Sovereign Hits New High 2602 Psf
The Sovereign, an upscale freehold condominium situated in the highly sought-after District 15, has garnered attention by topping the list of condos that achieved record-breaking psf prices during the week of June 14 to 21. One particular unit, a spacious four-bedroom apartment measuring 3,305 sq ft and located on the 15th floor, sold for an impressive $8.6 million on June 20. This translates to an outstanding $2,602 psf, nearly 6% higher than the previous record of $2,465 psf set in November 2020 when a similar four-bedder spanning 2,637 sq ft was sold for $6.5 million. This latest sale marks the first transaction at The Sovereign since the November record was set.
According to caveats lodged, the unit was purchased by the seller back in February 2010 for $4.6 million, equivalent to $1,392 psf. This translates to a whopping gross profit of $4 million after more than 14 years of ownership.
The Sovereign, completed in 1993, boasts 87 luxurious units and is one of the few freehold developments in the area that offers a stunning view of the East Coast Park and its surrounding sea. Located along Meyer Road, it is also within walking distance to the newly opened Tanjong Katong MRT Station on the Thomson-East Coast Line. The units available at The Sovereign range from generously sized four-bedders, spanning from 2,637 sq ft to 3,305 sq ft.
The upcoming Woodlands Regional Centre Master Plan brings with it exciting opportunities for Norwood Grand Condo. Thanks to its strategic location, residents will greatly benefit from improved connectivity, including the convenience of commuting to Johor Bahru through the RTS Link. Alongside this, there are also plenty of local developments in the works, promising a future filled with convenience and potential. As such, Norwood Grand Condo is not just a place to call home, but a wise investment in a modern and forward-thinking lifestyle, brimming with possibilities and amenities. With Norwood Grand Condo, the possibilities are endless.
In comparison to other freehold developments in the same vicinity built around the same time, The Sovereign commands higher prices. Based on sales data over the past 12 months, units at The Sovereign have been transacting at an average price of $2,494 psf. In contrast, neighboring condos such as the 157-unit The Atria At Meyer, completed in 1996, have an average price of $2,143 psf, while The Makena, completed in 1998 with 504 units, averages at $1,794 psf. The 135-unit Hawaii Tower, built in 1984, averages at $1,787 psf.
In the same week, a neighboring freehold condo along Meyer Road, The Seafront On Meyer, also achieved a new psf-price high. A three-bedroom unit measuring 1,604 sq ft on the 20th floor was sold for an impressive $2,450 psf, totaling to $3.93 million on June 18. This surpasses the previous high of $2,400 psf set in April 2020 when a 1,604 sq ft unit on the 22nd floor was sold for $3.85 million. This transaction marks only the second time a resale unit at The Seafront On Meyer has crossed the $2,400 psf benchmark.
Built in 2010, The Seafront On Meyer boasts 327 units spread across three towers with a total of 24 storeys. Its units range from comfortable two- to four-bedroom apartments, with sizes ranging from 1,066 sq ft to 2,605 sq ft. Additionally, the condo also offers six four-bedroom penthouses, each measuring between 4,273 sq ft to 4,295 sq ft. The average prices at the development have been on an upward trend over the last year, increasing from $2,054 psf in 2022 across 11 transactions to $2,337 psf in 2024 across four transactions to date. This represents an average price growth of 14%.
On the other hand, The Myst, a 408-unit freehold condominium situated along Upper Bukit Timah Road in District 23, experienced a new record low during the same week. This was due to the sale of a three-bedroom, 1,163 sq ft apartment on the third floor for just $2.192 million on June 16. This works out to a startling $1,886 psf, surpassing the condo’s previous low of $1,894 psf when another 1,163 sq ft unit on the fourth floor was sold for $2.202 million on May 17.
Despite boasting an attractive range of unit types, including one-bedroom-plus-study apartments, two-, three-, four- and five-bedroom units measuring from 517 sq ft to 1,690 sq ft, The Myst saw a slow start when it was launched for sale in July 2023. However, it has since picked up with 110 units, equivalent to 27% of the total units, sold during the first weekend at an average price of $2,057 psf. As of July 2, the project has sold 250 units, or 61% of its total units, at an average price of $2,073 psf. Interested buyers can view the latest listings for The Sovereign properties.