Several condominiums in Singapore’s active real estate market have lately set new standards in property value. With all of Viva, The Myst, and Park Colonial reaching hitherto unheard-of price-per- square-foot (psf) highs, this paper emphasises their appeal to discriminating consumers and investors.
Rising on Suffolk Walk in District 11, Viva, a distinguished freehold condominium, has broken records in the period from July 2 to 14. Transacted for an amazing $4.05 million, a three-bedroom plus-study flat with 1,528 square feet sold for $2, 650 psf on 10 July. With a 1,346 square-foot unit sold for $3.44 million, this deal exceeds the previous record of $2,555 psf set in May 2022.
Realising a significant profit of $1.69 million, the unit’s seller—who bought the property from the developer in September 2009 for $2.36 million ($1,544 psf) Comprising 235 units spread over three 30-storey structures, Viva, finished in 2012 Viva provides a range of unit sizes, from two-bedroom flats to five-bedroom duplex penthouses, therefore meeting a range of housing demands. It is just five-minute walk from United Square Shopping Mall and a twelve-minute walk from Novena MRT Station.
The Myst has also set fresh benchmarks on the property market in District 23. Sales of a 517 square-foot, one-bedroom plus-study flat for $1.234 million on July 14 equated to $2,388 psf. This transaction almost exceeded the $2,377 psf record four months earlier. From small one-bedroom flats to large five-bedroom homes, the 408-unit Myst on Upper Bukit Timah Road boasts a range of unit sizes.
Launched in July 2023, The Myst had an amazing first weekend sales success, averaging $2,057 psf with 110 units sold. The development’s great attraction to consumers is shown by July 22 sales of 251 units at an average price of $2,073 psf.
Park Colonial in District 13 also notes a fresh psf-price high. A four-bedroom flat covering 1,249 square feet sold for $2.95 million, or $2,363 psf on 8 July. This new top closely followed the previous record of $2,330 psf set on June 7 with the sale of a 678 square-foot property for $1.58 million.
Realising a profit of around $739,000, the seller, who paid $2.21 million ($1,571 psf) for the apartment in December 2018 Conveniently situated five-minute walk from Woodleigh MRT Station, Park Colonial, a 99-year leasehold condominium on Woodleigh Lane, consists in 805 units. Finished in 2021, the development presents a range of one-bedroom to five-bedroom houses.
Park Colonial has witnessed notable transaction activity throughout 2023; as of right now, 15 units have sold. Between 463 and 980 square feet, these properties sold for prices ranging from $968,888 to $2.28 million, or between $2,047 psf and $2,330 psf.
All all, the recent record-setting deals at Viva, The Myst, and Park Colonial underline how dynamic and competitive Singapore’s real estate market is. These developments demonstrate their appeal among both buyers and investors, therefore they stand out not only for their great locations and opulent conveniences but also for their capacity to charge high prices. These condominiums are likely to be major participants in the property market as long as these tendencies keep going.
