The record sale price for penthouse in Singapore has also been broken. The previous benchmark of $5,500 psf has been eclipsed by a new record of $28 million or $5,600 psf for a 53rd storey penthouse at the Orchard Residences.

The 99-year leasehold condo on Orchard Road is 73% sold, with all four penthouses fully taken up.

In the meantime, Scotts Square has also experienced brisk sale since the official launch on 28 September. The freehold project by Wheelock Properties sold more than 30 units over the fortnight and 50% since its preview in July.

The average price at Scotts Square is around $4,000 psf.

Earlier this month, the Urban Redevelopment Authority said that it was reviewing the Government Land Sales (GLS) programme for the first half of next year and that the government would make available more sites for private residential development through the GLS programme next year if the demand continues to remain strong. (13 Oct)

Edited by Sam Gian – Independent Real Estate Sale Consultant and trainer