to 732 sq ft, three-bedders measuring 850 sq ft to 1,163 sq ft, four-bedders spanning 1,453 sq ft to 1,518 sq ft, and five-bedders measuring 1,690 sq ft. The project was launched for sale in July 2023 and saw 110 (27%) units sold during the first weekend of launch at an average price of $2,057 psf. As of July 2, The Myst has sold 250 (61%) units at an average price of $2,073 psf.