21 Anderson Sees New High 5347 Psf
Before making a decision to invest in a condo, it is essential to also consider its potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, condos’ rental yields can vary greatly depending on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer better rental yields. To gain a better understanding of a condo’s rental potential, conducting thorough market research and seeking advice from real estate agents can be beneficial. Interested buyers can also stay updated on new condo launches to explore more investment opportunities.
The week of May 9 to 16 saw several condos in Singapore achieve new psf-price highs, with 21 Anderson topping the list. Located on Anderson Road in District 10, the luxury development saw a four-bedroom unit of 4,489 sq ft sell for $24 million, or $5,347 psf, on May 9. This is the fourth unit to be sold at 21 Anderson since its launch in April, with the other three also being four-bedroom units of the same size. These units were sold for $20.97 million ($4,672 psf), $23 million ($5,127 psf), and $21.6 million ($4,811 psf) respectively in April.
The sale on May 9 marks the third-highest psf price in the residential market in Singapore this year, surpassing the previous sale at 21 Anderson which achieved $5,127 psf. The top two psf prices for the year were recorded at the 54-unit Park Nova. The first was on Jan 21, when a 5,899 sq ft, five-bedroom penthouse sold for $38.89 million ($6,593 psf) and the second was on Jan 17 when a 2,906 sq ft, four-bedroom unit sold for $16.588 million ($5,708 psf).
In addition to 21 Anderson, another condo that achieved a new psf-price high during the week was Grange 1866. Located on Grange Road in prime District 10, a two-bedroom unit of 764 sq ft sold for $2.65 million or $3,473 psf on May 13. This is the first time a unit at Grange 1866 has sold for above $3,400 psf, beating the previous high of $3,393 psf set in November last year when an 818 sq ft, two-bedroom unit sold for $27.76 million.
Grange 1866 is a 60-unit condo with one- and two-bedroom apartments sized between 527 and 1,012 sq ft. It is expected to be completed by the end of 2025 and has seen 50 units sold at an average price of $3,033 psf since its launch in 2021. Including the most recent sale on May 13, the developer has sold five units at an average price of $3,251 psf this year.
On the other end of the spectrum, Farrer Park Suites recorded a new psf-price low during the same week. Located on Owen Road, it is a freehold condo with 29 units. The sale of a one-bedroom unit of 829 sq ft on the fifth floor achieved a price of $1.07 million or $1,291 psf on May 15. This is below the previous low of $1,355 psf set in August 2017 when a 517 sq ft, one-bedroom unit sold for $700,000.
The most recent transaction at Farrer Park Suites is the first in over a year, with the last unit sold being a 377 sq ft apartment on the fifth floor that fetched $668,000 ($1,826 psf) in February 2024.