Paterson Residence Hits New High 2847 Psf
Record-Setting Sale at Paterson Residence
A premium four-bedroom apartment within the Paterson Residence has been sold for $4.72 million, marking a new record in price per square foot (psf) for the property. The 1,658 sq ft unit, located on the 14th floor, fetched $2,847 psf on November 21. This transaction surpasses all previous records at this prestigious District 9 condo, including a unit sold 15 years ago at $2,775 psf.
In comparison to new developments like Miltonia Close EC, which are attracting buyers with competitive pricing and modern amenities, older properties like Paterson Residence continue to command premium prices due to their prime location and established prestige.
Paterson Residence, completed in 2008, is composed of 110 units spread across a 20-storey tower and includes six strata-titled townhouses. The mix of housing types ranges from one to four-bedroom units and penthouses, to three-floor townhouses. Its proximity to Orchard Road and connectivity via Orchard and Great World MRT stations enhances its appeal as a desirable residential location.
Other Significant Transactions in the Vicinity
Apart from Paterson Residence, other developments also saw record transactions. Sky Eden@Bedok recorded a substantial sale with a two-bedroom unit fetching $1.79 million, or $2,598 psf. This marks the development’s highest psf price since its inception in September 2022.
On a contrasting note, The Continuum in District 15 witnessed a dip in its psf price, with a recent sale of a 560 sq ft single-bedroom unit at $1.38 million, or $2,465 psf. This sale sets a new low for the project, which is still under development and expected to complete by 2027.
Market Trends and Future Prospects
The real estate market continues to show a mix of upward and downward trends in terms of psf prices across different projects. Developments like Sky Eden@Bedok and Paterson Residence remain popular choices among buyers looking for properties in well-connected and strategically located areas. Meanwhile, upcoming projects such as The Continuum are also under close watch, as market dynamics continue to evolve, influencing both pricing and buyer interest.
Concluding Remarks
As the Singapore property market adapts to new economic conditions and buyer preferences, the fluctuating psf prices at high-profile developments like Paterson Residence indicate a complex interplay of factors including location, amenities, and the age of the property. These trends provide valuable insights for potential investors and homebuyers navigating the real estate landscape.