Stirling Residences sees new high of $2,350 psf
In this inaugural weekly piece, we look at condominium projects that have hit new highs in terms of price psf within the respective developments; and those that have slid to new lows too, on a psf basis. In the current buoyant market, more condominium projects have seen units smashing new highs in terms of psf prices, compared to those that have crossed a new low.
At Stirling Residences, a new high of $ 2,350 psf was reached with the sale of a 441 sq ft, one- bedroom unit for $ 1.04 million during the period from June 28 to July 14. The unit is located on the 33rd floor of one of the 40- storey towers.
The sale, which took place on July 2, came just a week after another 441 sq unit in the same block was sold for $ 2,336 psf, on June 24.
Furthermore, the sale took place almost three years after the development was first launched on July 5, 2018. Of the 1,259 units in the development, 1,251 units have been sold, including the recent sale of the unit at an all- time- high psf price. This means that the 99- year leasehold condominium is now over 99% sold.
Stirling Residences is developed by a joint venture between two Chinese developers, the Hong Kong- listed Logan Group and Nanshan Group. Located in District 3 in the city- fringe, it enjoys close proximity to the Queenstown MRT Station.
The 99-year leasehold condominium has a mix of one- to four- bedroom units ranging from 441 sq ft to 1,970 sq ft. The development is slated to be completed no later than April 30, 2022.
Balmoral Hills
Balmoral Hills, a boutique freehold condominium with just 62 units, achieved a new record price at the development too.
The 13- year- old condominium saw a 1,841 sq ft, three- bedroom unit on the ninth floor of the 11- storey block, change hands for $ 4.25 million, which translates to $ 2,309 psf recently ( see top table). It
was first purchased in February 2006 at $ 1,258 psf, amounting to a total of $ 2.32 million.
The second highest transaction by psf price at the development was for another 1,841 sq ft, three- bedder on the fifth floor that fetched $ 4 million ($ 2,173 psf) in June 2018.
Balmoral Hills is located on Balmoral Park, off Balmoral Road, in District 10.
Lowest psf transactions
The project that saw a new low in terms of psf price recently was Leedon Green. It was for the sale of a 667 sq ft, two- bedder for $ 1.56 million, or $ 2,330 psf. The new low could be due to the developer offering special star buys and discounts for selected units in recent weeks.
Leedon Green, which was launched in January 2020, was one of the most hotly anticipated new project launches during the year. It was, in fact, the best- selling freehold project in District 10 in 2020.
The 638- unit, freehold condominium at Leedon Heights, off Holland Road, is a redevelopment of the former Tulip Garden by a joint venture between MCL Land and Yanlord Land. Leedon Green is the largest freehold plot to be redeveloped in the Holland Road area in over a decade.
Units at Leedon Green range from oneto four- bedroom “garden villas”, with sizes ranging from 474 to 2,680 sq ft. The units therefore cater to a wide range of owner-occupiers — from singles, to young couples and families, as well as downgraders from the GCB estate in the neighbouring LeedonBelmont area.