New record high of $2,441 psf achieved by the Beaumont

Based in Singapore, EdgeProp Of Florence Residences set a new psf price between November 7 and November 14. Beaumont’s record psf price of $2,441 put it at the top of the Florence Residences. On November 9th, a two-bedroom unit on the fifth floor with 1,475 sq ft was resold for $3.6 million.

The Beaumont has never before seen a sale of a unit for more than $2,400 psf. An earlier sale in August 2007 of a 990 sq ft unit at the same development had achieved $2.3 million ($2,323 psf), the previous psf price record. On November 9th, a 1,475-square-foot unit sold for $2.88 million ($1,953 per square foot), making it the first resale transaction at the complex since September 2018.

Situated on Devonshire Road in the desirable Somerset neighborhood of Orchard Road, The Beaumont is a 64-unit boutique condominium. Nearby shopping centers include 313@Somerset, Mandarin Gallery, and Ngee Ann City, while the Somerset MRT Station is only a two-minute stroll away. There are two 10-story buildings in freehold construction with a variety of floor plans, from 775 square feet for one-bedroom homes to 1,948 square feet for three-bedroom units. In 1985, the project was finished.

A group of Beaumont owners have been trying to sell the hotel together for some now. The Beaumont was put out for tender in December 2021 with a $478 million target price. Subsequently, in July 2022, it was reintroduced to the market with a revised, reduced guide price of $468 million. Unfortunately, no one was able to purchase either tender.

Similarly, the psf-price of the Nassim Hill apartment known as The Loft hit a new high during the time frame under consideration. For $1.78 million, or $2,362 per square foot, a third-floor, 753 square foot, one-bedroom unit was sold on November 7th. A 1,830 sq ft unit sold for $4.21 million, or $2,300 per square foot, in September 2007, which was the previous high.

The seller paid $1.54 million ($2,044 psf) for the unit that was sold on November 7th. This meant that they made a tidy sum of $240,000 from the deal.

In 2002, construction on The Loft, a 99-year leasehold luxury condo, was finished. There are 77 apartments spread throughout the four stories of this low-rise complex. Studios start at 710 square feet, two-bedroom apartments at 1,033 square feet, three-bedroom apartments at 1,432 square feet, and four-bedroom apartments at 1,830 square feet. Tanglin Mall and the Singapore Botanic Gardens are within walking distance of The Loft, which is located within the elite Nassim Hill residential enclave in desirable District 10. It just takes ten minutes to walk to the Napier MRT Station on the Thomson-East Coast Line.

The developer sold an 829 sq ft flat at 19 Nassim on November 10, setting a new psf-price low for the planned complex across the street from The Loft. Selling for $2.52 million, or $3,036 per square foot, was the third-floor, two-bedroom unit.

Located on a single 10-story block, 19 Nassim is a 99-year leasehold high-rise with 101 flats. Apartments ranging in size from 538 to 1,830 square feet are available in the complex, with one to three bedrooms available. Private lift lobbies are available to certain two-bedroom flats and all three-bedroom units. The temporary occupation permit is expected to be issued to the condo before the year’s end.

At 19 Nassim, three further units have been sold thus far this year. The following units were sold in February: one 1,410 sq ft unit for $5.5 million ($3,906 psf) and another 1,475 sq ft unit for $5.6 million ($3,815 psf). Additionally, a 538 sq ft unit sold for $2.09 million ($3,876 psf). The second and third flats were sold in January.

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