Yong Park Sets Record Psf Price High 2650 Psf

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A four-bedroom unit at Yong An Park has been sold at a record-breaking psf-price for the freehold condo, topping the list of condos with record prices during the week of Sept 23 to 30. The 3,434 sq ft unit on the 15th floor was sold on Sept 25 for $9.1 million, at a psf-price of $2,650. This surpasses the previous record of $2,505 psf, which was set in August last year. It is also the first time a resale unit at Yong An Park has crossed the $2,600 psf threshold.

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Not only is this the highest psf-price for a resale unit at Yong An Park, it is also the first resale unit to change hands above $2,600 psf. The previous record was set by a 3,434 sq ft unit on the 13th floor, which was sold for $8.6 million last August.

The most expensive unit to have been sold at Yong An Park is a 6,878 sq ft penthouse on the 25th floor, which was bought for $15 million ($2,181 psf) in February this year. The previous record was a 7,718 sq ft unit on the ground floor, which was sold for $14.1 million ($1,824 psf) in May last year.

Built in 1986, Yong An Park is a freehold condo with 288 units on River Valley Road in District 9. It offers one- to four-bedroom units ranging from 1,023 sq ft to 3,778 sq ft, three- to five-bedroom penthouses measuring 3,466 sq ft and 6,878 sq ft, as well as a collection of six-bedroom strata-titled townhouses.

The condo is situated next to River Valley Primary School and Great World MRT Station on the Thomson-East Coast Line, which is directly connected to Great World City shopping centre.

Several new projects have been launched in the vicinity recently, including Zyon Grand, a 706-unit integrated development by City Developments and Mitsui Fudosan, which previewed on Oct 8 with prices starting from $2,689 psf.

In the same area, Wing Tai launched River Green over the weekend of Aug 2–3, selling 460 of the 524 units over its opening sales weekend and setting an average price of $3,130 psf. Similarly, Allgreen Properties began sales of Promenade Peak on Aug 1. The 596-unit development sold 320 units (54%) and recorded an average price of $3,343 psf.

On Sept 29, a two-bedroom unit at The Makena was sold for $2.25 million ($2,431 psf). This sets a new psf-price high for the freehold condo, surpassing the previous record set by a 1,744 sq ft, three-bedroom unit on the 20th floor that was sold for $3.91 million ($2,242 psf) in March this year. The two transactions are the only ones to have been sold for more than $2,200 psf.

Completed in 1998, The Makena is a freehold condo with 504 units on Meyer Road in District 15. Prices at The Makena have been consistently increasing in recent years, rising steadily from around $1,570 psf in Oct 2020 to $2,050 psf this month, according to caveats compiled by EdgeProp Singapore.

Only one transaction during the week of Sept 23 to 30 set a record psf-price low. The sale of a two-bedroom unit at The Reef at King’s Dock for $1.47 million ($1,666 psf) on Sept 26 surpassed the previous record psf-price low of $1,995 psf, which was set in June this year when a 1,163 sq ft unit was sold for $2.32 million. These two transactions are the only ones to have been sold for less than $2,000 psf at The Reef.

The Reef at King’s Dock is one of four condos in Keppel Bay in District 4, alongside Reflections at Keppel Bay, Caribbean at Keppel Bay, and Corals at Keppel Bay.

The 429-unit Reef is the latest project to have launched in 2021, and it sold 280 units (65%) during its opening sales weekend, with prices starting from $2,330 psf. The condo was fully sold in September last year.

Prices at The Reef have been adjusting in recent months, dropping from about $2,600 psf in Dec 2020 to around $2,580 psf as of end-Sept, according to caveats compiled by EdgeProp Singapore.