Commonwealth Towers has emerged as the top private non-landed property to reach a new psf-price peak for the week of Dec 27 to Jan 3. The 99-year leasehold condominium achieved a new record price of $2,460 psf on Dec 27 with the sale of a three-bedroom unit on the 40th floor for $2.22 million. This surpasses the previous high of $2,402 psf set just three months ago in September 2024 with the sale of a two-bedroom unit on the 42nd floor for $1.65 million.
The average resale price at Commonwealth Towers has been on the rise for the past three years, starting at $1,971 psf in 2022 and increasing to $2,097 psf in 2023 and $2,200 psf in 2024. This marks an 11.6% increase in average resale prices since 2022.
The most expensive unit to change hands at Commonwealth Towers was a four-bedroom unit on the 39th floor for $2.96 million, or $2,273 psf, in November 2024. Completed in 2017, the 99-year leasehold condo has 87 years left on its tenure and is made up of two 43-storey residential blocks with a total of 845 units.
Coming in second is freehold project Parq Bella, which achieved a new psf-price high of $2,416 on Dec 31 with the sale of a three-bedroom unit for $2.6 million. This beat the previous record of $2,385 psf set in August 2023 with the sale of a two-bedroom unit for $2.2 million. The 20-unit boutique freehold development will be completed in December 2026 and has seen five new sale transactions last year at an average price of $2,347 psf.
The only private residential development to see a new psf-price low during the period in review is Klimt Cairnhill, which sold its final unit – an 829 sq ft, two-bedroom unit on the 24th floor – for $2.55 million ($3,077 psf). Located along Cairnhill Road in Prime District 9, the freehold project has achieved 100% sales at an average price of $3,665 psf.
With all its units sold, Klimt Cairnhill has achieved a 100% sales rate at an average price of $3,665 psf. The boutique condo will obtain its Temporary Occupation Permit in April this year.