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When purchasing a condo, it’s crucial to also take into account the maintenance and management of the property. This type of residence often has maintenance fees included, which are used for maintaining common areas and amenities. While these fees may increase the overall cost, they play a vital role in preserving the property’s condition and value. Employing a property management company can make owning a condo a more passive investment by handling day-to-day management tasks for investors.
Singapore’s exclusive district 10 saw a new record of $2,299 psf at freehold condo Gallop Gables. The 2,669 sq ft four-bedroom unit was sold for $6.14 million on Nov 20. This surpasses the previous high of $2,108 psf from the sale of a two-bedroom unit for $2.45 million on Feb 19. The condo has seen three resale transactions this year, averaging at $2,110 psf, which is higher than last year’s average of $1,991 psf from four transactions. The Scala, in district 19, also achieved a record high of $2,064 psf from the sale of a four-bedroom unit for $2.6 million on Nov 20. This exceeded the previous record of $1,969 psf from the sale of a two-bedroom unit for $1.78 million on Sept 9. The condo has seen 16 resale transactions this year, averaging at $1,823 psf, which is 8% higher than last year’s average of $1,688 psf from 16 transactions. Another freehold condo, Sims Edge, also recorded a new record of $1,907 psf from the sale of a one-bedroom unit for $780,000 on Nov 22. The condo’s previous record was $1,834 psf from the sale of a one-bedroom unit for $750,000 on Jan 18. The condo has seen five resale transactions this year, with an average price of $1,800 psf, compared to last year’s average of $1,644 psf from four transactions. No new record lows were recorded during the period in review.