Skywaters Residences unit sold for S$47.34 million or S$6,100 psf, marking new record for 99-year projects

A VERY large luxury apartment on the 57th floor of new project Skywaters Residences was sold in May for S$47.34 million, or S$6,100 per square foot (psf), marking a record-high price for a 99-year leasehold property in psf terms.

While the deal at the Shenton Way project is not the highest psf-priced sale to be transacted in the Singapore market, psf prices have not crossed the S$6,000 mark since October 2022. That was when an 11,227 square foot (sq ft) unit at freehold Les Maisons Nassim was sold for S$6,057 psf or S$68 million.

To date, a 3,089 sq ft unit at The Marq on Paterson Hill holds the record for the highest psf transaction at S$6,650 psf, in a sale sealed almost 13 years ago in November 2011. That year was the first time residential prices topped S$6,000 psf, with two deals at freehold The Marq on Paterson Hill raising eyebrows. One unit sold for S$6,215 psf (S$19.2 million) in August 2011, and was followed by the one that closed in November at S$6,650 psf (S$20.5 million).