A luxury condo in Novena has just set a new benchmark (again!) — with a massive S$15 million sale, it now holds the record for the highest-ever condo transaction in District 11.
Let’s dive into what makes this particular project a repeat record-breaker!
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S$15M all-time-high condo sale in District 11
The latest all-time high for District 11 was set at 32 Gilstead — a luxury boutique condo by developer Kheng Leong. A 4,176-sqft unit recently sold for a staggering S$15 million, which works out to S$3,591 psf. Several key factors help explain this standout price. For starters, the unit’s generous floor area rivals even those found in older condos from the ’80s and ’90s, yet it comes with the added advantage of freehold tenure — a prized asset in land-scarce Singapore.
Interestingly, the record-setting apartment is located on the first floor. While upper-level units typically fetch higher prices, 32 Gilstead bucks the trend slightly. Thanks to the project’s thoughtful design, a ground-floor residence here may offer the spaciousness and garden-like ambience of a landed home, all while retaining the premium facilities and privacy of a high-end condo.
32 Gilstead: A rare collection of 14 freehold homes in Novena
Launched in April 2024, 32 Gilstead stands out as one of the most exclusive new developments in District 11. With only 14 units, this boutique project offers a rare level of privacy, luxury, and freehold ownership.
The project comprises 3 adjoining 5-storey blocks, each housing just one residence per floor. Every home is a spacious 4-bedroom apartment, ranging from 3,821 to 4,219 sqft, and designed with wide frontages of up to 14.7 metres that stretch across the living, dining, and lounge bar areas.
These generous interiors open up to a stunning 9-metre-long balcony, offering tranquil views of a curated bamboo garden that occupies nearly half of the development site.
While the project offers a clubhouse, multiple pools, and barbecue facilities, its amenity deck is intentionally pared down compared to larger-scale condos. This is because 32 Gilstead places its emphasis where it matters most to its residents: expansive living spaces that prioritise comfort and serenity over crowded communal zones.
32 Gilstead is expected to be completed in 2028.
What’s nearby?
Tucked into a tranquil residential pocket, 32 Gilstead enjoys lush surroundings with proximity to the green corridors of Thomson Nature Park, MacRitchie Reservoir, and Bukit Timah Nature Reserve. Yet despite its peaceful setting, the condo is just a 10-minute walk from Newton MRT station.
By car, reaching the CTE or PIE takes under 5 minutes, and you’re within a 15-minute drive to Singapore’s key business hubs like Raffles Place, Orchard Road, and even the future Health City Novena precinct.
Retail therapy is conveniently close, with United Square, Velocity @ Novena, and Novena Square all reachable within minutes. For local foodies, the famous Newton Food Centre is a quick 10-minute stroll away.
Families with school-aged children will appreciate the strong educational catchment. Within 1 km of the development are several prestigious primary schools, including:
- St. Joseph’s Institution Junior
- Anglo-Chinese School (Junior)
- Anglo-Chinese School (Primary)
Schools within a 1-2 km range include:
- CHIJ Primary (Toa Payoh)
- Farrer Park Primary School
- Singapore Chinese Girls’ Primary School
Most expansive, most expensive
Unsurprisingly, this level of design intentionality and spatial generosity doesn’t come cheap. The exclusivity, combined with the project’s architectural finesse and tranquil surroundings, has translated into some of the highest price points seen in the district.
In 2025, the average price psf of 32 Gilstead stands at S$3,476. That is nearly 10% higher than the average psf of freehold new sales in the district, currently at S$3,130. This gap reinforces the project’s premium positioning within one of Singapore’s most sought-after residential zones.
The recent transaction that fetched a record-breaking S$15 million wasn’t even the largest unit sold at 32 Gilstead. Back in February, a 4,219-sqft apartment — the most spacious type offered — changed hands for a lower price of S$14.47 million, translating to S$3,430 psf.
This means, since that February sale, the average psf for units transacted at 32 Gilstead has gone up by 3.95%. While the overall volume may be low due to the limited number of units, rapid price appreciation within months tells a story of enduring appeal.
5 highest condo transactions in District 11
In fact, being the most expensive condo by absolute price in District 11, 32 Gilstead is consistently pushing past its own benchmarks with new transactions. All top-end deals in the district have taken place within the development.
However, when it comes to psf price, the highest record still belongs to a 1-bedroom unit at Pullman Residences Newton, which sold in October 2023 at S$3,727 psf.
Luxury condo market in District 11
To date, District 11 alone has seen 21 transactions breaching the S$10 million mark — an amount that firmly places them in the luxury segment. What’s notable is that every one of these high-value deals stems from just two projects: 32 Gilstead, of course, and Watten House in Bukit Timah.
See Watten House’s highest transaction details here:
Both projects are recent freehold launches, known for their spacious layouts and upscale positioning. That these two developments alone account for all the ultra-high-end sales in the area speaks volumes about their market presence. It also highlights the level of trust buyers place in them, not just for their luxury offerings, but for their long-term price appreciation potential.
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Price trend analysis: 32 Gilstead vs. Watten House
Since April last year, 32 Gilstead has seen its average price psf climb by 4.32%, edging out Watten House, which posted a slightly more modest growth of 3.31% despite having a much higher volume of transactions. Watten House recorded 28 new sales over the period, more than double the number at 32 Gilstead.
Typically, more transactions help drive price momentum. But in this case, 32 Gilstead’s stronger price growth and slower sales pace may actually be a reflection of its exclusivity. With just 14 units — all of them large 4-bedroom layouts reaching up to 4,219 sqft — it’s clearly tailored for a niche group of buyers seeking privacy and space.
Watten House, on the other hand, caters to a broader market. With 180 units in total and a mix of configurations — including 4,080-sqft penthouses — it appeals to different buyer segments. However, what it offers in variety and scale, it may slightly lack in terms of the ultra-private, boutique feel that 32 Gilstead provides.
To give this more context, freehold condos in District 11 have, on average, seen an 8% increase in psf prices since April 2024 (see the graph above). While this growth outpaces 32 Gilstead’s rise, it’s important to note that luxury boutique developments often see more modest price changes due to their already high base and smaller buyer pool.
Nearing full sell-out
With just 2 units left unsold, this boutique freehold condo in Novena is on the verge of a complete sell-out. 32 Glistead’s consistent record-breaking performance in District 11, coupled with its limited supply and spacious layouts, continues to attract high-net-worth buyers looking for both exclusivity and long-term value. As demand remains strong and availability tightens, the opportunity to own one of the final units may quickly slip away.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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