The Feb 21 sale of a four-bedroom unit at The Edge on Cairnhill for $5.03 million or $2,348 psf marks a new record high for psf-price for condos that week. The 2,142 sq ft unit was located on the 10th floor and is marginally higher than the previous record high of $2,346 psf, set in September 2022, for a 2,131 sq ft unit located on the same floor, which sold for $5 million.

The Edge on Cairnhill is a freehold condo in prime District 9, and is conveniently located in the highly desirable Cairnhill Road residential enclave between Orchard Road and Newton. The boutique 46-unit property was completed in 2002 and several other upmarket developments are nearby, such as The Peak @ Cairnhill I & II and The Scotts Tower.

The resale transaction marks the first at The Edge on Cairnhill so far this year, with two other sales in 2022 — apart from the September sale whose psf-price was surpassed, a 2,131 sq ft unit on the 17th floor was sold on June 22 for $4.89 million ($2,299 psf). The Edge on Cairnhill has seen a positive trend in prices over the past ten years and the average price was $1,827 psf in March 2013, increasing to $2,025 psf as of February 2023.

The second highest psf-price for the week was at Newton 18, a freehold condo on Newton Road in District 11. A 1,249 sq ft, three-bedroom unit on the 26th floor was sold for $2.88 million ($2,307 psf) on Feb 23. This is higher than the previous record for a 570 sq ft, one-bedroom unit on the 13th floor, sold for $1.21 million ($2,121 psf) in December 2020.

Newton 18 is an 81-unit development completed in 2002 and the average price of $2,051 psf is in line with other freehold condos in the area such as Newton 21, L’viv, 26 Newton and The Linc.

On the other hand, Petit Jervois was the only project during the week to notch a new psf-price low. The 55-unit luxury boutique project, located on Jervois Road in District 10, is freehold and by developer SC Global Developments. A 603 sq ft, one-bedroom unit on the ground floor was sold for $1.54 million ($2,561 psf). This is lower than the previous record low of $2,614 psf, set in October 2020 for a 646 sq ft, one-bedroom unit on the fifth floor.

The most expensive unit JCube Residence sold by the developer at Petit Jervois is a 1,012 sq ft unit on the fifth floor for $2.88 million ($2,852 psf), followed by another 1,012 sq ft unit on the fourth floor for $2.87 million ($2,837 psf). With previews beginning in 2018, the development sold 47% of units since completion.

The Edge on Cairnhill and Newton 18 have pushed the resale market to new psf-price highs and lows on the same week, respectively. The transactions highlight the demand for upmarket developments in prime districts and that prices of these developments remain resilient despite changing market conditions.