During the week of Nov 26 to Dec 3, the resale of an apartment at Island View, a freehold condo in Pasir Panjang, proved to be the most profitable transaction. The unit, spanning 3,498 sq ft, was sold for $4.8 million ($1,372 psf) on Nov 27. The seller had purchased the unit in September 2005 for $1.3 million ($372 psf), resulting in a gain of $3.5 million after owning it for 19 years. This translates to a capital gain of 269% or an annualised profit of 14.2%.
This sale has set a new record for the most profitable deal at Island View, surpassing the previous record of $3.19 million made in February 2022 for the sale of another 3,498 sq ft unit at $5.09 million ($1,455 psf). The seller had bought the unit in February 2007 for $1.9 million ($543 psf).
Located at Jalan Mat Jambol, off Pasir Panjang Road in District 5, Island View is a boutique condo with 72 units that was completed in 1984. The development comprises low-rise blocks housing apartments ranging from 3,056 sq ft to 3,538 sq ft. It is just a short walk away from the Pasir Panjang MRT Station on the Circle Line.
Owners of Island View had attempted a collective sale in September 2023, putting the development up for tender with a guide price of $575 million. However, after the tender closed the following month without any bids, the condo was relisted for sale in March at the same guide price but failed to attract a buyer.
The second most profitable transaction of the week took place at Cavenagh Court, where a 1,862 sq ft unit on the sixth floor was sold for $3.65 million ($1,960 psf) on Dec 2. The seller had bought the unit in April 2006 for $1.02 million ($548 psf), making a gain of $2.63 million (258%) after owning it for nearly 19 years.
This deal has set a new record for the most profitable deal at Cavenagh Court, surpassing the previous record of $2.15 million made for the sale of another 1,862 sq ft unit on the fourth floor in April 2022 at $3.28 million ($1,761 psf). The seller had purchased the unit in October 2007 for $1.13 million ($607 psf).
Cavenagh Court is a freehold condo on Cavenagh Road in District 9’s Newton area that was completed in 1971. This boutique development comprises 68 units ranging from 1,819 sq ft to 1,862 sq ft and is just a short drive from the Orchard Road shopping belt.
Apart from the unit sold on Dec 2, Cavenagh Court has only seen one other resale transaction this year based on caveats lodged. A 1,840 sq ft unit on the sixth floor changed hands for $3.82 million ($2,074 psf). The seller, who bought the unit for $2.88 million ($1,565 psf) in August 2019, made a gain of about $938,000.
.
The decision to invest in a condo in Singapore has gained popularity among both local and foreign investors, thanks to the city-state’s strong economy, stable political climate, and excellent quality of life. With its vibrant real estate market, Singapore presents a wealth of opportunities, with condominiums being a particularly appealing option due to their convenient locations, luxurious amenities, and potential for attractive returns on investment. In this article, we will delve into the advantages of investing in a condo in Singapore, important factors to consider, and essential steps to take, including keeping an eye out for new condo launches.
In contrast, the sale of a duplex penthouse at The Berth By The Cove proved to be the least profitable condo resale deal of the week. The four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million ($1,165 psf) on Nov 29. The unit was last sold for $5.53 million ($1,790 psf) in August 2007, resulting in a loss of $1.93 million (35%) after owning it for 17 years.
This deal is the second most unprofitable transaction recorded at The Berth By The Cove to date, with the biggest loss belonging to a 2,939 sq ft, four-bedroom unit that was sold in February 2018 for $3.25 million ($1,106 psf). The seller had purchased the unit in October 2011 for $5.64 million ($1,919 psf), resulting in a loss of $2.39 million.
Located at Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island, The Berth by the Cove comprises 200 units in 15 low-rise blocks of six storeys each. The apartments range from two- to four-bedroom units of 1,012 sq ft to 2,325 sq ft, as well as four- and five-bedroom penthouses of 2,939 to 6,028 sq ft.
There have been seven other resale transactions at the condo this year, with prices ranging from $1,237 psf to $1,535 psf. Four of the deals resulted in losses ranging from $40,000 to $780,000, while the remaining three deals were profitable, with gains ranging from $200,000 to $430,000.