Midtown Bay has set a new high of $4,086 per square foot
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Guocoland’s 99-year leasehold condominium Midtown Bay has recorded a new price per square foot record of $4,086 per sq ft. The price was based on an auction of 4,74 sq one-bedroom apartment for $1.97 million on the 10th of September which beat a list of condos which saw record-breaking psf prices from Aug 29 to September 10.
The previous record for the Midtown Bay unit was achieved in January, when the two-bedroom unit sold for $2.9 million, which is $3,929 per square foot.
Based on caveats filed on caveats lodged, 121 of Midtown Bay’s 219 units have sold so far This is an average take-up that is 55%. The condo is comprised of one- and three-bedroom units.
Midtown Bay is located within the integrated construction Guoco Midtown along Beach Road. The mixed-use development comprises the 30-storey office tower and three retail clusters, an F&B village, and has access directly for the Bugis MRT interchange.
On the heels of Midtown Bay is 99-year leasehold condo The Landmark that recorded an all-time record of $2,894 psf in an auction of 495 square foot one-bedder unit for $1.4 million on September 3. The record was set that was set by six78 square feet of a two-bedroom apartment for $1.95 million, or $2,879 per square foot in May.
The project was developed through Landmark JV, a consortium comprised of ZACD Group, MCC Land as well as SSLE Development, The Landmark is situated along Chin Swee Road, which is located on Pearl’s Hill in District 3. The condo is comprised of a 39-storey tower that has 396 units.
In the month of November, when it was launched 2020 the condominium sold out in 92% of the 120 units sold. In the week ending September 21, The Landmark has sold 297 units, which is an occupancy rate at 75%. The condo is scheduled to be completed by 2025.
Condos with freehold The Regency located in Tiong Bahru ranked third in the list of condos that experienced record-setting psf prices during the review period. This comes after the sale of one of the three bedrooms in a 1,281 square foot property for $3.1 million or $2,411 per sq ft on September 7. The previous record was from the purchase of a two-bedder at $2.2 million, or $2,276 per square foot in March.
The owner of the unit that was sold on September 7 had bought the unit during August of 2009 at $1.4 million ($1,093 per sq. ft.). This is a gain in the amount of $1.7 million.
It is situated on Chay Yan Street in Bukit Merah, The Regency at Tiong Bahru was built in 2008 by UOL Group and was completed in the year 2010. The condo comprises 158 units, and is located within walking distance of Tiong Bahru, Redhill and Queenstown MRT Stations.
There were no new lows for the psf observed during the time period of the review.