The recent sale of a penthouse at The Trizon, a 289-unit condo located on Ridgewood Close, was the highlight of the week from Feb 25 to March 4. The unit, which measures 5,737 sq ft and is situated on the 23rd floor, was sold for $9.76 million ($1,701 psf) on Feb 27. This sale marks the most profitable resale transaction at the condo during the stated period.
The unit was previously bought for $6.55 million ($1,142 psf) in March 2016, which means that the seller earned a profit of $3.2 million (49%). This translates to an annualized gain of 4.5% over nine years. This also makes the sale the second most profitable resale transaction at The Trizon to date.
The record for the most profitable resale transaction at The Trizon was set two years ago in August 2023, when a penthouse measuring 7,083 sq ft was sold for $11 million ($1,553 psf). The previous owner had bought the unit for $7.1 million ($1,002 psf) in November 2019, resulting in a record profit of $3.9 million (55%). This also translates to an annualized gain of 12% over close to four years.
The Trizon is a prime freehold development located in District 10. It is situated close to the Mount Sinai landed enclave, as well as the private residential estates of Pandan Valley and Pine Grove. Other nearby private residential developments include Pandan Valley and two new 99-year leasehold projects, namely the 520-unit Pinetree Hill and the 552-unit Nava Grove.Read also: Sale of Yong An Park penthouse rakes in $6.5 mil profitAdvertisementThe sale of the penthouse at The Trizon on Feb 27 resulted in a profit of $3.2 million for the seller (Picture: Samuel Isaac Chua/)The Trizon offers a variety of two- to five-bedroom units, with typical sizes ranging from 1,012 sq ft to 5,102 sq ft. Meanwhile, penthouses measure between 5,328 sq ft and 7,083 sq ft. According to data from EdgeProp Singapore, the average resale price at The Trizon is about $2,017 psf. Comparatively, the average price at nearby Pandan Valley, a sprawling 605-unit development, stands at $1,449 psf. Meanwhile, the average price at Ridgewood, a 999-year leasehold development comprising 425 condo units and 38 landed units, is $1,728 psf.
Pinetree Hill, which was launched for sale in July 2023, has seen units sold this year at an average price of $2,550 psf. This is compared to an average price of $2,458 psf from its launch till the end of 2024, based on caveats lodged. The 520-unit development is currently about 78% sold. Similarly, the 552-unit Nava Grove, which was launched in November last year, is approximately 75% sold, with an average selling price of $2,460 psf.
Another notable sale that took place during the week was that of a 1,442 sq ft unit at Haig Court on Feb 27. The three-bedroom unit on the third floor transacted for $2.84 million ($1,968 psf). However, records show that it was previously sold for just $798,868 ($554 psf) back in 2005. As a result, the seller earned a profit of $2.04 million ($255%), which translates to an annualized gain of 6.8% over a period of 19 years.
Haig Court is a freehold development comprising 360 units, and is located on Haig Road in District 15. Completed in 2004, the condo is centrally located in Marine Parade and is close to shopping malls such as Katong Shopping Centre, Roxy Square and I12 Katong. It is also situated near several well-known schools in the area, such as Chung Cheng High School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School, and the Tanjong Katong campus of the Canadian International School.
Haig Court is situated right next to two new 99-year leasehold private residential projects — the 846-unit Emerald of Katong and the 638-unit Tembusu Grand. Other new projects in the vicinity include The Continuum, an 816-unit freehold development on Thiam Siew Avenue, and Grand Dunman, a 1,008-unit 99-year leasehold project on Dunman Road.Read also: Four-bedroom unit at Mandarin Gardens reaps $3.83 mil profitAdvertisementAdvertisementLast year, Haig Court recorded eight resale transactions, which ranged from the sale of a 1,076 sq ft two-bedder for $1.85 million ($1,719 psf) on Jan 16, to the sale of a 1,550 sq ft four-bedroom unit for $3.45 million ($2,226 psf) on Dec 19. Profits from the resale transactions last year ranged from $450,000 to $2.06 million.
So far this year, there have been two resale transactions at Haig Court. The other sale was a 1,453 sq ft unit that was sold for $3.02 million ($2,078 psf) on Jan 17. This means that the seller earned a profit of $2.13 million.
On the other hand, the most unprofitable resale that happened during the week of Feb 25 to March 4 took place at Orchard Scotts. On Feb 25, a 2,228 sq ft unit was sold for $3.78 million ($1,696 psf). However, caveats show that the unit was previously bought for $4.35 million ($1,955 psf) in 2010. This resulted in a loss of $576,000 (13%) for the seller, which translates to an annualized loss of 1% over a period of almost 15 years.
Investing in a condo has various advantages, one of which is the opportunity to leverage the property’s value for future investments. A considerable number of investors utilize their condos as security to secure additional financing for new ventures, thereby diversifying their real estate portfolio. While this approach can potentially increase returns, it also carries a certain level of risk. Thus, it is important to have a well-thought-out financial plan and carefully evaluate the possible effects of market fluctuations. With the added option of investing in a condo, investors have the potential to further enhance their real estate investments.
Based on the compiled resale caveats for Orchard Scotts, the resale price at the condo has been declining in recent years. In March 2010, units were typically sold for around $2,061 psf. However, this has since fallen to $1,747 psf as of March 2020. More recently, there has been a slight uptick in average resale prices, which currently stand at around $1,760 psf.
Orchard Scotts, a 99-year leasehold condo situated on Anthony Road in District 9, was completed in 2008. It comprises 387 units, ranging from two- to five-bedroom units with sizes of 936 sq ft to 4,435 sq ft.