CCR Luxury Condo Resale Prices Hit Record High, Surpassing $5,300 PSF!

Two luxury condominiums in the Core Central Region (CCR) crossed the $5,000 psf mark in resale prices this year. Skyline @ Orchard Boulevard and Sculptura Ardmore topped the charts after achieving record-breaking resale psf prices.

The top 15 on the list are mostly recently launched luxury projects and established high-end developments in prime Districts 9 and 10.

Also featured on the list are South Beach Residences, Midtown Modern, and Midtown Bay, reflecting the vibrant growth and transformation of the Bugis precinct.

Meanwhile, among the developments hitting historic lows this year, five were Executive Condominium (EC) projects. Several Outside Central Region (OCR) projects also experienced price dips this year.

Record-Breaking Resale Prices

Skyline @ Orchard Boulevard, a luxury condominium in the CCR, set a new benchmark psf price. A 3-bedroom unit on the 31st floor transacted at a record $5,371 psf on the resale market. The 3,767 sq ft unit was sold for $20.23 million.

This year, landmark developments in the Beach Road/Bugis precinct have also made waves in the resale market. For example, South Beach Residences recorded the sale of a 1,916 sq ft apartment on the 38th floor for $8.63 million ($4,504 psf).

The development serves as the luxury residential component of an integrated development, comprising 190 residential units spanning levels 23 to 45, perched atop the JW Marriott Hotel.

Nearby at Guoco Midtown, two developments also crossed the $4,000 psf mark. Midtown Modern transacted a 3,272 sq ft unit for $14 million ($4,278 psf), while a 474 sq ft unit at Midtown Bay changed hands for $1.97 million ($4,086 psf).

This marks a significant leap from the previous high of $5,011 psf set in 2012, when a 3,767 sq ft unit on the 27th floor was sold for $18.89 million as a new sale directly from the developer.

Completed in 2015, the 40-unit Skyline @ Orchard Boulevard offers two- to four-bedroom layouts ranging from 1,744 to 3,767 sq ft. The development is situated just a short stroll from the Orchard Road shopping belt.

Among condominiums along the stretch, Skyline @ Orchard Boulevard commands the highest average resale price at $5,371 psf. Across the road, Boulevard Vue boasts an average resale price of around $3,504 psf, outperforming neighbouring developments such as Twentyone Angullia Park ($3,297 psf), Paterson Linc ($2,365 psf), and Angullia Park Residences @ Orchard ($2,404 psf).

Sculptura Ardmore ranked second on the list of condominiums setting new psf highs. A 3,584 sq ft unit on the 23rd floor changed hands for $18 million ($5,022 psf). This was the unit's second resale transaction, having previously set a record in 2019 when it was sold for $16.8 million ($4,687 psf).

With limited resale activity over the years, tracking resale prices and transaction volumes in the ultra-luxury segment can be challenging. Although this 35-unit development was completed back in 2014, it has seen only five transactions to date.

Separately, prices at Nassim Park Residences are inching closer to the $5,000 psf threshold. Its current high of $4,785 psf came from a 4,284 sq ft unit sold for $20.5 million, closely followed by a 4,822 sq ft unit transacted at $22 million ($4,562 psf).

Resale units at Nassim Park Residences only recently crossed the $4,000 psf mark. Completed in 2011, this freehold luxury condominium comprises 100 units featuring four-bedroom layouts and penthouses ranging from 3,175 to 8,073 sq ft.