Four Bedder Jadescape Charts New High 2420 Psf

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in 2H2021 #1 The Highest Price Achieved for Jadescape in Five YearsJadescape, located at the junction of Marymount Road and Shunfu Road in Bishan, has been making waves in the property market. Topping the charts as the most expensive condo to be sold between Sept 28 and Oct 3, Jadescape surpassed its previous record to reach a new high of $2,420 psf. This record was set by the sale of a 1,421 sq ft four-bedroom unit on the 21st floor, which sold for a whopping $3.44 million on Sept 30.This is a significant milestone for the development, marking the first time that a unit in Jadescape has crossed the $2,400 psf mark. The seller had initially purchased the unit from the developer for $2.63 million, or $1,853 psf, making a net profit of $805,000 on the sale. This is a testament to the promising investment potential of Jadescape, which has been a hot favourite among homebuyers and investors alike.Jadescape, a 99-year leasehold development, is set to be completed in 2022. It consists of seven residential towers and a total of 1,206 units, ranging from one- to five-bedroom apartments between 527 sq ft to 4,230 sq ft. The prime location of the condo has been a key selling point, with its proximity to Marymount MRT Station on the Circle Line. The high volume of transactions at Jadescape, with a total of 64 resale transactions to date this year, is a testament to the desirability of the development.#2 Goldenhill Park Condominium Sets New Record with $2,246 psfGoldenhill Park Condominium, located on Mei Hwan Drive in District 20, came in second on the list of condos with new psf-price highs. The development saw a new record of $2,246 psf from the sale of a 1,313 sq ft three-bedroom unit on the 17th floor for $2.95 million on Oct 2.The seller had acquired the unit in a resale transaction for $1.60 million in March 2011, earning a net profit of $1.35 million on the sale. This is the first time that the condo has surpassed the $2,200 psf mark, setting a new record for the development. It also beat its previous record of $2,158 psf, which was achieved on July 18 when a 1,335 sq ft three-bedroom unit on the 15th floor sold for $2.88 million.The 390-unit condo, which was completed in 2004, is popular among homebuyers due to its freehold status. Its range of two- to four-bedroom apartments, occupying between 926 sq ft and 2,928 sq ft, appeals to a diverse pool of buyers. The condo is also conveniently located close to Lorong Chuan MRT Station on the Circle Line, making it a highly sought-after development in the district. Goldenhill Park Condominium has seen four transactions this year at an average price of $2,159 psf.#3 Loft@Holland Records New Low of $1,417 psfLoft@Holland, a freehold condominium, registered the only psf-price low among the condos in the list. The development saw a new low of $1,417 psf with the sale of a 980 sq ft one-bedroom unit on the fifth floor for $1.39 million on Oct 3. This marks the first time the development has dipped below $1,400 psf, beating its previous low of $1,630 psf, which was recorded in February 2011, when a 1,141 sq ft one-bedroom unit on the fifth floor was sold from the developer for $1.86 million.Loft@Holland is a boutique development located on 151 Holland Road in District 10. Completed in 2014, it houses 41 units in a single residential block of five storeys. The majority of the units are one-bedroom apartments, with sizes ranging from 323 sq ft to 484 sq ft. Additionally, the development also features larger one-bedroom-plus-study penthouses, with sizes of 1,044 sq ft to 1,141 sq ft.Convenience is a significant draw for homebuyers at Loft@Holland, which is within short walking distance to Holland Village MRT Station on the Circle Line. The condo’s prime location also provides easy access to a wide variety of retail options, including the One Holland Village shopping mall, Holland Road Shopping Centre, Raffles V medical and retail development, as well as the shops at Chip Bee Gardens.#4 Analysis on Overall Performance of CondosThe recent property market has seen a series of impressive records being set by various condominiums, signifying the resilience and attractiveness of the residential property sector. For instance, the overall highest price achieved for a condo this year was recorded at Cairnhill Residences, which attained a record psf-price of $2,693 psf. The 3-bedroom unit, located on the 11th floor, was sold for $6.76 million on Sept 30. This translated to a net profit of $1.22 million for the seller, who had purchased the unit for $5.54 million in April 2010. Cairnhill Residences is a freehold condo located on Cairnhill Road, and was completed in 2004. It comprises 220 units, and is within walking distance to Newton MRT Station on the North-South and Downtown lines.Another noteworthy condo is the recently launched Penrose, which sold 60% or 341 of its 566 units over its launch weekend. The development, which is located on Sims Drive in District 14, is a joint venture between Hong Leong Group and City Developments Limited. It has a leasehold tenure of 99 years and will be completed in 2025. The selling price for units ranged from $796,000 for a one-bedroom unit to $1.89 million for a four-bedroom premium unit. Based on the average price of $1,700 psf, Penrose was the best-selling suburban project in 2020, surpassing the sales of Piermont Grand in Punggol by City Developments Limited and TID Pte Ltd.#5 Outlook for the Property MarketThe recent impressive performance of condos in various districts is a good indication of the market’s strong demand and recovery in light of the current pandemic. Industry experts remain optimistic that the property market outlook remains promising for the rest of 2020. With low interest rates and a slew of residential properties being launched in recent months, more investors are expected to take advantage of the current market conditions.Looking ahead, another key factor that will shape the property market will be the impact of the new HDB policy changes announced on Aug 10. The new policies are intended to enable more HDB owners to monetise their properties while creating a level-playing field for all Singaporeans. Consequently, we may see an increase in HDB upgraders in the market, which will likely result in higher demand for private properties.Also, with the recent increase in the stamp duty for residential properties, we may experience a rush in transactions in the coming months, as buyers try to complete their purchases before the new regulations take effect. This may result in an increase in the number of property transactions in the short term.