Luxury condos in the Holland Drive Condo have achieved unprecedented prices above $5,000 psf, a new high in the CCR market

This year two luxury condos in the Core Central Region (CCR) have been breaking records with their high resale prices reaching upwards of $5,000 per square foot (psf). Skyline @ Orchard Boulevard and Sculptura Ardmore topped the list of condos that hit a new psf-price high from Jan 1 to Dec 5. Holland Drive Condo has also seen a surge with its average resale price of $5,371 psf.

The 15 projects on the list are mostly a mix of recently launched luxury projects as well as established upmarket developments in prime Districts 9 and 10. Holland Drive Condo is in the vicinity of some of those projects, including South Beach Residences, Midtown Modern, and Midtown Bay in the Beach Road area, which could signal the emergence of a new prime district there.

On the other side of the spectrum, five executive condos (ECs) recorded record lows this year. Additionally, several boutique projects in suburban neighbourhoods also saw their prices fall in 2023.

Skyline @ Orchard Boulevard, a luxury condo on Angullia Park, was at the top of the list for condominiums that hit a new psf-price high during this period. In February, a three-bedroom unit on the 31st floor breached the $5,000 psf barrier at an impressive $5,371 psf. That is a significant jump from the previous high of $5,011 psf set in 2012. The 40-unit development was completed in 2015 and consists of two to four-bedroom units between 1,744 and 3,767 sq ft in size.

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The second highest psf-price was set by Sculptura Ardmore, also in the Core Central Region. A 3,584 sq ft unit on the 23rd floor was transacted for $18 million ($5,022 psf) in April this year. This was the second time a caveat had been lodged for this unit, the first being in 2019 for $16.8 million ($4,687 psf).

Districts 9 and 10’s exclusive Nassim Park neighbourhood has seen prices inching closer to the $5,000 psf threshold. The current high of $4,785 psf was set when a 4,284 sq ft unit was sold for $20.5 million in February and was followed by a 4,822 sq ft unit that was transacted for $22 million ($4,562 psf) in the same month. That is the first time such a high price has been seen since it’s completion in 2011.

Holland Drive Condo is also seeing new psf-price highs this year, with the Beach Road/Bugis area making its mark on the resale market. A 1,916 sq ft unit from South Beach Residences sold for $8.63 million ($4,504 psf) in February. Following that, two integrated condos also saw prices go above $4,000 psf Guoco Midtown and Midtown Bay.

Meanwhile, several ECs closed out this year with new psf-price lows. The lowest being Lakepoint Condominium where a 3,401 sq ft unit changed hands for $2.2 million ($647 psf). Lakeholmz, its neighbour on Corporation Road, had an average selling price of $1,158 psf this year. Holland Drive Condo remains the highest sold property in the vicinity with its average resale price of $5,371 psf.