Commonwealth Towers Sets New Psf Price Record 2536
The week of August 1 to 8 saw several condominium transactions setting new psf-price peaks, with a three-bedroom unit at Commonwealth Towers leading the pack. The 99-year leasehold development recorded a new high of $2,536 psf on August 6, when a 1,076 sq ft unit on the 43rd floor was sold for $2.73 million.
Investing in a Singapore Condo comes with careful consideration of the government’s property cooling measures. The Singaporean government has implemented several measures over the years to prevent speculative buying and maintain a steady real estate market. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the potential profits in the short-term, they ultimately contribute to the long-term stability of the market, making it a secure investment environment.
This sale at Commonwealth Towers surpassed the previous psf-price high of $2,460 set in December 2024, when a 904 sq ft three-bedroom unit on the 40th floor was sold for $2.22 million. The development has been consistently setting new highs, with a record-breaking sale in November 2024 where a 1,302 sq ft four-bedroom unit on the 39th floor was sold for $2.96 million ($2,273 psf).
Completed in 2017, Commonwealth Towers is a 99-year leasehold condo located along Commonwealth Avenue in District 3. Its two 43-storey residential blocks house 845 units, ranging from one- to four-bedroom apartments spanning 441 sq ft to 1,302 sq ft. Recent transaction data shows a steady rise in resale prices, with 51 units sold at an average of $2,097 psf in 2023 and 37 transactions at $2,200 psf in 2024. In 2025 so far, there have been 29 units sold at an average price of $2,251 psf, including the record-setting sale on August 6.
Another notable transaction during the week was at Watermark Robertson Quay, where a 893 sq ft two-bedroom unit on the ninth floor was sold for around $2.16 million, translating to $2,419 psf. This narrowly beat the previous psf-price high of $2,417, achieved just three months earlier in May 2024 when a 1,001 sq ft two-bedroom unit was sold for $2.42 million.
Watermark Robertson Quay is a freehold condo completed in 2008 and located on Rodyk Street in District 9. Its 206 units range from one- to four-bedroom apartments spanning 1,152 to 2,562 sq ft. This year, there have been five resale transactions, with prices ranging from $2,189 psf for a 1,873 sq ft unit sold on August 8 to $2,304 psf for a 1,324 sq ft three-bedroom unit sold on April 7.
Gallop Gables also saw a new psf-price high on August 5, when a 1,744 sq ft three-bedroom unit was sold for around $4.12 million, achieving $2,356 psf. This marginally surpassed the previous record of $2,354 psf set in May 2024 when a 1,733 sq ft three-bedroom unit was sold for $4.08 million.
Gallop Gables, located along Farrer Road in prime District 10, is a low-density development with 102 units. Completed in 1997, its units range from two- to four-bedroom apartments spanning 1,130 to 3,412 sq ft. The only resale transactions recorded this year occurred on May 8 and August 5, with limited transactions in 2024 at an average price of $2,149 psf.
Overall, these transactions set new highs for psf-prices and reflect the upward trend in the property market. With developers pricing new launches at record levels, it remains to be seen if these asking prices are sustainable in the long run.