SINGAPORE (EDGEPROP) - A 1,281 square foot, three-bedroom unit at The Atelier was sold on March 5 for S$3.2 million, equivalent to S$2,494 per square foot, a new price low for the project. This is based on transaction data from 24 February to 3 March.

The previous record low price per square foot for The Atelier was another 1,281 square foot unit, which was sold by the developer on March 1 for S$3.22 million (S$2,512 per square foot).

The Atelier is an upcoming 120-unit freehold project on Makeway Avenue in Newton, Singapore's 9th postal district. It is adjacent to another upcoming development, the 378-unit Kopar at Newton, also located on Makeway Avenue, a 99-year ownership project.

These developments are close to the Newton Interchange, with access to the North-South and Downtown lines. They are also connected to major roads such as Bukit Timah Road, Dunearn Road, Scotts Road and Newton Road. the Novena and Orchard Road areas are also located nearby.

The Atelier goes on sale in March 2021. The 22-storey apartment building includes one to four bedroom units ranging from 549 to 1,496 square feet.

According to the developer's sales data, approximately 37 units have been sold in The Atelier to date, corresponding to a subscription rate of approximately 31%. The highest price per square foot achieved was for an 883-square-foot, two-bedroom unit on the 20th floor, which sold for S$3,040 per square foot in March last year for a total sale price of S$2.68 million.

According to EdgeProp Singapore's sales statistics, the average price of The Atelier was S$2,693 per square foot.

On the other hand, a 4,284 sq ft, four-bedroom unit at Nassim Park Residences, which was sold on 27 February, sold for S$20.5 million at S$4,785 per sq ft, making it the highest price-per-square-foot transaction at the development to date and the highest price for a condominium transaction between 24 February and 3 March.

The previous record per square foot for Nassim Park Residences was a 3,466 square foot, four-bedroom unit sold by the developer in July 2010 for S$14.28 million (S$4,120 per square foot).

Nassim Park Residences is a 100-unit freehold condominium located on Nassim Road. It was jointly developed by UOL Group, Kheng Leong Co and Orix Capital and completed in 2011.

The second highest record per square foot during the week was set by D'Grove Villas, a freehold condominium on Orange Park Road in prime Post 10, where a 1,690 square foot, two-bedroom unit sold for S$4.3 million (S$2,544 per square foot) on March 2. This price jumped the previous record price per square foot for the condominium, which was set in May 2011 when a 2,443 square foot, four-bedroom unit sold for S$5.33 million (S$2,181 per square foot).

D'Grove Villas is a boutique 45-unit condominium completed in 1992. The condominium is located near the Ardmore Park residential area, one of the most exclusive residential communities in Singapore.

Luxury flats in the area include Le Nouvel Ardmore, Ardmore Residence, Ardmore Park, Sculptura Ardmore and Treetops Executive Residences. d'Grove Villas is also close to D'Grove Villas is also close to the Shangri-La Hotel on Orange Road.

As one of the more established developments in the area, D'Grove Villas has witnessed significant capital appreciation, and EdgeProp Singapore's analysis of resale transactions for the condominium shows that the price has increased from S$1,319 per square foot in March 2003 to S$1,731 per square foot in March 2013. S$1,731 per square foot in March 2013, and then to approximately S$2,500 per square foot this month.