Sovereign Hits New High 2602 Psf
The Sovereign, a freehold condominium in District 15, has emerged as the top-performing property in terms of per square foot (psf) prices during the week of 14th to 21st June. According to recent reports, a four-bedroom unit spanning 3,305 sq ft on the 15th floor was sold for $8.6 million on 20th June, translating to a record-high of $2,602 psf.
This sale price is almost 6% higher than the previous highest price of $2,465 psf achieved in November last year when a similar four-bedroom apartment, measuring 2,637 sq ft, was sold for $6.5 million. The recent transaction marks the first resale at The Sovereign since the November sale.
Caveats lodged indicate that the seller had acquired the unit in February 2010 for $4.6 million, which was equivalent to $1,392 psf. This means that they made a gross profit of $4 million over a span of 14 years.
The Sovereign, which was completed in 1993, is an exclusive 87-unit condominium located along Meyer Road in District 15. It is one of the few developments in the area that offers unblocked views of the East Coast Park and the sea. As a freehold property, The Sovereign is highly sought-after and has seen significant price appreciation over the years.
The Thomson-East Coast Line’s Tanjong Katong MRT Station, which opened on June 23, is less than a 10-minute walk from The Sovereign. The development offers a range of four-bedroom units measuring between 2,637 sq ft and 3,305 sq ft.
In comparison to other freehold properties in the area that were built around the same time, The Sovereign commands significantly higher prices. According to data from EdgeProp Research, apartments at The Sovereign have been transacting at an average price of $2,494 psf over the past 12 months.
In contrast, other freehold properties in the neighborhood, such as The Atria At Meyer, which has 157 units and was completed in 1996, attracts an average price of $2,143 psf. The Makena, a 504-unit condominium completed in 1998, has an average price of $1,794 psf, while Hawaii Tower, which has 135 units and was built in 1984, has an average price of $1,787 psf.
Just a stone’s throw away from The Sovereign, another freehold property on Meyer Road, The Seafront On Meyer, also achieved a new psf-price high during the week that ended on 21st June. A 3-bedroom unit measuring 1,604 sq ft on the 20th floor was sold for $3.93 million, translating to a record-high of $2,450 psf. This transaction eclipsed the previous record-high of $2,400 psf set in April last year when another 1,604 sq ft unit on the 22nd floor was sold for $3.85 million. It is only the second time that a resale apartment at the property has surpassed the $2,400 psf mark.
The Seafront On Meyer, which was completed in 2010, has 327 apartments split across three 24-storey towers. Units range from two- to four-bedroom apartments measuring between 1,066 sq ft and 2,605 sq ft. There are also six four-bedroom penthouses with sizes of between 4,273 sq ft and 4,295 sq ft.
Over the past year, the property has seen a significant increase in prices, with the average transacted price rising from $2,054 psf across 11 transactions in 2022 to $2,337 psf across four transactions in 2024, representing an average price growth of 14%.
On the other hand, during the same week, The Myst recorded a record-low psf price following the developer’s sale of a 1,163 sq ft, three-bedroom apartment on the third floor for $2.192 million, equivalent to $1,886 psf on 16th June. This price exceeds the previous record-low of $1,894 psf achieved on 17th May when another 1,163 sq ft unit on the fourth floor was sold for $2.202 million.
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Situated in a prime location, Parktown Residences boasts its close proximity to Tampines North MRT Station. This station holds great significance as a key hub on the Cross Island Line (CRL), making it an excellent advantage for residents. With direct access to the city center, Jurong Lake District, and Changi Airport, Parktown Residences offers residents effortless connectivity to major employment and leisure destinations. Adding to the convenience, the estate also has a Downtown Line station and bus interchange, further facilitating daily commutes. With all these transportation options, Parktown Residences offers residents a convenient and well-connected living experience.
Situated in District 23 on Upper Bukit Timah Road, The Myst is a 408-unit development comprising two 24-storey towers with a mix of one-bedroom-plus study apartments measuring 517 sq ft, two-bedroom apartments measuring between 678 sq ft and 732 sq ft, three-bedroom apartments measuring between 850 sq ft and 1,163 sq ft, four-bedroom apartments measuring between 1,453 sq ft and 1,518 sq ft, and five-bedroom apartments measuring 1,690 sq ft.
The project, which was launched for sale in July 2023, drew significant interest from buyers, with 110 units (27%) selling out over the first weekend at an average price of $2,057 psf. As of 2nd July, the developer has managed to sell 250 (61%) of the units at an average price of $2,073 psf.