8M Residences Sets New Price High 2384 Psf
During the week of February 1 to 7, 8M Residences made headlines as it topped the list of private condos, achieving a new peak price per square foot (psf). The freehold development achieved an impressive $2,384 psf when a 646 sq ft two-bedroom unit on the 15th floor was sold for $1.54 million on February 3. This marks the first time that a unit at 8M Residences has been sold for over $2,300 psf.
This record-setting sale surpassed the previous peak of $2,261 psf, which was set in April 2023 when a similar two-bedroom unit on the 11th floor was sold for $1.46 million.
In addition, there was another transaction at 8M Residences during the same period that also broke the April 2023 record. On February 3, a 527 sq ft one-bedroom unit on the 11th floor was sold for $1.2 million, translating to a psf of $2,275.
When it comes to absolute price, the most expensive unit to be sold at 8M Residences was a 1,841 sq ft three-bedroom unit that was sold by the developers for $2.85 million ($1,548 psf) in October 2012.
Data from EdgeProp Singapore shows that resale prices at 8M Residences have been consistently on the rise in recent years. Based on a 12-month rolling average, the average price of units at the condo has increased by 7.3% over the last three years, from $2,028 psf in February 2022 to $2,177 in February 2025.
Located within walking distance of various amenities such as EtonHouse International Research Pre-School, Katong Swimming Complex, and Katong Park MRT Station, 8M Residences is a 20-storey residential tower with 68 units. The development offers a mix of one- to three-bedroom units ranging from 517 to 1,421 sq ft, as well as four penthouses spanning from 1,184 to 1,841 sq ft.
Another development that made waves in the private condo market is Kovan Jewel, a freehold condo located along Kovan Road in District 19. On February 7, a 1,076 sq ft three-bedroom unit on the second floor was sold by the developer for $2.41 million, setting a new high of $2,236 psf.
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This new record slightly exceeded the previous peak at Kovan Jewel, which was set in August last year when a similar three-bedroom unit on the fourth floor was sold for $2.4 million ($2,228 psf).
As of February 18, 17 out of the 34 units (50%) at Kovan Jewel have been sold at an average price of $2,111 psf based on caveats lodged. Last year, nine units were sold at an average price of $2,111 psf. The unit that was sold on February 7 is the first unit to be sold this year.
Completed last year, Kovan Jewel offers one- to three-bedroom units ranging from 624 to 1,345 sq ft, as well as four-bedroom penthouses spanning from 1,237 to 2,153 sq ft.
Finally, Oleanas Residence, a freehold condo located along Kim Yam Road in District 9, also made it to the list of private condos that achieved a new psf-price high. On February 3, a 1,141 sq ft three-bedroom unit on the sixth floor was sold for $2.52 million, setting a new record of $2,207 psf at the condo.
The previous highest transacted price at Oleanas Residence was $2,157 psf, from the sale of a 1,238 sq ft three-bedroom unit for $2.67 million in August 2022. The most expensive resale unit at the condo in terms of absolute price is a 1,636 sq ft three-bedroom unit that was sold for $3.3 million ($2,017 psf) in December 2022.
Completed in 1999, Oleanas Residence has recorded only four resale transactions in the last three years. These transactions ranged from $2.4 million ($2,103 psf) for a 1,141 sq ft three-bedroom unit in November 2023 to $3.3 million ($2,129 psf) for a 1,550 sq ft four-bedroom unit in April 2024.
Located within walking distance of two MRT Stations – Great World MRT Station on the Thomson-East Coast Line and Fort Canning MRT Station on the Downtown Line – Oleanas Residence is also in close proximity to various educational institutions, such as River Valley Primary School and Outram Secondary School.
In conclusion, these three developments have showcased strong performance in the private condo market, with consistent increases in psf prices and impressive record-breaking sales.