One Bernam achieves new high of $3,344 psf

One Bernam was at the top of the list of condos with the highest psf price during the week between March 8 and 15. The developer had sold a one-bedroom apartment for $1.55M on March 9th. The 29th floor apartment measures 463 sq.ft. This means that the price is $3,344/sq.ft.

The transaction has surpassed the previous record, which was set by One Bernam last November when it sold a 452 sf unit for a price of $1.51m.

One Bernam in District 2 is a mixed use development. It is located at 1 Bernam Street within the Tanjong Pagar neighborhood. The 99 year leasehold project includes a 35 storey tower that houses 351 residential apartments, a 2-storey retail podium with 15,726 sq.ft. and a single floor of 13-key serviced apartments. One Bernam is primarily comprised of units with one or two bedrooms, ranging from 441 to 872 square feet. There are also three bedroom units of 1,421 ft along with three Penthouses. The sales of the residences are expected to begin in May 2020.

To date, 217, or 62%, of the units were taken up, based upon caveats filed, and units sold on average at $2,544/sqf. The project is anticipated to receive its temporary occupation permit by 2026.

Sea View hit a psf price record during the week reviewed. A 1,410-square-foot, three bedroom apartment on 21st floor sold on March 15 for $3.69 mln, which is equivalent to $2.617 psf. The new record is less than three months after the previous record, set on Feb 26. A 1,216 sq ft apartment sold for $3.15m (or $2.590 psf).

The unit was purchased in April 2011 by the seller for $2.18million (1,546psf). The sale resulted in a gross profit of approximately $1.51million.

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The Sea View Condo is a freehold condo in District 15 that was completed in 2008 on Amber Road. There are 546 total units in the six 22-storey towers. There are one-bedroom units ranging in size from 527 to 570 sq ft. Other residences include three-bedders that range between 1,216 and 1410 sq.ft. Four-bedroom penthouses are available between 2,196 and 2,723 sq. ft., as well as five-bedroom ones from 2,809 to 2.928 sq. ft.

Adam Park Apartment also reached a psf price record during the review week. A 958-square-foot two bedroom unit on the 2nd floor sold for $1.95million, or $2.035 psf on March 8th. The seller earned $920,000 from the sale after buying the unit at $1.03 million ($1.075 psf) in August 2008.

The unit’s sale on March 8 set a new Adam Park Condominium psf price record, surpassing the previous highest of $2.018 psf, established in August last year with the sale a 958 square foot unit for $1.93m. This is also only the second instance in which a unit has been sold above $2,000/sq ft.

Adam Park Condominiums is a new freehold development located in the District 11 on Adam Road. Completion of the project in 2004 included 118 residences, including two-bedrooms units ranging between 893-1,119 sq.ft., three-bedrooms units ranging 1,141-1,410 sq.ft., and four bedrooms units varying from 1,553-1,636 sq.ft. Also, there are two- and four-bedroom penthouses ranging in size from 1,765 – 2,799 sq. ft.

No new psf lows have been recorded in the past week.

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