Resale at The Edge on Cairnhill sets psf-price high of $2,348

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The Edge on Cairnhill The Myst and Newton 18 topped record psf-price highs during the week of Feb 18 to 24. On Feb 21, a 2,142 sq ft four-bedroom condo at The Edge on Cairnhill on Cairnhill Road in District 9 changed hands for $5.03 million, or $2,348 psf, marginally higher than the previous record of $5 million, or $2,346 psf, on Sept 30, 2022.

The Edge on Cairnhill is a boutique 46-unit property completed in 2002 and situated in an upmarket residential enclave between the Orchard Road and Newton areas. Other nearby developments include The Peak @ Cairnhill I & II, Hilltops, The Scotts Tower and Klimt Cairnhill.

Meanwhile, the second highest record psf-price set during the week was at Newton 18, a freehold condo on Newton Road in prime 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 — a noticeable increase from the previous record which involved a 570 sq ft, one-bedroom unit on the 13th floor for $1.21 million ($2,121 psf) in Dec 23, 2020. Newton 18 is an 81-unit project completed in 2002 located near Newton MRT Interchange Station.

Petit Jervois on the other hand was the project to record a new psf-price low during the week. A 603 sq ft, one-bedroom unit on the ground floor was sold by the developer for $1.54 million ($2,561 psf) on Feb 22 — lower than the record low of $1.69 million ($2,614 psf) posted by a 646 sq ft one-bedroom unit sold in October 2020. Petit Jervois is a 55-unit luxury boutique project located on Jervois Road in District 10.

Based on URA caveats, prices at The Edge on Cairnhill and Newton 18 have generally been on the rise since 2013 and 2022 respectively. The Edge on Cairnhill recorded an average price of $2,025 psf as of Feb 2023, compared to about $1,827 psf in March 2013. Similarly, Newton 18 had an average price of $2,051 psf as of last year.

Overall, prices at these two condos are similar to other completed freehold condos in the area, such as Newton 21 ($2,177 psf), L’viv ($2,096 psf), 26 Newton ($2,121 psf), and The Linc ($2,030 psf).

The Feb 21 transaction marks the first resale at The Edge on Cairnhill so far this year. The project had two resale transactions last year — apart from the Sept 30 sale, a 2,131 sq ft unit on the 17th floor fetched $4.89 million ($2,299 psf) on June 22.

At Petit Jervois, previews for the development began in 2018, with about 26 units (47%) sold by the developer to date. The most expensive unit is a 1,012 sq ft unit on the fifth floor, which sold for $2.88 million ($2,852 psf), followed by the sale of a similarly sized unit on the fourth floor for $2.87 million ($2,837 psf).