In the week of Aug 15 to 22, Singapore’s property market saw several price milestones that tell us more than just headline numbers. On the one hand, a 2-bedroom unit at One Meyer changed hands for $1.93 million, setting a new record of $3,146 psf and crossing the $3,000 psf threshold for the first time at the development. In the same period, Cairnhill Residences in District 9 also hit a new psf peak of $2,710 psf, while at the other end of the spectrum, CanningHill Piers saw a new record low of $2,491 psf.
These transactions provide more than just benchmarks. They illustrate the underlying forces that drive appreciation, shape demand, and define the risks and rewards in Singapore’s condominium market. Let’s go through why One Meyer and Cairnhill Residences achieved their new highs — and what buyers and sellers can learn from them.
One Meyer’s Breakthrough Above $3,000 psf
One Meyer is a boutique freehold development in District 15, comprising just 66 units of 2- and 3-bedroom units ranging from 614 to 1,033 sqft. Completed in 2023, it sits at the junction of Meyer Road and Meyer Place, directly opposite Katong Park and within steps of Katong Park MRT Station on the Thomson-East Coast Line (TEL).
Why It Broke Records
Several factors combined to push One Meyer’s 614 sqft 2-bedder above the symbolic $3,000 psf line:
The Takeaway
One Meyer illustrates how location, tenure, and exclusivity can combine to create powerful appreciation. Even small-unit transactions can set the tone for an entire project’s valuation trajectory.
Cairnhill Residences’ Quiet Strength
Background
Cairnhill Residences, completed in 2009, is a freehold development tucked into Cairnhill Circle near Orchard Road in prime District 9. It consists of 97 units across two 20-storey towers, with 2- and 3-bedroom units (904–1,173 sqft), duplex penthouses, and ground-floor units with private enclosed spaces.
Why It Continues to Appreciate
Despite being more than a decade old, Cairnhill Residences demonstrates the resilience of prime freehold stock:
The Takeaway
Cairnhill Residences highlights that older does not mean outdated. Freehold developments in prime districts with functional layouts can continue to command strong prices, even surpassing newer leasehold counterparts.
A Contrast: CanningHill Piers’ Record Low
Background
CanningHill Piers is a 99-year leasehold project at Clarke Quay, a mixed-use development fronting the Singapore River. With 696 units across two towers (24 and 48 storeys), it was a headline-grabbing launch in 2021, selling 569 units at an average of around $2,990 psf. Completion is slated for 2026.
Why Prices Dipped
The recent transaction of a 1,959 sqft 4-bedroom unit for $4.88 million at $2,491 psf marked the lowest psf ever recorded at the project. Several factors explain this:
The Takeaway
CanningHill Piers shows that not all headline projects guarantee capital appreciation in the short term. Entry price, tenure, and unit size dynamics matter greatly.
What Do One Meyer and Cairnhill Residences Have in Common?
Freehold Advantage: Both developments benefit from perpetual tenure, giving buyers confidence in long-term value retention and appreciation.
Exclusivity and Scarcity: With fewer than 100 units each, both projects avoid the dilution effect that larger developments face. This exclusivity adds to their premium.
Prestigious Locations: Meyer Road carries strong lifestyle appeal, while Cairnhill is firmly within the prime Orchard belt. Buyers are willing to pay for address and prestige.
Sustained Demand: Both areas attract buyers who are less sensitive to short-term market fluctuations — whether for lifestyle or legacy reasons.
Lessons for Buyers
Lessons for Sellers
Practical Advice Moving Forward
Conclusion: Reading the Signals
The recent records set by One Meyer and Cairnhill Residences — and the contrast with CanningHill Piers — reinforce a simple truth. Not all properties are created equal, and not all will appreciate at the same pace.
For buyers, the lesson is to prioritise tenure, location, and exclusivity when assessing long-term value. For sellers, it is about positioning their property’s uniqueness in a way that justifies a premium.
Every transaction is more than just a number — it’s a signal about what the market values most. And right now, the message is clear: boutique freehold projects in established enclaves continue to shine, while larger leasehold projects must navigate more volatility.
In an era of rising interest rates and evolving buyer preferences, those who read these signals and align their strategies accordingly will be best placed to benefit in Singapore’s ever-competitive property market.
If you’d like to explore opportunities in today’s market or discuss your property plans, reach out to our sales consultants here.
