Mattar Residences Achieves New High 2400 Psf
The latest data from the Urban Redevelopment Authority (URA) showed that freehold condo Mattar Residences garnered the highest psf-price for the week of Oct 13 to 18. The development’s record-setting unit was a 657 sq ft, two-bedroom apartment on the fourth floor that sold for $1.58 million, or $2,400 psf, in a resale transaction on Oct 17. This marked the only caveat lodged for this unit.
This new psf-price high surpasses the previous record set on Sept 4, just over a month ago, when a two-bedroom unit of 710 sq ft on the second floor was sold for $1.67 million.
Located at Mattar Road, off Aljunied Road in District 14, Mattar Residences is a freehold boutique condo that is expected to be completed in 2023. The development comprises 25 units, ranging from one to four bedrooms and measuring between 495 sq ft to 893 sq ft. Its strategic location also provides easy access to Mattar MRT station on the Downtown Line. Additionally, the development is situated just across the street from St Margaret’s School (Primary) and within close proximity to Canossa Catholic Primary School.
According to URA caveats, there have been 17 transactions recorded at Mattar Residences this year, out of which 14 were resale deals while the remaining three were developer sales. The average price for the units sold this year was $2,237 psf.
Coming in second on the list of condos with new psf-price highs for the same period is Dukes Residence, another freehold development. The latest high of $2,397 psf was set by a 1,076 sq ft, three-bedroom unit that was sold for $2.58 million on Oct 16. Interestingly, the seller had originally purchased the same unit in a sub-sale transaction for $1.9 million ($1,765 psf) in July 2011. This means that the seller made a handsome profit of $680,000 from this sale.
This is the first time the psf-price for a unit at Dukes Residence has exceeded the $2,300 psf threshold. The previous record of $2,137 psf was achieved on Feb 8 earlier this year, after a 1,076 sq ft, three-bedroom unit on the second floor was sold.
The condo has only seen a total of three transactions this year, with the other two being a 1,076 sq ft, three-bedroom unit on the fifth floor that changed hands for $4 million ($1,644 psf) on Aug 15, and a 1,633 sq ft, three-bedroom unit on the fifth floor that was sold for $3.39 million ($2,079 psf) on Feb 8.
Located at Duke’s Road in Bukit Timah within prime District 10, Dukes Residence is a freehold boutique condo that was completed in 2011. It has a total of 42 two- and three-bedroom units, measuring between 926 sq ft to 2,433 sq ft. It is within walking distance of Nanyang Primary School and St. Margaret’s School (Secondary).
Another freehold condo in the same prime district – The Tessarina – also made it onto the list with a new record of $2,368 psf being set on Oct 15. This record was achieved after a 1,313 sq ft, three-bedroom unit on the third floor was sold for $3.11 million. The seller had originally purchased the unit for $2.28 million ($1,736 psf) in a resale transaction in Nov 2020. The difference between the selling price and the original purchase price means the seller made a profit of $830,000 from this transaction.
This new record is only marginally higher than the previous one set on Aug 2 this year when a 1,313 sq ft, three-bedroom unit on the fourth floor was sold for $3.1 million, or $2,361 psf. The seller had bought this unit for $2.1 million in Sept 2018 and sold it for a profit of $999,200.
Completed in 2003, The Tessarina is a popular freehold condo situated along Wilby Road in the Bukit Timah area. The development has a total of 443 units consisting of two- and three-bedroom units, measuring between 926 sq ft and 3,671 sq ft.
Located in a strategic location,
Based on URA caveats, there have been 10 transactions recorded at the condo so far this year, at an average price of $2,197 psf. This is a 4.62% increase over the average price of $2,100 psf recorded from 11 transactions last year.
No new psf-lows were recorded during the review period.