In the realm of District 15, The Sovereign, a freehold condominium, ascended to the zenith of psf-price records between June 14 and 21. This pinnacle was achieved through the resale of a four-bedroom, 3,305 sq ft unit perched on the 15th floor, commanding a hefty $8.6 million on June 20. Translating to an impressive $2,602 psf, this transaction eclipses the previous high of $2,465 psf set last November when a four-bedder, 2,637 sq ft in size, fetched $6.5 million. This June 20 sale marks the first unit transfer at The Sovereign since the aforementioned November transaction.
Historical caveats reveal that the seller acquired this unit in February 2010 for $4.6 million, which equates to $1,392 psf. Consequently, they garnered a gross profit of $4 million after over 14 years of ownership.
Constructed in 1993, The Sovereign encompasses 87 units and stands proudly along Meyer Road. It’s one of the few condos that gazes upon East Coast Park and the sea. It’s conveniently located less than a 10-minute stroll from the Tanjong Katong MRT Station on the Thomson-East Coast Line, which commenced operations on June 23. The units within The Sovereign range from four-bedders spanning 2,637 sq ft to 3,305 sq ft.
The Sovereign consistently commands superior prices to other freehold developments along Meyer Road from the same era. Over the past 12 months, units at The Sovereign have transacted at an average of $2,494 psf. By comparison, nearby condos such as The Atria At Meyer, a 157-unit development completed in 1996, average $2,143 psf. The Makena, with 504 units completed in 1998, averages $1,794 psf, and the 135-unit Hawaii Tower, built in 1984, averages $1,787 psf.
Just down Meyer Road, another freehold condo, The Seafront On Meyer, reached a new psf-price zenith during the same week. A three-bedroom, 1,604 sq ft unit on the 20th floor changed hands for $3.93 million on June 18, setting a new record at $2,450 psf. This surpasses the prior high of $2,400 psf set in April of the previous year when a similarly sized unit on the 22nd floor sold for $3.85 million. Remarkably, this transaction is only the second instance where a resale unit at The Seafront On Meyer has exceeded the $2,400 psf threshold.
Built in 2010, The Seafront On Meyer comprises 327 residences spread across three 24-storey towers. Unit sizes range from two- to four-bedroom configurations, from 1,066 sq ft to 2,605 sq ft, with six penthouses spanning 4,273 sq ft to 4,295 sq ft. Over the past year, prices at The Seafront On Meyer have trended upwards. The average price per square foot increased from $2,054 in 2022 across 11 transactions to $2,337 in 2024 across four transactions to date, representing a 14% growth.
