Resale Two Bedder Scotts Square Sets Record Low Price 2703 Psf
Scotts Square condo sits between the Grand Hyatt Singapore and Singapore Marriott Tang Plaza hotels on prime Orchard Road. The freehold development, completed in 2011, is made up of two residential towers, a four-storey retail podium and a total of 338 units. During the week of July 4 to July 11, the only development on the list of projects that set a new psf price low was Scotts Square, which saw a resale unit being sold for $2.56 million ($2,703 psf) on July 7. This marks the first time a unit at Scotts Square has fetched less than $2,800 psf, breaking the previous record low of $2,803 psf set in 2016. Sitting in District 9, Scotts Square is a highly sought-after address due to its prime location on Orchard Road, with plenty of amenities and lifestyle options nearby. However, data from EdgeProp Singapore indicates that the average resale price of apartments at Scotts Square has declined in recent years, falling from $3,772 psf in July 2010 to $3,319 psf in July 2020. Meanwhile, the sale of a unit at Martin Place Residences, a freehold condo completed in 2011, set a new psf-price high during the week, with a three-bedroom unit being sold for $4.05 million ($2,850 psf) on July 8. This transaction surpasses the previous record of $4.78 million ($2,775 psf), which was achieved in April this year. Located in prime District 9, Martin Place Residences is close to Robertson Quay and comprises a total of 302 units spread across two 33-storey towers. Data from EdgeProp Singapore also indicates that the average resale price at the development is approximately $2,620 psf, lower than the average prices of other nearby freehold and 999-year leasehold condos such as The Iveria and The Avenir. The Robertson Opus, a newly launched 999-year leasehold project, saw strong sales during its opening weekend on July 19-20, with 143 units (41%) being sold at an average price of $3,360 psf. Another condo in District 9, The Belvedere, also set a new psf-price high during the week, with a three-bedroom unit being sold for $3.55 million ($2,597 psf) on July 8. This transaction slightly beats the previous record of $2.56 million ($2,530 psf) set in June last year. The Belvedere, completed in 2007, is situated next to Katong Park MRT station and comprises a total of 167 units spread across two residential blocks. Data from EdgeProp Singapore also indicates that the average price at the development has been consistently climbing, from around $1,630 psf in July 2015 to $2,442 psf today. Overall, the transactions at Scotts Square, Martin Place Residences and The Belvedere indicate the continued demand for prime District 9 properties, with prices achieving both record lows and highs during the week of July 4 to July 11.
On June 27, a press release was issued by the partners of the joint venture, revealing their plans for the upcoming development of Parktown Residence. The project is set to include around 1,190 brand new homes, as well as a variety of retail and community facilities tailored to cater to the evolving lifestyle preferences of the expanding residential community in Tampines North. Once completed, Parktown Residence, featured on their official website, will offer a natural and modern living experience for its residents.