Jadescape hit new high of $2,286psf
Jadescape recently achieved a remarkable milestone by setting a new high in the per square foot (psf) price category for Singapore properties. This achievement, which occurred between December 15 to 26, 2023, has garnered significant attention in the real estate market.
During this period, a spacious four-bedroom unit spanning 1,421 square feet was sold for an impressive $3.25 million, translating to a remarkable $2,286 psf. This achievement has surpassed the previous record of $2,283 psf, which was established when a two-bedroom unit sold for $1.75 million in August 2023.
What makes this accomplishment even more noteworthy is that this 4 four-bedroom unit had originally purchased it from the developer in September 2020 for $2.48 million, at a rate of $1,747 psf. This means that the seller was able to pocket a substantial profit of approximately $770,000 from the sale.
Throughout the past year, Jadescape witnessed a total of 60 transactions, with 13 of them being resales and the remaining 47 classified as sub-sales. This speaks to the enduring appeal and demand for this 99-year leasehold condominium, strategically located at the junction of Marymount Road and Shunfu Road in Bishan, District 20.
The development, which consists of 1,206 units spread across seven residential towers, was completed in 2022. It offers a diverse range of apartment options, from one to five-bedroom units, with sizes ranging from 527 sq ft to 2,099 sq ft.
Interestingly, Jadescape’s success story is further underscored by the fact that the developer had fully sold all its units by September 2022, merely four years after its initial launch in September 2018. Its location near MacRitchie Reservoir Park and accessibility via the Marymount and Upper Thomson MRT Stations add to its allure.
Taking second place in the list of properties achieving new psf-price highs during the same period is the 99-year leasehold condominium, Sky Vue. Here, a 1,141 sq ft three-bedroom unit was sold for an impressive $2.5 million, equating to $2,191 psf. This new high surpasses the previous record set on December 1, 2023, when a similar-sized unit was sold for $2.48 million, at a rate of $2,174 psf.
The transaction on December 18, 2023, marked the 33rd out of 34 sales at Sky Vue throughout the year. The seller of this particular unit originally purchased it from the developer in April 2016 for $1.73 million, which translated to $1,516 psf. As a result of this sale, the seller enjoyed a substantial profit of $769,800.
Sky Vue, situated on Bishan Street 15 in District 20, was completed in 2016 and offers a variety of units, ranging from one-bedroom units with a size of 484 sq ft to four-bedroom units spanning 2,282 sq ft.
In a slightly different scenario, Cliveden At Grange, located in prime District 10’s River Valley area, experienced a new psf-price low during the same period. This occurred when a four-bedroom unit measuring 2,842 sq ft was sold for $5.05 million, equating to $1,777 psf on December 19.
Interestingly, the seller of this unit had initially purchased it from the developer in November 2007 for approximately $12.05 million, or $4,242 psf, resulting in a substantial loss of $7 million. This transaction marked the most unprofitable one during the period under review.
This contrasts sharply with the previous psf-price low at Cliveden At Grange, which occurred in October 2016 when a three-bedroom apartment measuring 2,153 sq ft was sold for $4.5 million, at a rate of $2,090 psf. In this case, the seller had purchased the unit from the developer in July 2007 for $7.07 million, or $3,286 psf, leading to a loss of $2.57 million.
Despite this, Cliveden At Grange remains a freehold condominium of distinction, consisting of 110 units spanning three to five bedrooms, with sizes ranging from 2,153 sq ft to 6,028 sq ft. Its prime location near other luxury condos and the renowned Orchard Road shopping district adds to its appeal.
