In terms of absolute prices, the most expensive new sale property transaction to have taken place this year was at Marina One Residences, when a 6,469 sq ft penthouse unit sold for $18 million ($2,782 psf) in June.
This was also the most expensive unit to have been sold at the integrated development by M+S, a joint-venture company 60%-owned by Malaysian sovereign wealth fund Khazanah Nasional and 40%-owned by its Singapore counterpart Temasek Holdings.
Based on URA data, the average transacted psf for residential units at the development in 2018 was $2,543.
Completed in 2017, Marina One Residences is part of the $7 billion Marina One integrated development, the newest and largest such project in the Marina Bay financial district.
The development comprises 1,042 luxury residential units, 1.88 million sq ft of Grade-A offices and 140,000 sq ft of lifestyle retail space.
Prominent tenants in Marina One’s two office towers include Swiss private banker Julius Baer, social media giant Facebook, consultancy PwC Singapore, ride-sharing provider Grab and financial companies such as Daiwa Capital, BP Global and Mitsubishi Financial Group. Home-grown co-working operator JustCo has also taken up 40,000 sq ft in both towers.
Meanwhile, the second most expensive new sale transaction of the year was at Wallich Residence, when a 3,509 sq ft four-bedroom unit sold for $16 million or $4,560 psf – a record price for private homes – in June.
Wallich Residence comprises just 181 luxury residences and spans the 39th to 64th floors of Tanjong Pagar Centre. The residences sit on top of the 38-storey Guoco Tower, which comprises Grade-A office space.
Tanjong Pagar Centre is an integrated development by GuocoLand and includes retail space as well as the luxury Sofitel Singapore hotel. The entire development is linked underground to the Tanjong Pagar MRT station.
Based on URA data, the average transacted psf for residential units at the development was at $3,393 psf in 2018.