One Meyer hits new high of $2,934 psf

March 21, 2024

With the sub-sale of a 614 sq ft, two-bedroom unit on March 5, One Meyer topped the list of condos that reached a new psf-price high during the week of March 1 to 8. The 12th-floor unit fetched $1.8 million, which works out to $2,934 psf. The seller had bought the unit from the developer in March 2019 for $1.602 million ($2,611 psf). Thus, they made a gross gain of $198,000 on the transaction.

The unit’s psf-price is a mere dollar higher than One Meyer’s previous record of $2,933 psf set last December, when a 926 sq ft apartment was sub-sold for $2.72 million. The seller purchased the unit from the developer in June 2019 for $2.505 million ($2,706 psf). As such, they made a gross profit of $210,000.

One Meyer is a freehold condo located at the corner of Meyer Road and Meyer Place in District 15, close to the Katong Park MRT Station on the Thomson-East Coast Line. The boutique development has 66 units comprising two- and three-bedroom apartments, with sizes from 614 to 1,033 sq ft.

One Meyer received its temporary occupation permit (TOP) in April 2023. It has seen three sub-sales since then, including the unit sold on March 5. The apartments sold are considered sub-sales as the development has yet to receive its certificate of statutory completion.

D’Leedon also hit a new psf-price high during the period in review. This comes with the resale of a three-bedroom-plus-study unit spanning 1,399 sq ft for $3.65 million, or $2,608 psf, on March 8. The unit, located on the 30th floor, was acquired by the seller in July 2016 for $2.28 million ($1,629 psf). This means they raked in a gain of $1.37 million on the sale. This marks the first time a unit at D’Leedon has transacted above $2,600 psf, based on caveats lodged. The previous high for the development stood at $2,157 psf — a record established in July 2015 with the sale of a 635 sq ft unit for $1.37 million.

Situated in Leedon Heights in prime District 10, D’Leedon is a 99-year leasehold development which was completed in 2014. It sits on a sprawling site just off Farrer Road, and features seven 36-storey residential towers with a distinct curved facade that was designed by renowned architect Zaha Hadid. There are also 12 units of semi-detached houses.

There is a total of 1,703 apartments at the development, comprising one- to four-bedroom units between 592 and 2,465 sq ft. In addition, there are three-storey “garden homes” on the first floor between 3,735 and 6,534 psf, as well as penthouses between 2,885 and 6,534 sq ft. The semi-detached houses start from 5,500 sq ft.

Meanwhile, Kovan Jewel saw a new psf-price low for the week in review when a four-bedroom duplex penthouse measuring 2,153 sq ft was sold by the developer for $4.206 million, or $1,954 psf, on March 3. The previous low for the development stood at $2,035 psf, with the sale of a 1,346 sq ft unit for $2.74 million in February 2023.

Kovan Jewel is a boutique condo currently under construction along Kovan Road in District 19. The freehold development has 34 apartments housed in a five-storey block. Units include one-bedders of 624 sq ft, one-bedroom-plus-study units of 721 sq ft, and three-bedders between 1,076 and 1,345 sq ft. The condo has five penthouses: a two-bedroom penthouse of 1,238 sq ft, along with four-bedroom penthouses of 1,991 to 2,153 sq ft.

Caveats lodged show that eight units have been sold to date at Kovan Jewel since November 2022, at an average price of $2,081 psf. The condo is expected to achieve its TOP this year.

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