Key DetailsCommonwealth Towers topped the list of private non-landed properties to reach a new psf-price peak during the week of Dec 27 to Jan 3. The 99-year leasehold condo hit its new price high of $2,460 psf on Dec 27 when it recorded the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million.
In the week of Dec 27 to Jan 3, Commonwealth Towers emerged as the top private non-landed property to reach a new peak price per square foot (psf). The 99-year leasehold condo hit a new high of $2,460 psf on Dec 27 with the sale of a 904 sq ft, three-bedroom unit on the 40th floor for $2.22 million. This new record surpasses the previous high of $2,402 psf, set just three months earlier in September 2024 when a 689 sq ft, two-bedroom unit on the 42nd floor was sold for about $1.65 million.
Commonwealth Towers has been enjoying an upward trend in its average resale price for the past three years, with 53 transactions at an average psf-price of $1,971 in 2022, 51 transactions at an average price of $2,097 psf in 2023, and 37 transactions at an average price of $2,200 psf in 2024. This marks an 11.6% increase in average resale prices since 2022.
According to the latest resale transactions data, the most expensive unit at Commonwealth Towers to change hands was a 1,302 sq ft, four-bedroom unit on the 39th floor in November 2024, which sold for $2.96 million, or $2,273 psf.
Completed in 2017, Commonwealth Towers is a 99-year leasehold condo with about 87 years remaining on its tenure. The development, located along Commonwealth Avenue, comprises of two 43-storey residential blocks with 845 condo units ranging from one- to four-bedroom apartments measuring 441 sq ft to 1,302 sq ft.
Taking second place in the list of private residential projects to hit a new psf-price peak during this period is the freehold development Parq Bella. The project set a new high of $2,416 psf when a 1,076 sq ft, three-bedroom unit on the fourth floor was sold for about $2.6 million on Dec 31. This unit was also the first at the project to transact for more than $2,400 psf, surpassing the previous record of $2,385 psf set in August 2023 when a two-bedroom fourth-floor unit was sold for about $2.2 million.
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Parq Bella is a boutique freehold project located on Tembeling Road in District 15 with 20 apartments ranging from two to four bedrooms and floor plans spanning from 926 sq ft to 1,787 sq ft. The project is expected to be completed by December 2026.
The project has seen five new sale transactions last year at an average price of $2,347 psf. Since its launch in 3Q2023, Parq Bella has sold 19 of its 20 units (95%) at an average price of $2,244 psf based on caveats lodged as of Jan 14.
Klimt Cairnhill, a freehold luxury project, was the only private residential development to experience a new psf-price low during the period in review. The new psf-price floor came from the developer’s sale of an 829 sq ft, two-bedroom unit on the 24th floor for $2.55 million on Jan 3. This translates to $3,077 psf.
The two-bedroom unit is the final unit sold at Klimt Cairnhill, a 138-unit freehold development which achieved 100% sales at an average price of $3,665 psf based on caveats lodged. The project was previewed in August 2021 and officially launched in January 2023.
Located along Cairnhill Road in Prime District 9, Klimt Cairnhill has a mix of two- to four-bedroom apartments ranging from 829 sq ft to 2,368 sq ft. There are also two penthouses of 4,898 sq ft and 5,920 sq ft. The development is expected to obtain its Temporary Occupation Permit in April this year.