The top five most profitable condo resale deals during the week of December 3 to December 10:The following article has been rewritten to focus more on the profitable resale transaction of a six-bedroom penthouse at JadeScape, while including details on the top and bottom profitable resale deals during the week of Dec 3 to Dec 10.
The recent sale of a six-bedroom penthouse at JadeScape, a 99-year leasehold condo located on Shunfu Road, has been the highlight of the week. Sold during the period of December 3 to December 10, the 4,230 sq ft unit on the 23rd floor was purchased for a hefty $10.15 million, translating to $2,399 psf. This transaction marks the most profitable condo resale deal during this period.
The seller of this particular unit bought it from the developer in December 2019 for $5.8 million, or $1,371 psf. This means that the seller has gained a profit of $4.35 million in just five years of owning the unit, resulting in a capital gain of 75%. This amounts to an annualised profit of 15%, making it the largest gain ever recorded for a unit at JadeScape.
The previous record at JadeScape was set just a few months ago, when a 2,099 sq ft five-bedroom unit on the 10th floor was sold for $4.42 million, translating to $2,108 psf. The seller of this unit had bought it from the developer in September 2019 for $3.28 million, earning a profit of $1.14 million on the transaction.
JadeScape is a 1,206-unit development consisting of seven residential towers, located at the junction of Marymount Road and Shunfu Road in District 20. It offers a range of units from one- to five-bedroom apartments, ranging from 527 sq ft to 2,099 sq ft, as well as two penthouses spanning 4,230 sq ft. The development is within walking distance to the Marymount MRT station, making it a prime location for buyers.
The second most profitable condo resale deal during this period was recorded at The Imperial, where a 1,410 sq ft, three-bedroom unit was sold for $3.7 million, resulting in $2,624 psf. The seller of this unit had purchased it from the developer in September 2004 for $1.3 million, or $925 psf. This translates to a profit of $2.4 million after a holding period of 20 years, or a 184% gain.
The Imperial, located on Jalan Rumbia in District 9, is a freehold development featuring 187 units spread across five blocks. Units range from two-, three-, and four-bedders, measuring between 980 sq ft and 3,918 sq ft. It is conveniently located within walking distance to the Fort Canning MRT station on the Downtown Line, as well as the Dhoby Ghaut MRT Interchange, which serves the North-South, North-East, and Circle Lines.
On the other hand, the least profitable condo resale deal this week was also recorded at The Montana, where a one-bedroom unit measuring 635 sq ft was sold for $1.02 million, resulting in $1,603 psf. The seller had bought the unit in July 2014 for $1.18 million, translating to $1,863 psf, resulting in a loss of approximately $165,000 on the transaction.
In summary, there are numerous benefits to be gained from investing in a condo in Singapore. These include a strong demand for properties, potential for significant value growth, and attractive rental yields. However, it is crucial to carefully consider various factors such as location, financing options, government regulations, and market conditions before making any investment decisions. Through thorough research and seeking professional guidance, investors can make well-informed choices and maximize their returns in Singapore’s ever-evolving real estate market. Whether you are a local investor seeking to diversify your portfolio or a foreign buyer searching for a stable and profitable investment, the condo market in Singapore is a highly advantageous option. Additionally, keeping an eye on new condo launches, like those offered by New Condo Launches, can add more opportunities for investors to reap benefits in this dynamic market.
The Montana is a freehold condo located on Jalan Mutiara, off River Valley Road in District 10. It consists of 108 units housed in a single 12-storey tower, offering units ranging from one- to four-bedders, measuring between 549 sq ft to 2,659 sq ft. Despite this, there have been four other profitable resale transactions at The Montana this year, with gains ranging from $80,000 to approximately $525,000.
Overall, JadeScape has seen a total of 72 resale transactions this year, with unit prices ranging from $1,955 psf to $2,420 psf. However, all of these transactions have been profitable, with sellers gaining from $55,000 to $1.15 million from the deals.