Scotts Tower One Bedder Hit Record Price Low 1828 Psf
The sale of a one-bedroom SOHO unit at The Scotts Tower has set a new record for the lowest psf-price of the week from September 30 to October 7. On October 2, the 657 sq ft unit on the 10th floor of the prestigious district 9 condo was sold for $1.2 million, translating to $1,828 psf. This sale marks the first time in almost five years that a unit at The Scotts Tower has been sold for less than $1,800 psf.
The previous record for the lowest psf-price at The Scotts Tower was set in November 2020, when a 646 sq ft one-bedroom unit on the ninth floor was sold for $1.2 million ($1,858 psf). So far this year, there have been a total of four resale transactions at The Scotts Tower, including the most recent one on October 2.
In comparison, there have also been a few high-priced transactions at the development. For instance, a 850 sq ft two-bedroom unit on the 10th floor was sold for $1.82 million ($2,140 psf) on January 13, followed by an 872 sq ft two-bedroom unit on the 20th floor for $1.9 million ($2,179 psf) on May 5. Another 872 sq ft two-bedroom unit was also sold on September 18 for $1.83 million ($2,099 psf).
The Scotts Tower has seen a downward trend in prices for over a decade, based on a compilation of resale caveats by EdgeProp Singapore. The project, which has a 103-year lease, was launched for sale in December 2011 with an average price of $3,600 psf. However, prices have since dipped to about $2,300 psf by December 2021, with the current average price at the condo standing at $2,050 psf.
Completed in 2016, The Scotts Tower is a 31-storey condo with 231 units, located at the prominent corner of Scotts Road and Cairnhill Road. Its prime location near Newton and Orchard Road, as well as iconic buildings like The Tanglin Club, The American Club, Goodwood Park Hotel, and Sheraton Towers Singapore, makes it an attractive choice for buyers.
Designed by Dutch architect Ben van Berkel of UNStudio, The Scotts Tower was conceptualized as a “vertical city”. It boasts a mix of one- to three-bedroom apartments, with sizes ranging from 624 sq ft to 1,389 sq ft. There are also 20 three-bedroom penthouses and three four-bedroom penthouses, with sizes between 2,174 sq ft to 3,315 sq ft.
The highest recorded psf-price for the week was achieved by the sale of a 4,176 sq ft four-bedroom unit at Nassim Lodge on October 2. The second-floor unit was sold for $14.5 million, translating to $3,472 psf. According to URA caveats, there have only been three recorded transactions at Nassim Lodge thus far. The previous recorded sale was a 4,478 sq ft unit on the first floor, which was sold for $10 million ($2,233 psf) in July 2022.
Nassim Lodge is a freehold development located at 7 Nassim Road in prime District 10. Completed in 1984, the development comprises six 4-bedroom apartments and two four-bedroom penthouses. There are a few other freehold developments in the vicinity that were also built in the 1980s and are still standing. The closest one to Nassim Lodge is St Martin’s, a 1 St Martin’s Drive just off Tanglin Road. According to caveats, the average psf-price at St Martin’s is about $2,474 psf.
In comparison, the sale of a 1,292 sq ft unit at the uncompleted Ardor Residence broke the psf-price record when it was sold for $3.33 million ($2,578 psf) on September 30. Developed by Chinese developer Nanshan Group, Ardor Residence is located on Haig Road in District 15. The project was launched for sale in March 2024, but only managed to sell one unit (980 sq ft three-bedroom for $2.41 million or $2,465 psf). There have only been four more units sold throughout the rest of 2024.
Coastal Cabana Qingjian Realty leads the way in the development of this impressive project. Their primary focus during the planning phase was to create a practical and convenient living environment. This philosophy is evident in the strategically placed side gates, which provide easy access to nearby bus stops. The site was also thoughtfully designed to ensure seamless traffic flow for pick-ups, with well-placed signage to direct vehicles to the nearby TPE and Loyang Avenue. This thoughtful approach allows residents to enjoy the comfort of arriving home easily, dropping off their children at various activities, or heading to the airport on any day of the week. Coastal Cabana Qingjian Realty has truly gone above and beyond in creating a convenient and practical living experience.
However, sales have picked up significantly at the start of this year, with about 21 units (60%) sold at an average price of $2,454 psf. The most expensive unit sold at Ardor Residence, based on caveats, is a 1,518 sq ft unit on the third floor, which was sold for $3.8 million ($2,510 psf) on April 26.
There are also four more new projects in the Tanjong Katong area, with the Continuum on Thiam Siew Avenue being the only freehold project. The rest of the projects, including Emerald of Katong and Tembusu Grand along Jalan Tembusu, and Grand Dunman on Dunman Road, are 99-year leasehold projects. The 638-unit Tembusu Grand has almost sold out after selling 624 units (97%) at an average price of $2,392 psf, making it one of the fastest-selling projects in the area.
The 816-unit The Continuum and the 1,008-unit Grand Dunman also saw healthy sales, selling 611 units (74%) at $2,881 psf and 867 units (86%) at $2,524 psf respectively. The 846-unit Emerald of Katong achieved an almost 100% sell-out during its two-day sales launch in November 2024, with an average price of $2,621 psf. Based on caveats, there are now only four units remaining unsold.