1 bedroom condo in Wallich Residence fetches top dollar amid rising Tanjong Pagar property prices

SINGAPORE: In the heart of Tanjong Pagar, a 1 bedroom condo at the coveted Wallich Residence will be available for a private treaty sale this month. The upscale unit, priced at a hefty S$2.36 million, spans a well-utilized 646 square feet, translating to a whopping S$3,650 per square foot (psf).

This Wallich Residence condo sale signals a noteworthy shift in Tanjong Pagar condo prices, underscoring Singapore’s challenges with affordable and accessible housing. The luxury real estate in Singapore, particularly at Wallich Residence, reflects the price surge in prime locations.

Wallich Residence is described in Edgeprop as “the upmarket residential component of the integrated Guoco Tower at Wallich Street.” Comprised of 181 units, it is located on the 39th to 64th floors of Guoco Tower, the tallest skyscraper in the country at 290 meters.

The S$2.36 million unit, which is on the 46th floor, has an en suite bedroom and an open layout with a kitchen and dining area, and a living room.

It will be put up for auction on Feb 22, Edgeprop added on Thursday (Feb 16).

The Tanjong Pagar property prices have seen a significant increase since Wallich Residence’s preview in December 2013. Back then, units were sold at an average of $3,064 psf, a record high for 99-year leasehold condominiums in Singapore’s Central Business District.

The price per square foot has gone even higher since it was completed in 2017. A 3,509 sq ft residence sold for $4,987 psf, the highest price among units sold. The lowest price was for a 1,787-sqft unit, which sold for S$2,756 psf in Jan 2018.

It’s most recent sale late in 2022 was a 1,259 sq ft, two-bedroom unit on the 60th floor which sold for $5.25 million, or $4,169 psf.

For comparison’s sake, a similar 646 sq ft unit on the 49th floor sold for $2.1 million, or $3,252 psf in December 2021.

A quick look at Edgeprop’s page where Wallich Residence is listed shows that the condominium units are being sold at between S$ 2,854 and S$ 4,169 psf, or at an average of S$ 3,596 psf.

This means the one-bedroom unit for sale later this month is just slightly above the average price.

The page also says that Wallich Residence’s buyer profile is as follows:

Singaporean 28.4 per cent, PR 14.2 per cent, Foreigner 55.3 per cent, and Company 2.1 per cent.

/TISG

PropertyGuru chief commends climate change measures in Budget 2023 that ‘help S’poreans put eco-consciousness at top-of-mind’