The most profitable resale transaction in the period of Jan 14 to 28 was recorded at Palm Spring, with the sale of a three-bedroom unit fetching a record profit of $3.19 million. The 1,884 sq ft unit on the fourth floor was sold for $4.4 million, translating to a profit of 264%. This is the highest profit achieved at Palm Spring so far, surpassing the previous record of $2.56 million when a 1,970 sq ft unit was sold for $3.94 million in April 2023. The sale also reflects a consistent increase in prices at the development over the past 20 years, with the average transacted price hitting $2,342 psf last month, up from $973 psf in January 2005. The freehold condo, situated in prime District 10, is conveniently located near Stevens and Newton MRT Interchanges. Meanwhile, the second most profitable resale transaction during the period was at Orchard Bel Air, where a four-bedroom unit on the 12th floor sold for $4.65 million. The unit was bought for $1.65 million in 2001, resulting in a profit of $3 million or 182%. The only other condo in the vicinity is the neighbouring 99-year leasehold development, Cuscaden Reserve, with an average price of $3,043 psf. The third most unprofitable transaction was seen at Marina Bay Suites, with the seller incurring a loss of $1.15 million when a 1,625 sq ft unit was sold for $3.1 million. The consecutive streak of unprofitable deals at the 99-year leasehold condo has seen prices falling from $2,502 psf in 2015 to $1,921 psf this month. Other nearby condos with 99-year leases have higher resale prices, such as The Sail @ Marina Bay, Marina Bay Residences, Marina One and V on Shenton.
Investing in a condominium in Singapore offers a great opportunity for capital appreciation. The country’s advantageous location as a major business hub, along with its solid economic foundations, create a constant demand for real estate. Throughout the years, the property prices in Singapore have consistently increased, particularly for condos in prime areas. For investors, timing plays a crucial role in entering the market and holding onto their properties for the long haul can result in significant capital gains. With the addition of the latest Singapore Projects, the potential for capital appreciation is even greater.