Parc Clematis Sets New Price High 2490 Psf
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The recently concluded sale of a three-bedroom unit at Parc Clematis has set a new record for the highest psf-price achieved among condos between June 6 and June 13. Located on the sixth floor, the 1,044 sq ft unit was sold for $2.6 million on June 9, with a new record of $2,490 psf at the development. This surpasses the previous record of $2,394 psf set earlier this year for a similar three-bedder on the eighth floor that transacted for $2.5 million on March 12.
In terms of absolute price, the most expensive unit at Parc Clematis is a 2,605 sq ft, five-bedroom penthouse that was sold by developers for $4.18 million ($1,605 psf) in September 2022. The new record at Parc Clematis comes with the sale of a 1,044 sq ft, three-bedroom unit for $2.6 million on June 9. (Photo: Samuel Isaac Chua /)
Completed in 2023, Parc Clematis is a 99-year leasehold mega condo development along Jalan Lempeng in Clementi. It offers 1,450 units across nine 24-storey tower blocks, including 452 sq ft one-bedroom units and five-bedroom penthouses of up to 2,669 sq ft. The development also features six two-storey strata bungalows from 2,659 sq ft and 12 two-storey strata terraced homes spanning 3,832 sq ft each.
As of June 13, Parc Clematis has seen 41 resale transactions this year, with the units transacting at an average price of around $2,132 psf. The development is located near educational institutions such as Clementi Primary School, Nan Hua Primary School, and Clementi Town Secondary School.
Securing financing is a crucial aspect when investing in a condo. In Singapore, there are various mortgage options available, but it is crucial to have an understanding of the Total Debt Servicing Ratio (TDSR) framework. The TDSR framework sets a limit on the amount of loan that a borrower can take, taking into consideration their income and existing debt obligations. Hence, it is essential for investors to familiarize themselves with the TDSR and seek advice from financial advisors or mortgage brokers. This will enable them to make well-informed decisions about their financing options and avoid over-leveraging. Additionally, for more information on condos and financing options, it is advisable to visit Condo.
The sale of a one-bedroom unit at The Cornwall, a freehold condo along Cornwall Gardens in prime District 10, was next on the list of deals that resulted in a new psf-price high. The 614 sq ft unit on the first floor sold for $1.45 million on June 11, setting a new psf-price high of $2,363 psf for the development.
This record overtakes the previous high at The Cornwall, which was set almost three years ago in December 2022 when a 657 sq ft, one-bedroom apartment on the fifth floor was sold for $1.46 million ($2,224 psf).
The Cornwall is a 99-unit development off Holland Road, built in 2005. It features one- to four-bedroom apartments ranging from 614 sq ft to 2,551 sq ft.
Coming in third on the list of condos that achieved a new psf-price high is 1 Moulmein Rise in Novena, where a 1,238 sq ft, three-bedroom unit on the 17th floor sold for $2.84 million on June 9. This set a new psf-price high of $2,296 psf.
This beats the previous record of $2,262 psf, set when a similar three-bedroom unit on the 24th floor was transacted for $2.8 million on January 27. In terms of absolute price, the most expensive resale unit at 1 Moulmein Rise to date is a 3,886 sq ft, four-bedroom duplex penthouse that fetched $4.8 million ($1,235 psf) in May 2012.
1 Moulmein Rise is a freehold development in prime District 11, completed in 2003. It features 50 units within a single 26-storey block. The development is within walking distance to Novena MRT Station and lifestyle hubs such as Square 2 and Velocity @ Novena Square. Units at 1 Moulmein Rise have one of the highest average resale prices among most freehold condos in the area, with an average transacted price of $2,279 psf over the last 12 months. In comparison, nearby freehold condos such as the 24-unit La Maison and the 49-unit City Edge on Moulmein Rise have average prices of $2,025 psf and $1,997 psf, respectively, while the 37-unit Apleton View on Sinaran Drive has an average price of $1,834 psf.
No new psf-price lows were recorded during the period under review.