One Marina Gardens notches new price high of $3,290 psf

One Marina Gardens, a 99-year leasehold project in prime District 1, topped the list of non- landed residential developments that achieved a new psf-price high during the week of June 16 to 23. A 1,647 sq ft four-bedder on the 28th floor fetched about $5.42 million on June 17, establishing a fresh record of $3,290 psf for the development.

This marks the first time an apartment at One Marina Gardens has transacted above the $3,200 psf threshold. It edges past the project’s previous price peak of $3,160 psf, which was from the sale of a 657 sq ft, two-bedroom apartment for $2.07 million earlier this year on Jan 17.

One Marina Gardens — the first residential project in the Marina Gardens precinct in Marina South — comprises 937 apartments spread across two residential towers. One- and two-bedders make up more than half of its unit mix, and they range from 420 to 732 sq ft.

Search for the latest New Launches, to find out the transaction prices and available units

The 99-year leasehold development is located next to the upcoming Marina South MRT Station. It also sits opposite Gardens by the Bay, while retail and lifestyle destinations such as Marina Bay Sands, Suntec City and Marina Square are a seven- to 10-minute drive away.

The condo achieved a 38% take-up rate at an average price of $2,953 psf over its launch weekend in April last year. Caveats lodged as of June 30 show that 640 units (68%) in the project have been sold so far, at prices averaging around $2,966 psf.

One Marina Gardens is expected to obtain its temporary occupation permit in the third quarter of 2028.

Second on the list of project highs for the week is freehold condo One Devonshire. The development achieved a new high of $3,053 psf with the sale of a 904 sq ft, two-bedroom unit for $2.76 million on June 22.

The new psf-price peak inches past One Devonshire’s previous record of $3,042 psf set in August 2023, when a 1,216 sq ft three-bedder changed hands for $3.7 million.

Located along Devonshire Road in prime District 9, the 152unit condo has a mix of two- to four-bedroom units measuring between 904 and 2,756 sq ft. It also has two penthouses spanning 4,155 and 4,876 sq ft.

Read also: River Valley condo Aspen Heights sets new record price of $2,492 psf

In terms of absolute price, the most expensive transaction at the development involved the 4,876 sq ft penthouse when it was sold for $7.4 million ($1,517 psf) by the developer in November 2009.

Resale prices at One Devonshire have trended steadily upwards over the past decade, according to a tabulation of resale caveats by EdgeProp Singapore. The average resale price rose from $2,254 psf in June 2016 to about $2,908 psf in June 2026.

As for new psf-price lows during the latest period in review, only one project made the list.

At The Scotts Tower in the Newton area, a 624 sq ft, one-bedroom unit changed hands for $1.1 mil- lion ($1,762 psf) on June 23.

That is the first time a unit at the development has transacted below $1,800 psf. The previous low of $1,828 psf was established in October last year when a slightly larger 657 sq ft unit was sold for $1.2 million.

Besides the unit that was transacted on June 23, The Scotts Tower has recorded three other resale deals this year, based on caveats lodged. These units, spanning 657 to 872 sq ft, fetched between $1.27 million and $1.88 million, or between $1,934 and $2,156 on a psf-price basis.

Completed in 2016, The Scotts Tower is a 231-unit, 31-storey condo at the corner of Scotts Road and Cairnhill Road. It is a five-minute walk from Newton MRT Station and about six minutes on foot to retail and dining options along Orchard Road.

Read also: Seaside Residences hits new price high of $2,734 psf

Check out the latest listings for One Marina Gardens properties