Fresh record high of $2,368 psf set at freehold District 10 project Mutiara Crest

Mutiara Crest — a freehold project in prime District 10 — topped the list of non-landed residential developments that recorded new psf-price highs during the week of Sept 1 to 8.

It notched a fresh record of $2,368 psf when a 1,335 sq ft, three-bedroom apartment fetched $3.16 million on Sept 8.

The latest deal surpasses Mutiara Crest’s former price peak of $2,193 psf, set by the $2.88 million sale of a smaller 1,313 sq ft three-bedder in February last year.

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The boutique development on Jalan Mutiara was completed in 2000. It houses 37 apartments within a single 18-storey block, with a mix of one- and three-bedders ranging from 474 to 1,550 sq ft. There are also two triplex penthouses measuring 3,983 and 4,037 sq ft.

Based on caveats compiled by EdgeProp Singapore, Mutiara Crest has an average resale price of $2,279 psf, going by transactions over the last 12 months. This is higher than the average resale prices of nearby freehold developments such as The Montana and The Aston, which stand at $2,100 psf and $1,850 psf, respectively.

The only development within a 1km radius to surpass Mutiara Crest is Mutiara View, where resale prices averaged $2,421 psf over the same period.

Another freehold District 10 project ranked second on the list of new psf-price highs for the week. At Ewe Boon Regent, a 1,141 sq ft three-bedder on the third floor changed hands for $2.5 million on Sept 8, setting a new record of $2,191 psf.

That is the first time an apartment at the development has transacted above $2,000 psf. The previous price peak of $1,976 psf at Ewe Boon Regent was recorded in May 2023, when an 850 sq ft two-bedder fetched $1.68 million.

Completed in 1999, the boutique development on Ewe Boon Road comprises 33 apartments. Three-bedders, ranging from 1,033 to 3,251 sq ft, make up the majority of its unit mix. It also has two-bedders measuring 850 sq ft, and a sole four-bedder spanning 2,347 sq ft.

Read also: Developers’ sale lifts Elta to new psf-price peak of $2,907

Resale psf prices at the development have trended steadily upwards over the past decade, according to a tabulation of caveats by EdgeProp Singapore. Its one-year average resale price has risen by more than 60% over the past decade, from $1,393 psf in September 2016 to about $2,257 psf as of September this year.

In contrast to the week’s fresh price highs, only one project registered a new psf-low.

At freehold condo Terra Hill, a 1,335 sq ft, three-bedroom unit was purchased from the developers for $2.58 million on Sept 5, setting a new floor of $1,934 psf.

It inches below the project’s previous low of $1,970 psf, which was set on the same day with the sale of a smaller 1,249 sq ft three-bedder for $2.46 million.

Terra Hill is a 270-unit condo located at the top of Yew Siang Road in District 5. It comprises nine five-storey blocks, which house a mix of two- to five-bedroom units measuring between 624 and 2,142 sq ft. There are also six five-bedroom duplex penthouses of 3,035 sq ft.

The development logged a 38% take-up rate at its launch in February 2023, with units selling at an average of around $2,650 psf. As at Sept 15, caveats lodged show that the developers have since sold 239 units at an average price of $2,594 psf.

Terra Hill is expected to receive its temporary occupation permit in 2028.

Check out the latest listings for Ewe Boon Regent, Mutiara Crest, Terra Hill properties