, who both own units in The Orchard Residences. All eight resale transactions in the opulent development in 2020 surpassed the SGD 5.5 million mark , at average prices above SGD 2,500 per square foot .Besides the traditional prime districts, homes in Singapore’s Downtown Core are also highly coveted due to their strategic location at the heart of the financial district and characterised by city-living.
Record high selling prices of its five palatial penthouse units have thrust the development into the spotlight. Aside from the well-known sale of the sole 21,108 square feet super penthouse to James Dyson at a whopping SGD 73.8 million and the subsequent resale to Indonesia-born tycoon Leo Koguan for SGD 62 million , a Taiwanese homebuyer forked out SGD 17.5 million in January 2020 for a 3,509 sq ft penthouse on the 61st floor, translating to an astronomical SGD 4,987 psf .
The land is scarce in the 117-hectare island of mostly reclaimed land, and the enclave remains the exclusive home to around 2,000 or more residential units — 80 per cent of which are condominiums. While prices and activity have since tempered down in the resort island, there is still life yet with several high-value resale transactions materialising. A case in point is the Marina Collection, where six condominium units were sold in 2020, out of which four were above SGD 6 million .
, which tracks price movements of non-landed properties in the Core Central Region segment, showed a surprising uptick of 3.2 per cent quarter-on-quarter in Q4 2020, and overall in 2020, prices in the Core Central Region declined by a slight 0.4 per cent even though the year was rocked by pandemic-driven uncertainty.New launches of luxury residential projects in the Core Central Region propped up prices and activity even as containment measures disrupted real estate activity.
The traditional prime districts of 9, 10 and 11 also remained the most popular and resilient enclave during the crisis. Transaction volumes in these districts recovered steadily after the circuit breaker with more than 200 units changing hands each month in Q3 2020, exceeding the monthly average of some 190 units in 2019. Launches in 2020 such as 19 Nassim, Dalvey Haus and The Avenir transacted at average unit prices upwards of SGD 3,000 psf .
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