Condo Cash or Crash? Record $14.5m for a 4,209 sq ft condo in District 11

We've seen a flurry of record-breaking HDB resale sales recently, giving buyers and sellers a clear picture of the market's pulse. But what about those looking to upgrade to private homes?

That's why we're launching a new series, "Condo Cash or Crash," diving deep into noteworthy private property sales, from new launches to resale condos. We're kicking off this series with a bang: a record-breaking S$14.543 million sale for a 4,209 sq ft, four-bedroom condo in District 11.

The $14.543m unit is a new launch condo

This 4,209 sq ft unit sold for S$14.543 million, translating to S$3,455.22 per square foot. Several factors contribute to this astonishing price. The project is impressively large, dwarfing even some condominiums from the '80s and '90s.

Additionally, its position in the Core Central Region (CCR) gives it a prime location advantage, being closer to the CBD — a factor that often comes with a significant price tag, as seen in this sale.

Moreover, this project offers the benefit of freehold ownership, enhancing its value. This particular unit, situated as a corner apartment on the third floor, offers both increased privacy and additional space.

32 Gilstead: Timeless elegance and harmony with nature

Launched on April 15, 2024, 32 Gilstead includes just 14 exclusive units, with an expected completion date in 2028.

When you step into 32 Gilstead, you'll immediately sense its timeless elegance, brought to life by the developer Kheng Leong. Positioned amidst lush greenery, including nearby forests and reservoirs in the Thomson area, this project offers a peaceful yet convenient urban lifestyle.

However, the desirable location also comes with a premium price compared to other parts of Singapore.

The development comprises three five-story blocks, each featuring a single unit per floor. With just 14 units, it is a luxury boutique project with four-bedroom apartments ranging from 3,821 to 4,291 sq ft. Each unit spans a width of up to 14.7 metres across the living, dining, and lounge bar areas.

Design elements by Argentinian architect Ernesto Bedmar and landscape designs by Japanese Zen Buddhist monk Shunmyo Masuno are present throughout the project. Bedmar is renowned for his luxury bungalow designs in Singapore's prime districts and villas in Delhi and Jakarta.

Besides the bamboo grove and the infinity pool that overlooks the lush surroundings, you'll find additional amenities like a clubhouse, multiple pools, and a barbecue area.

While these facilities may not be as extensive as those in other new launches, the emphasis on living space suggests that residents at 32 Gilstead prioritise larger living areas over communal facilities.

The interiors, crafted by Osaka-born, Singapore-based designer Koichiro Ikebuchi, highlight luxury and bespoke features. High-quality materials and finishes can be seen throughout, with timber flooring and premium kitchen and bathroom fittings.

The kitchen includes Italian porcelain tiles, Middle Eastern quartz countertops, and top-tier German Gaggenau appliances. The master bathroom features Italian mosaic tiles, marble countertops, and ash wood laminate cabinetry.

As a homeowner, you have the choice to add timber partition doors to separate the family room from the living room — a feature suggested as ideal for families who enjoy hosting at home. Behind the family room are the kitchen and bedrooms. There are also 14 car park spaces, providing a 1:1 parking ratio.

So, what's the verdict here? If you think the project is too expensive, prefer high-rise buildings, or are looking for a wide range of amenities for daily use, then 32 Gilstead may not be the best fit for you.

Location focus: 32 Gilstead Road

At 32 Gilstead, you're just a short walk from Newton MRT Station, which offers quick access to the Downtown and North-South Lines. If driving, exiting the CTE (Central Expressway) and PIE (Pan Island Expressway) takes only five minutes. With a location less than a 15-minute drive from business districts like Raffles Place and Orchard Road, the convenience is unmatched.

You'll enjoy proximity to shopping destinations such as United Square, Velocity, and Novena Square - all within a 5-minute drive. For a taste of local cuisine, Newton Food Centre is only six minutes away. Additionally, 32 Gilstead is just a 6-minute drive from Singapore's largest medical centre, Tan Tock Seng Hospital, and is surrounded by well-known schools, making it a perfect choice for families.

For school-aged children, you'll be pleased to find respected primary schools within the 1km distance, such as:

• St. Joseph's Institution Junior
• Anglo-Chinese School (Junior)
• Anglo-Chinese School (Primary)

Schools within a 1-2 km range include:

• CHIJ Primary (Toa Payoh)
• Farrer Park Primary School
• Singapore Chinese Girls' Primary School
• St. Margaret's School (Primary)

Although Newton offers a more relaxed pace compared to nearby Tanglin and Orchard, its residential properties remain highly desirable due to their strategic location between Orchard Road and Bukit Timah.

Looking ahead, residents of 32 Gilstead can expect two significant improvements to the area: The Master Plan 2019, which aims to rejuvenate Orchard and Downtown as lifestyle hubs, and the upcoming Stage-6 of the Circle Line, set to enhance connectivity in the Central Region by 2025.

32 Gilstead and District 11 new launch condo price trends in the past five years

You might be interested to know that out of 14 units, four have already been sold, with prices ranging from S$14.225 million (S$3,406.37 psf) to the current high of S$14.543 million.

According to URA data, two of the four units were bought by Singapore permanent residents (PRs) and the third by a Singapore citizen — believed to be of Chinese descent. The average psf at 32 Gilstead is S$3,440, just slightly lower than the S$3,455.22 psf achieved by the S$14.543 millionsale.

In District 11, this S$14.543 million transaction stands as the most expensive in the area. You'll see that other sales at this project also rank among the top six most expensive sales, interrupted only by two S$14 million sales at Watten House.

From 2023 to 2024, you might notice a 6.26 per cent decrease in the average psf for condominiums (including new launches, resale, and sub-sale) in District 11.

The average psf for 2024 stands at S$2,455, highlighting a 28.95 per cent difference with the S$14.543 million sale. Over the last three years, there's been a 27.60 per cent increase in the average psf in the district, accompanied by a 15.46 per cent rise in prices.

When focusing exclusively on new condo launches, the trend remains similar but on a smaller scale. While the district offers a range of condos, the average psf for new launches saw a 2.55 per cent decrease from 2023 to 2024.

The average psf for 2024 is higher at S$2,895, representing a 16.21 per cent difference compared to the S$14.543 million sale.

32 Gilstead is one of two new projects launched in the Core Central Region (CCR) in 2Q2024

In addition to 32 Gilstead, Skywaters Residences is another notable project launched in the CCR. Located at 1 Prince Edward Road, Skywaters Residences is part of the redevelopment of the former AXA Tower at 8 Shenton Way in the Tanjong Pagar area of District 2.

Comprising 190 units, these residences occupy the top floors of a 63-story mixed-use development, The Skywaters, which includes offices, retail spaces, and a hotel.

Standing at an impressive 305 metres tall, The Skywaters will become Singapore's tallest skyscraper, surpassing the current record held by Guoco Tower.

If you think the price of the 32 Gilstead sale is high, consider this: A penthouse at the ultra-luxury Skywaters Residences recently sold for S$47.34 million or S$6,100 psf, as noted in a caveat lodged with URA Realis on May 20.

Beyond 32 Gilstead, Kheng Leong has been actively acquiring and redeveloping other sites, including 21 Anderson. The company has aslo completed other luxury projects like 15 Holland Hill and Meyer House.

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This article was first published in 99.co.