8M Residences has recently made headlines for topping the list of private condos to hit a new psf-price peak in the week of Feb 1 to 7. The freehold development achieved a new high of $2,384 psf when a two-bedroom unit spanning 646 sq ft on the 15th floor was sold for $1.54 million on Feb 3. This is the first time that a unit at 8M Residences has been sold for more than $2,300 psf, surpassing the previous record of $2,261 psf set in April 2023 when a similar two-bedroom unit on the 11th floor was sold for $1.46 million.8M Residences continued to set records with another transaction on Feb 3, when a 527 sq ft, one-bedroom unit on the 11th floor was sold for $1.2 million ($2,275 psf), breaking the April 2023 record. The condo has consistently seen an increase in resale prices over the last three years, with the average price per square foot rising 7.3% from $2,028 psf in February 2022 to $2,177 in February 2025.Apart from 8M Residences, Kovan Jewel also made headlines for selling a three-bedroom unit at $2.41 million on Feb 7. This sets a new high of $2,236 psf, surpassing the previous record set in August 2022 when a similar unit on the fourth floor was sold for $2.4 million ($2,228 psf). Completed last year, the condo comprises of 34 units with one- to three-bedroom units ranging from 624 to 1,345 sq ft. As of Feb 18, 17 units (50%) have been sold at an average price of $2,111 psf, with the latest transaction being the first for this year.Rounding out the top three on the list of condos with a new psf-price record is Oleanas Residence, a freehold condo located in District 9. On Feb 3, a 1,141 sq ft, three-bedroom unit on the sixth floor was sold for $2.52 million, setting a new record of $2,207 psf at the condo. Previously, the highest transacted price was $2,157 psf, when a 1,238 sq ft, three-bedroom unit was sold for $2.67 million in August 2022. The condo comprises of 1,636 sq ft, three-bedroom unit fetched $3.3 million ($2,017 psf) in December 2022. Oleanas Residence, which has only seen four resale transactions in the last three years, is within the vicinity of two MRT stations and educational institutes.
In Singapore, the demand for condos continues to soar due to a variety of factors, but one of the main drivers is the scarcity of land within the country. Being a small island nation with a booming population, Singapore faces ongoing challenges in land availability for development. As a result, strict land use policies are in place and the real estate market is highly competitive, leading to a continual rise in property prices. This makes investing in real estate, specifically condos, an attractive opportunity, as there is potential for significant capital appreciation. The popularity of Singapore Projects only adds to the appeal of condo investments, making it a sought-after market for both local and international buyers.