New psf-price high of $3,322 set at The M, now over 99% sold

November 10, 2023

Topping the list of projects that set a new psf-price high from Oct 16 to 24, The M saw the sale of a one-bedroom plus study unit at $3,322 psf. The 527 sq ft unit, on the 18th floor, was sold by developer Wing Tai Asia for $1.75 million on Oct 17. This beats the previous record price high at the project when a 592 sq ft two-bedder, on the 19th floor, was sold for $1.94 million ($3,277 psf) on Feb 23.

The M is Wing Tai’s 99-year leasehold residential project on Middle Road in District 7. The 522-unit project launched for sale in February 2020, on the cusp of the Covid-19 pandemic and Singapore’s “circuit breaker” shutdown in April 2020.

Despite the uncertain market environment during its initial sales phase, The M recorded relatively consistent sales momentum and is 99% sold to-date. According to URA caveats, the developer has moved 520 units.

The M is also the latest project reshaping the profile of the Bugis/Beach Road area. Other new developments in the vicinity include GuocoLand’s landmark integrated development Guoco Midtown, and the redevelopment of Shaw Tower. Other landmark buildings in the area include South Beach, Suntec City, Duo and Bugis Junction.

Based on caveats, The M has an average selling price of $2,974 psf. This is on a par with other new residential projects in the area, such as Midtown Modern ($3,016 psf) and Midtown Bay ($3,235), which are the two condos within Guoco Midtown.

The project that set the second highest psf-price high during the week is Amber Park, a freehold condo along Amber Gardens in District 15. A 463 sq ft, one-bedroom unit was sold in a sub-sale for $1.43 million ($3,085 psf) on Oct 24. According to URA caveats, this unit was first purchased from the developers, City Developments and Hong Realty, for $1.21 million ($2,622 psf) in May 2019.

The sub-sale marks the first time that a unit at Amber Park has transacted for more than $3,000 psf. Previously, the record price was $2,960 psf, when a 4,392 sq ft unit was sold for $13 million in August 2021.

There have been nine recorded sub-sale transactions at Amber Park to-date, ranging from one- to three-bedroom units. A 463 sq ft unit changed hands for $1.24 million ($2,679 psf) in May, while a 947 sq ft, three-bedroom unit was sold for $2.72 million ($2,872 psf) in June.

Amber Park is in the highly desirable Amber Road residential neighbourhood in East Coast. The development is next to the Chinese Swimming Club, and is close to Parkway Parade shopping mall. By the end of next year, Tanjong Katong and Marine Parade MRT Stations will be completed as part of the fourth phase of the Thomson-East Coast Line.

As the newest condo in the Amber Road neighbourhood, Amber Park commands the highest average price in the area at $2,581 psf, according to caveats tabulated by EdgeProp Singapore. It bests neighbouring condos like One Amber ($2,168), The Esta ($2,135) and Amber Residences ($2,030 psf).

The week in review saw one project set a record psf-price low. At Myra, a boutique freehold development along Meyappa Chettiar Road in Potong Pasir, an 872 sq ft unit on the 11th floor was sold for $1.4 million (1,600 psf) on Oct 16. URA caveats also show that a 1,324 sq ft unit, on the 12th floor, was sold on Oct 16, for $2.12 million ($1,600 psf).

These two transactions mark the only instances at Myra where units have been sold for less than $2,000 psf. Previously, the record low psf price at the condo was $2,016 psf, when a 700 sq ft unit, on the third floor, was sold by developer Oxley Holdings for $1.41 million in September 2020.

The sale of the two units on Oct 16 means that Myra is fully sold, slightly over three years since the project was initially launched for sale in September 2020. In terms of absolute price, the most expensive unit at Myra is a 1,313 sq ft, four-bedroom unit on the 12th floor, which was sold for $3.08 million (2,345 psf) in May.

The Myra is an 85-unit development that is close to Potong Pasir MRT station. It is close to The Poiz Centre, a mixed-use development beside the MRT station, as well as schools in St Andrew’s Village.

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