SINGAPORE: A one-bedroom condominium unit in Tanjong Pagar will be offered for private treaty sale this month for a cool S$2.36 million. Since the unit has 646 square feet, the asking price translates to S$3,650 per square foot (psf).
The price of the condominium unit, located at Wallich Residence atop Tanjong Pagar MRT Station on the East-West Line, is noteworthy amid rising property prices in Singapore, giving rise to the issue of affordable and accessible housing.
Wallich Residence is described in Edgeprop as “the upmarket residential component of the integrated Guoco Tower at Wallich Street.” Comprised of 181 units, it is located on the 39th to 64th floors of Guoco Tower, the tallest skyscraper in the country at 290 meters.
The S$2.36 million unit, which is on the 46th floor, has an en suite bedroom and an open layout with a kitchen and dining area, and a living room.
It will be put up for auction on Feb 22, Edgeprop added on Thursday (Feb 16).
Back in December 2013, when Wallich Residence previewed, units sold at an average of $3,064 psf, which even then was perceived to be a record high of 99-year leasehold condominium in Singapore’s Central Business District.
The price per square foot has gone even higher since it was completed in 2017. A 3,509 sq ft residence sold for $4,987 psf, the highest price among units sold. The lowest price was for a 1,787-sqft unit, which sold for S$2,756 psf in Jan 2018.
It’s most recent sale late in 2022 was a 1,259 sq ft, two-bedroom unit on the 60th floor which sold for $5.25 million, or $4,169 psf.
For comparison’s sake, a similar 646 sq ft unit on the 49th floor sold for $2.1 million, or $3,252 psf in December 2021.
A quick look at Edgeprop’s page where Wallich Residence is listed shows that the condominium units are being sold at between S$ 2,854 and S$ 4,169 psf, or at an average of S$ 3,596 psf.
This means the one-bedroom unit for sale later this month is just slightly above the average price.
The page also says that Wallich Residence’s buyer profile is as follows:
Singaporean 28.4 per cent, PR 14.2 per cent, Foreigner 55.3 per cent, and Company 2.1 per cent.
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