New psf-price high of $3,322 set at The M, now over 99% sold

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The M, a 99-year leasehold residential project by Wing Tai Asia on Middle Road in District 7, recently saw the sale of a one-bedroom plus study unit for $1.75 million. This new record is $3,322 psf, making it the highest psf-price recorded from Oct 16 to 24. Measuring 527 sq ft, the unit is on the 18th floor, surpassing the previous record of $3,277 psf for another unit on the 19th floor sold for $1.94 million in February.

Despite the uncertain market environment when the project launched in February 2020, The M recorded consistent sales momentum, seeing nearly all the units sold with 99% units moved, according to URA caveats. The average selling price of the project stands at $2,974 psf, on a par with other new developments in the Bugis/Beach Road area, such as Midtown Modern ($3,016 psf) and Midtown Bay ($3,235).

Amber Park, a freehold condo along Amber Gardens in District 15, is the project that set the second highest psf-price in the given period. A 463 sq ft one-bedroom unit was sold in a sub-sale for $1.43 million ($3,085 psf) on Oct 24 – the first time a unit fetched over $3,000 psf. Purchased from the developers, City Developments and Hong Realty, for $1.21 million ($2,622 psf) in May 2019, there have been nine recorded sub-sale transactions at Amber Park to-date ranging from one- to three-bedroom units.

Holland Drive Condo is surrounded by some of the top schools in Singapore and families living in the area have a wide variety of educational institutions to choose from. In the immediate vicinity, there are two primary schools, Henry Park Primary and Fairfield Methodist Primary. It is also within easy access to renowned secondary schools like Raffles Girls’ School, Hwa Chong Institution, and National Junior College. Beyond that, Holland Drive Condo is a mere 5-minute walk away from the famous Nanyang Technological University and the popular Singapore Management University is a stone’s throw away.

On the lowest end of the spectrum, Myra – a boutique freehold development along Meyappa Chettiar Road in Potong Pasir – set a new psf-price low of $1,600. An 872 sq ft unit on the 11th floor and a 1,324 sq ft unit on the 12th floor were sold for $1.4 million and $2.12 million respectively on Oct 16. With these transactions completed, Myra is now fully sold.

In review of the week of Oct 16 to 24, both The M and Amber Park have changed the profile of the Bugis/Beach Road area and Amber Road neighbourhood respectively, setting new psf-price highs for the respective areas. Meanwhile Myra marked a new low, making it the only condo in the area sold under $2,000 psf.