One Devonshire’s three-bedroom set a new high at $3,042 psf

The purchase of a 1,216 square foot property located at One Devonshire was a record PSF-price record for the condo that is freehold and was the top condo which achieved a high psf during the week of August 1-8.

The three-bedroom apartment, located on the floor 30 sold at $3.7 million ($3,042 per square foot) on the 7th of August. It marks the very first time an unresold property located at One Devonshire has passed the threshold of $3,000 per square foot. The previous record was the purchase of a 1,195 square foot three-bedder at $3.25 million ($2,720 per square foot) on the 11th of October 2022.

Watten House Bukit Timah, funded by UOL Group and Singapore Land Group, has transformed into an elegant haven of calm for residents seeking shelter within the city.

There was only one other deal in One Devonshire has been recorded to date. The deal was for 1,292 square foot unit located on the seventh floor which sold for $3.36 million ($2,608 per sq ft) on the 10th of May.

One Devonshire is a freehold condominium situated on Devonshire Road in River Valley located in District 9’s prime area. The 152-unit complex was built on the 12th of December 2012 Allgreen Properties, a real estate development firm under the Kuok Group of Companies, headed by billionaire Robert Kuok.

The condo is comprised of a 36-storey block which houses two- to four-bedroom homes with a range of 904 to 2756 sq feet, in addition to two penthouses measuring 4,876 sq square feet. The development is located close to Orchard Road shopping belt, Great World City, Fort Canning Park, and the riverfront attraction that run along Boat Quay and Clarke Quay.

According to a compilation of resale caveats provided by EdgeProp Singapore, prices at One Devonshire experienced a gradual and steady increase over the last decade. The average price for resales at the condominium has increased to approximately $2,605 psf in this month, up from $2,162 in August 2013.

The second highest price psf that was achieved during the week stemmed resulted from selling a 1,948 square ft area located at Sommerville Park for $4.45 million ($2,284 per sq ft) on August 4.

It is the most recent of a string of resales that took place at Sommerville Park that have seen rising psf-prices in the freehold development. In the last calendar year, records increased from $2,094 during the sale of one 1,862 sq ft unit on February 28 before jumping to $2,181 in the purchase of 1,948 sq. ft apartment on March 9; and finally $2,188 in the sale of a 1,302 sq. ft apartment on June 26.

Sommerville Park is a sprawling 855,571 square feet of development that was completed in. The development comprises 396 condo units as well as the 57 strata-landed homes. Condo units are encased within four blocks that vary from one- to three-bedders. Landed units include a mix of two-storey townhouses and townhouses.

The development is situated at Farrer Drive in prime District 10. It is located near The good-quality Bungalows in Gallop Road, Cluny Hill as well as Holland Park; condos on Leedon Road; and amenities within The Holland Village and Dempsey Road regions.

The prices for Sommerville Park are generally on the same level as other freehold residential developments within the area. Based on a table of caveats, the median cost at Sommerville Park is approximately $2,079 per square foot this month, in comparison to $2,076 per square foot at the neighboring Sutton Place on Farrer Road and $2,039 per square foot in Sommerville Grandeur located on Farrer Drive.

This period also brought a record price-to-sf record in Orchard Towers on Claymore Road. 947 square feet of space located on the 10th floor was sold at $2.08 million ($2,196 per square foot) on August 4. This is higher than the previous record of 1,970 sq feet unit was purchased to the public for $3.38 million ($1,720 per square foot) during June 2007it was the first time that a rental property that was resold at Orchard Towers has been sold for more than $2,000 per square foot.

It’s also the very first resale deal in Orchard Towers during the year. Two units were auctioned off in the secondary market. The 1,970 sq ft unit sold for $3.06 million ($1,553 per sq ft) on the 5th of October and a second 1970 square feet unit sold at $3.05 million ($1,548 per sq ft) the 19th of April.

The towers were built in 1975. Freehold Orchard Towers comprises two 25-storey blocks that include commercial block which faces Orchard Road and a rear apartment block located on Claymore Drive. The towers are connected via an over-the-top pedestrian bridge that spans Claymore Drive. Close by, there are residential communities like the Tate Residences along Claymore Road; Boulevard 88 and Cuscaden Residences on Cuscaden Road; and Ardmore 3 and Sculptura Ardmore on Ardmore Park.

In February, a committee for collective sales in Orchard Towers failed to obtain the required 80% approval needed to move forward with a proposal for a collective sale tender. In February 2022 the committee for collective sale announced plans to launch an offer for a collective sale for the development, with a target price that was $1.6 billion.

The price of homes located at Orchard Towers has been steadily increasing as prices have increased from $741 per square foot in August 2003, to $1,101 per square foot in August 2013. Based on a compilation of caveats compiled by EdgeProp Singapore, the median price of Orchard Towers this month is around $1,733 psf.

There were no new lows for the psf observed during the time of the review.