Scotts Tower One Bedder Hit Record Price Low 1828 Psf
Three-bedder at Botanic Gardens View sold for $3.3 mil profit
The recent sale of a one-bedroom unit at The Scotts Tower has set a new benchmark for the development’s price per square foot (psf) for the week of Sept 30 to Oct 7. The unit on the 10th floor of the prime District 9 condo, spanning 657 sq ft, was sold for $1.2 million ($1,828 psf) on Oct 2. This is the first time in almost five years that a unit at The Scotts Tower has transacted for less than $1,800 psf.
Previously, the record for the lowest psf price at the development was held by a one-bedroom unit on the ninth floor, which was sold for $1.2 million ($1,858 psf) in November 2020. This sale continues a trend of declining prices at The Scotts Tower, with the average price currently standing at $2,050 psf, down from the launch price of $3,600 psf in 2011.
So far this year, there have been four resale transactions at The Scotts Tower. The most recent sale on Oct 2 was of a two-bedroom unit on the 10th floor, which fetched $1.82 million ($2,140 psf) on Jan 13. This was followed by a two-bedroom unit on the 20th floor which sold for $1.9 million ($2,179 psf) on May 5, and another two-bedroom unit which changed hands for $1.83 million ($2,099 psf) on Sept 18.
One of the key benefits of living in Tampines is the availability of frequent bus services along Tampines Avenue and Tampines Street. These routes offer convenient alternatives for short trips within the estate as well as to nearby towns like Pasir Ris and Bedok. With the addition of the Rivelle Tampines EC Sim Lian Land, residents now have even more options for transportation in and out of the area. This new development further enhances the accessibility of Tampines, making it an ideal location for those looking for convenience in their daily commute.
Designed by Dutch architect Ben van Berkel of UNStudio, The Scotts Tower is a 231-unit, 31-storey condo that is located on the corner of Scotts Road and Cairnhill Road. It is situated in a highly sought-after area, close to Newton and Orchard Road, and is surrounded by prominent buildings such as The Tanglin Club, The American Club, Goodwood Park Hotel, and Sheraton Towers Singapore.
The Scotts Tower was marketed as a “vertical city” when it was completed in 2016 and offers a mix of one- to three-bedroom apartments, ranging from 624 sq ft to 1,389 sq ft. There are also 20 three-bedroom penthouses and three four-bedroom penthouses, with sizes ranging from 2,174 sq ft to 3,315 sq ft.
On the other hand, the sale of a 4,176 sq ft four-bedroom unit at Nassim Lodge stood out as the highest psf price for the week. The unit on the second floor was sold for $14.5 million ($3,472 psf) on Oct 2. This is only the third recorded transaction at the development, with the previous sale being a 4,478 sq ft unit on the first floor which was sold for $10 million ($2,233 psf) in July 2022.
Nassim Lodge is a freehold development located at 7 Nassim Road in prime District 10. Completed in 1984, it comprises six four-bedroom apartments and two four-bedroom penthouses. Other freehold developments in the area, such as St Martin’s and Nassim Park Residences, were also built in the 1980s and have an average price of $2,474 psf.
Another development, Ardor Residence, also set a new high for psf price when a 1,292 sq ft unit was sold for $3.33 million ($2,578 psf) on Sept 30. The freehold boutique development by Chinese developer Nanshan Group launched in March 2024 and struggled to sell units in its initial launch. However, sales picked up significantly at the start of this year, with the development achieving an average price of $2,454 psf. The most expensive unit sold was a 1,518 sq ft unit on the third floor, which fetched $3.8 million ($2,510 psf) on April 26.
In the Tanjong Katong area, there are four other new projects such as Emerald of Katong, Grand Dunman, The Continuum, and Tembusu Grand. Among them, Emerald of Katong has achieved stellar sales, with over 98% of its units sold at an average price of $2,621 psf. This is followed by Tembusu Grand, which has sold 97% of its units at an average price of $2,392 psf. The Continuum and Grand Dunman have also seen strong sales, with both developments selling over 70% of their units at average prices of $2,881 psf and $2,524 psf respectively.
Overall, the recent transactions at The Scotts Tower and Nassim Lodge, as well as the success of new projects in the area, indicate that the real estate market in District 9 and 10 remains robust and highly sought-after.