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If you are interested in purchasing a condominium, it is crucial to also take into account the maintenance and management of the property. Condos usually come with accompanying maintenance fees, which cover the upkeep of shared spaces and amenities. Although these fees may increase the overall cost of owning a condo, they are necessary to keep the property in top condition and maintain its value. To ease the burden of managing a condo, hiring a property management company can turn it into a more passive investment. Additionally, for a list of available condos in Singapore, you can check out the Singapore Projects website.
K Suites, a freehold boutique development in Singapore, has made headlines by achieving a new record of $2,443 psf for the sale of an 872 sq ft three-bedroom unit on Nov 8. This marks the first time that the condo has crossed the $2,400 psf mark and beats its previous high of $2,196 psf set in May 2023. Located in District 15, K Suites is currently under construction and comprises a five-storey block with 19 units. The project is a redevelopment of the former Ji Liang Gardens, which was acquired by the developer for $18.6 million in June 2021.
The units at K Suites range from three- to four-bedroom apartments and are sized from 797 sq ft to 1,270 sq ft. The development also features a four-bedroom duplex penthouse and three five-bedroom duplex penthouses. Since its launch in April 2023, K Suites has sold eight units (42%) at an average price of $2,099 psf.
Another development that achieved a new high during the period in review is Thomson Three, located in District 20. The sale of a 1,033 sq ft three-bedroom unit on the 19th floor for $2.46 million on Nov 6 translates to a record-breaking $2,379 psf. The seller had previously bought the unit in a resale transaction for $1.86 million in Nov 2021, making a net profit of $598,000. Thomson Three, which was completed in 2016, has 435 units across 21 storeys and offers one- to four-bedroom apartments and 10 strata semi-detached houses. It is located near the Upper Thomson MRT station and the Ai Tong School (Primary).
On the other hand, luxury condo 19 Nassim saw a new psf-price low of $2,947 psf during the period in review. This came from the sale of a 646 sq ft, one-bedroom unit on the fourth floor for $1.9 million on Nov 9. Completed in 2023, 19 Nassim has sold 50 units at an average price of $3,397 psf so far this year, which is 3.7% lower than the average price of $3,524 psf from last year.
19 Nassim is a 99-year leasehold condo in prime District 10 and offers 101 units ranging from 538 sq ft to 1,830 sq ft. It has sold 61 (60%) of its units since its launch in 2020.