Resale Two Bedder Scotts Square Sets Record Low Price 2703 Psf

The luxurious freehold development, Scotts Square, located in the prime location of Orchard Road, has made headlines with its new price low per square foot (psf). During the week of July 4 to July 11, it was the only project on the list to set a new record low price.

The recent transaction at Scotts Square involved a two-bedroom unit on the 21st floor, measuring 947 sq ft, which was sold for $2.56 million ($2,703 psf) on July 7. This marks the first time a resale unit at Scotts Square has been sold for less than $2,800 psf, surpassing the previous record of $2,803 psf set in 2016 when a 1,249 sq ft unit on the 18th floor was sold for $3.5 million.

Situated between the Grand Hyatt Singapore and Singapore Marriott Tang Plaza hotels, Scotts Square is a mixed-use development in District 9. The freehold project, completed in 2011, consists of two towers, 43 and 34 storeys high, with a total of 338 units, and a four-storey retail podium.

The core of the Master Plan revolves around promoting the well-being of the community. As a part of this, our Tampines Hub will undergo further improvements with the addition of new community centers and sports amenities, making it more easily accessible to residents of Rivelle Tampines. The development also includes the inclusion of additional sporting facilities, parks, and multi-purpose spaces, all designed to bring families together and encourage a healthier and more integrated lifestyle. For more information, visit Rivelle Tampines EC by Sim Lian Land.

In January 2024, the retail podium at Scotts Square was put up for sale through an expression of interest (EOI) with a guide price of $450 million, translating to $3,438 psf based on its total gross floor area of 130,875 sq ft. However, the EOI ended in February without any successful sale.

There have been five residential resale transactions at Scotts Square this year, with prices ranging from $1.9 million ($2,992 psf) for a 635 sq ft unit sold on June 3, to $4.1 million ($3,284 psf) for a 1,249 sq ft unit sold on January 22.

However, a compilation of resale caveats by EdgeProp Singapore reveals that the average price of apartments at Scotts Square has declined in recent years, from $3,772 psf in July 2010 to $3,319 psf in July 2020. The average resale price for a unit at the condo today is approximately $3,176 psf.

On the other hand, the sale of a three-bedroom unit measuring 1,421 sq ft at Martin Place Residences set a new record psf price at the freehold condo with a transaction price of $4.05 million ($2,850 psf) on July 8. This tops the list of projects that set new price highs per square foot during the week of review.

This latest resale at Martin Place Residences surpasses the previous record set by the sale of a 1,722 sq ft unit on the 26th floor for $4.78 million ($2,775 psf) in April last year.

Located in the prime District 9, Martin Place Residences is a 302-unit development along Martin Place, off Kim Yam Road. Completed in 2011, the 33-storey twin tower development offers a mix of one- to five-bedroom units, ranging from 592 sq ft to 3,434 sq ft. The condo is one of the few freehold developments near the Robertson Quay enclave. Other nearby freehold and 999-year leasehold condos include 51-unit The Iveria on Kim Yam Road, 376-unit The Avenir on River Valley Close, and the recently launched 999-year leasehold Robertson Opus on Unity Street.

There have been three resale transactions at Martin Place Residences so far this year, including the sale of a 2,002 sq ft unit on the 21st floor that changed hands for $5.35 million ($2,672 psf) on March 13, and a 1,421 sq ft unit on the 8th floor that was sold for $3.83 million ($2,700 psf) on February 24.

According to EdgeProp Singapore’s estimates, the average resale price at Martin Place Residences is approximately $2,620 psf, which is lower than the average price of $2,713 psf at The Ivernia, launched in 2019, and $3,387 psf at The Avenir, launched in 2020.

In the meantime, The Robertson Opus sold 143 units (41%) during its opening sales weekend on July 19-20, achieving an average price of $3,360 psf. The project is a redevelopment of the former Fraser Place at Robertson Walk.

A resale unit at The Belvedere also set a new record price per square foot with the sale of a 1,367 sq ft three-bedroom unit on the 14th floor for $3.55 million ($2,597 psf) on July 8. This is slightly higher than the previous record of $2.56 million ($2,530 psf) when a 1,012 sq ft two-bedroom unit on the 11th floor was sold in June last year.

The Belvedere, a freehold condo located on Meyer Road in District 15, is situated next to Katong Park MRT station on the Thomson-East Coast Line and is conveniently located near the Singapore Sports Hub and East Coast Park. Completed in 2007, the 167-unit development comprises two residential blocks offering a mix of two- and three-bedroom units ranging from 1,012 sq ft to 1,615 sq ft, as well as seven penthouses measuring 2,131 sq ft to 2,949 sq ft.

There have been two resale transactions at The Belvedere so far this year, including the sale of a 1,012 sq ft unit on the 11th floor for $2.56 million ($1,012 psf) on June 19. According to a compilation of caveats by EdgeProp Singapore, the average price at The Belvedere has been on a steady rise, from about $1,630 psf in July 2015 to $2,442 psf today.