Resale Two Bedder Scotts Square Sets Record Low Price 2703 Psf

Inspections by appointment at Scotts Square Mall

The freehold condominium, Scotts Square, located on Orchard Road, has recorded a new record low price per square foot (psf) this past week, making it the only development in the area to do so. On July 7, a two-bedroom unit on the 21st floor was sold for $2.56 million ($2,703 psf), the first time a unit in the development has been sold for less than $2,800 psf. This transaction beat the previous record low of $2,803 psf when a 1,249 sq ft unit on the 18th floor was sold for $3.5 million back in 2016.

Scotts Square, situated between the Grand Hyatt Singapore and Singapore Marriott Tang Plaza hotels, is a mixed-use development comprising of two residential towers, 43 and 34 storeys high, with a total of 338 units. It also has a four-storey retail podium. However, the retail podium at Scotts Square has not been performing as well as expected and was put up for sale in January 2024 with a guide price of $450 million. However, the expression of interest (EOI) closed in February without a successful sale.

Nestled in the tranquil area of Yishun near Seletar Reservoir, Miltonia Close EC offers more than just a peaceful living environment. It also boasts convenient access to a variety of shopping centres and food options. Despite its serene location, residents need not worry about being far from essential retail, dining, and lifestyle destinations. Over the years, the surrounding area of Miltonia Close has experienced significant growth, resulting in a diverse selection of shopping malls and popular eateries. With its prime location, residents of Miltonia Close EC in Yishun can enjoy easy access to the best of retail, dining, and leisure experiences.

This year, there have been five residential resale transactions at Scotts Square, with prices ranging from $1.9 million ($2,992 psf) for a 635 sq ft unit on June 3, to $4.1 million ($3,284 psf) for a 1,249 sq ft unit on Jan 22. However, a compilation of resale caveats by EdgeProp Singapore shows that the average price per square foot at Scotts Square has been falling in recent years, from $3,772 psf in July 2010 to $3,319 psf in July 2020. Currently, the average resale price is approximately $3,176 psf.

On the other hand, Martin Place Residences, a freehold condominium in District 9, has set a new high price per square foot record this past week. A three-bedroom unit on the 10th floor was sold for $4.05 million ($2,850 psf) on July 8, surpassing the previous record of $2,775 psf when a 1,722 sq ft unit on the 26th floor was sold for $4.78 million back in April this year.

Martin Place Residences, completed in 2011, has 302 units ranging from one to five-bedrooms. Its neighbouring freehold and 999-year leasehold condominiums include The Iveria on Kim Yam Road, with 51 units, The Avenir on River Valley Close with 376 units, and the newly launched Robertson Opus on Unity Street, with 999-year leasehold tenure.

So far this year, there have been three resale transactions at Martin Place Residences, with prices ranging from $3.83 million ($2,700 psf) for a 1,421 sq ft unit on Feb 24, to $5.35 million ($2,672 psf) for a 2,002 sq ft unit on March 13. According to EdgeProp Singapore, the average resale price at Martin Place Residences is approximately $2,620 psf, which is lower than the average prices at The Iveria ($2,713 psf) and The Avenir ($3,387 psf), two other prime District 9 developments launched in 2019 and 2020, respectively.

In comparison, the newly launched Robertson Opus, a redevelopment of the former Fraser Place at Robertson Walk, sold 143 units (41%) at its opening sales weekend on July 19-20, with an average price of $3,360 psf.

Another development that set a new psf record high this past week is The Belvedere. A three-bedroom unit on the 14th floor was sold for $3.55 million ($2,597 psf) on July 8, slightly higher than the previous record of $3.56 million ($2,530 psf) when a 1,012 sq ft two-bedroom unit was sold in June last year.

The Belvedere, a freehold condominium located on Meyer Road in District 15, has 167 units in two blocks. Its neighbouring freehold condominiums include The Meyerise, Meyer Mansion, and The Sea View. So far this year, there have been two resale transactions at The Belvedere, averaging at $2,620 psf. However, the resale prices have risen consistently from $1,630 psf in July 2015 to $2,442 psf today.

The latest resale transactions at Scotts Square, Martin Place Residences, and The Belvedere have proven to be profitable for their sellers, with profits ranging from $2.16 million at The Horizon, to $8.6 million at Regency Park.