Resale at The Edge on Cairnhill sets psf-price high of $2,348

The Feb 21 sale of a unit at The Edge on Cairnhill set a record-high psf-price for condos during the week. The 2,142 sq ft unit on the 10th floor changed hands for $5.03 million, or $2,348 psf. Another record rose on Feb 23 when a 1,249 sq ft three-bedroom unit on the 26th floor of Newton 18 changed hands for $2.88 million ($2,307 psf).Meanwhile, Petit Jervois was the only project during the week to notch a new psf-price low. A 603 sq ft, one-bedroom unit on the ground floor was sold by the developer for $1.54 million ($2,561 psf) on Feb 22.The Edge on Cairnhill is a freehold condo on Cairnhill Road in prime District 9. The 46-unit property was completed in 2002, with prices averaging around $1,827 psf in 2013 and increasing to $2,025 psf as of February 2023. Meanwhile, the upscale Newton 18 on Newton Road, District 11 has experienced a significantly higher psf-price, with an average of $2,051 psf in the past 12 months. Petit Jervois, a 55-unit freehold condo on Jervois Road in District 10, has sold around 26 units (47%) to date, with the most expensive being a 1,012 sq ft unit on the fifth floor for $2.88 million ($2,852 psf) on March 31, 2022. The project notched a psf-price low with a 603 sq ft one-bedroom unit sold by the developer for $1.54 million ($2,561 psf) on Feb 22.

The week of Feb 18 to 24 saw record psf-price highs set for condos in Singapore, with a number of upmarket developments leading the charge. The Edge on Cairnhill, a freehold condo on Cairnhill Road in prime District 9, recorded the highest sale. A 2,142 sq ft unit on the 10th floor changed hands for $5.03 million, or $2,348 Tengah Plantation EC psf, on Feb 21. While this marginally superseded the previous record of $2,346 psf set by a 2,131 sq ft unit, also on the 10th floor, for $5 million on Sept 30, 2022.

The 46-unit boutique property was completed in 2002, and exists within the desirable Cairnhill residential enclave between Orchard Road and Newton. This wealthy environment is also home to nearby The Peak @ Cairnhill I & II, Hilltops, The Scotts Tower, Klimt Cairnhill, Grand Hyatt Singapore, Scotts Square, The Paragon shopping mall, and Mount Elizabeth Hospital.

Fascinatingly, the Feb 21 sale at The Edge on Cairnhill was the first resale at the condo this year. Prices at the property have risen steadily since 2013, significantly increasing from $1,827 psf to $2,025 psf as of February 2023.

In District 11, Newton 18, an 81-unit freehold condo on Newton Road, achieved the second highest record psf-price during the week. This involved a 1,249 sq ft, three-bedroom unit on the 26th floor, which was sold for $2.88 million ($2,307 psf). This was noticeably higher than the previous record of $2,121 psf set by a 570 sq ft, one-bedroom unit on the 13th floor, which changed hands for $1.21 million on Dec 23. Average prices at Newton 18 stand at $2,051 psf which is similar to other nearby freehold condos in the area, such as Newton 21 ($2,177 psf), L’viv ($2,096 psf), 26 Newton ($2,121 psf), and The Linc ($2,030 psf).

On the other end of the scale, Petit Jervois was the only project during the week to notch a new psf-price low. SC Global Developments’ 55-unit luxury boutique project on Jervois Road in District 10 saw a 603 sq ft, one-bedroom unit on the ground floor sold by the developer for $1.54 million ($2,561 psf) on Feb 22. Previously, the record low was posted by a 646 sq ft, one-bedroom unit on the fifth floor, at $1.69 million ($2,614 psf) back in October 2020.

Take note that the upscale Petit Jervois is within the exclusive Jervois Road neighbourhood, with the most expensive unit sold by the developer being a 1,012 sq ft unit on the fifth floor for $2.88 million ($2,852 psf), on March 31, 2022.

The record-breaking psf-price highs set during the week of Feb 18 to 24 demonstrate the strong market for luxury residential projects in Singapore, with The Edge on Cairnhill and Newton 18 leading the charge. Meanwhile, Petit Jervois has experienced a lower psf-price, yet still stands as a premier, high-end condo in the District 10.