The purchase of four bedrooms condo located at the Edge situated on Cairnhill beat record highs in condo prices during the week of February 18-24. A 2,142 square foot unit located on the 10th floor was sold for $5.03 million (or $2,348 per sq ft) on February 21. It’s a little more than the previous record that saw the auction of a 2,131 sq . ft unit located on the 10th level, at $5 million or $2,346 psf on September 30, 2022.
The Myst enbloc for this new condo offers them the opportunity to take advantage of upcoming developments in the area and provide residents unparalleled convenience.
The Edge on Cairnhill is an undeveloped condo with freehold rights situated on Cairnhill Road in District 9. The exclusive 46-unit property was completed in 2002. The condominium is situated in the sought-after Cairnhill Road residential enclave between Newton and Orchard Road. Orchard Road and Newton areas.
There are several other developments that are upmarket within the vicinity, such as A new development called The Peak The Peak @ Cairnhill I & II, Hilltops, The Scotts Tower and the coming Klimt Cairnhill. Other notable developments within the vicinity are Goodwood Park Hotel, Grand Hyatt Singapore, Scotts Square, The Paragon shopping mall and Mount Elizabeth Hospital and Medical Centre.
The sale on Feb 21 is the first time that a resale has been made of the condo at The Edge on Cairnhill so to date in the year. The condo had two resales transactions in the last year. Besides the Sept . 30 sale, which saw the psf price surpassed the 2,131 sq ft unit located on the 17th floor was sold for $4.89 million ($2,299 per square foot) the 22nd of June.
Based on URA limitations, The Edge on Cairnhill has had an upward trend in prices in the past decade. The month of March 2013 the median price of the condo was $1,827 psf. This has risen to $2,025 in February 2023.
The second-highest record for price for psf set in the week was Newton18 the freehold condominium situated on Newton Road in prime District 11. A 1,249 square foot three-bedroom unit located at the top of 26th purchased at $2.88 million ($2,307 per square foot) on February 23. The price per square foot is significantly greater over the record set previously that included a 570 square foot one-bedroom unit on the 13th floor which was sold to the tune of $1.21 million ($2,121 per sq ft) on December 23 the previous year.
Newton 18 is an 81-unit project that was completed in 2002. The development is located on Newton Road and is about 300m from the Newton MRT Interchange Station on the North-South and Downtown Lines. Numerous new projects are expected to be completed in the location, such as the luxurious Pullman residences in Newton, located on Dunearn Road; Kopar At Newton and The Atelier along Makeway Avenue as well as boutique developments like Enchante or Ten Evelyn 10 Evelyn on Evelyn Road as well as 35 Gilstead on Gilstead Road.
The price average at Newton 18 is usually in line with other freehold condominiums that have been completed within the region. According to URA caveats filed over the last twelve years, Newton 18 has an average of $2,051 per square foot. This is in line with other freehold condos that have been completed in the region, such as Newton 21, ($2,177 per square foot), L’viv ($2,096 psf), 26 Newton ($2,121 psf) as well as the Linc ($2,030 per square foot).
However, Petit Jervois was the only property that recorded an all-time low in psf. A 603 square foot, one-bedroom apartment on the second floor bought through developer developer at $1.54 million ($2,561 per square foot) on Feb . 22. Prior to that, the record low was recorded by a 646 sq . ft one-bedroom unit located at the top of the five floors which the developer offered at $1.69 million ($2,614 per sq ft) in the month of October, 2020.
Petit Jervois is an exclusive boutique development of 55 units situated on Jervois Road in prime District 10. The project was developed through SC Global Developments, the freehold project consists of two five-storey blocks that are made up of two-bedroom and one-bedroom units that span between 581 and 1,012 sq feet, and three-bedroom units that range from 1,044 up to 1,292 sq feet.
The development is located in Jervois Road, an private Jervois Road neighbourhood, which shares a border with to the Chatsworth Park Good Class Bungalow area. Some notable upmarket condos in this neighborhood comprise Principal Garden and The Crest along Prince Charles Crescent, and Mon Jervois along Jervois Road.
Previews of Petit Jervios started in the year 2018 and, despite the fact that the project was finished at the end of 2022 developer figures show that sales for the development have sold around 26,790 units (47%) to date.
Most expensive of units in Petit Jervois that was sold by the developer is an 1,012 square feet apartment on the fifth floor for $2.88 million ($2,852 per square foot) on March 31st 2022. Then comes the sale of a second 1,012 sq. ft. unit located on the fourth floor at $2.87 million ($2,837 per sq ft) on the 23rd of December 2022.