A sale at the Trizon, a 289-unit condo on Ridgewood Close, made headlines last week as it was the most profitable resale transaction for the period of Feb 25 to March 4. The sale of the 5,737 sq ft penthouse unit on the 23rd floor earned the seller a profit of $3.2 million (49%), which translates to an annualized gain of 4.5% over nine years. This also makes it the second most profitable resale transaction to date at The Trizon.
The record for the most profitable resale transaction at The Trizon was set two years ago when a 7,083 sq ft penthouse was sold for $11 million ($1,553 psf) in August 2023. This unit had been previously bought for $7.1 million ($1,002 psf) in November 2019, resulting in the seller raking in a record profit of $3.9 million (55%), which translates to an annualized profit of 12% over close to four years.
Situated in prime District 10, The Trizon is a freehold development close to the Mount Sinai landed enclave, Pandan Valley and Pine Grove private residential estates. It offers a mix of two- to five-bedroom units, with typical units ranging from 1,012 sq ft to 5,102 sq ft and penthouses ranging from 5,328 sq ft to 7,083 sq ft.
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According to a tabulation of resale caveats by EdgeProp Singapore, the average resale price at The Trizon is around $2,017 psf. In comparison, nearby Pandan Valley, a sprawling 605-unit development, has an average price of $1,449 psf, while The Ridgewood, a 999-year leasehold development with 425 condo units and 38 landed units, commands an average price of $1,728 psf.
Two new 99-year leasehold private residential projects – the 846-unit Emerald of Katong and the 638-unit Tembusu Grand – are located next to The Trizon. 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.
The sale that garnered the second-highest profit during the week was a 1,442 sq ft unit at Haig Court, which was sold for $2.84 million ($1,968 psf) on Feb 27. The three-bedroom unit on the third floor was previously bought for just $798,868 ($554 psf) in 2005. Thus, the seller reaped a profit of $2.04 million ($255%), which translates to an annualized gain of 6.8% over 19 years.
Haig Court is a freehold development on Haig Road in District 15, which comprises 360 units and was completed in 2004. Centrally located in Marine Parade, it is close to shopping malls such as Katong Shopping Centre, Roxy Square and I12 Katong. The condo is also near renowned schools like Chung Cheng High School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School and the Tanjong Katong campus of the Canadian International School.
The two new 99-year leasehold private residential projects next to Haig Court are Emerald of Katong and Tembusu Grand. Other new projects in the vicinity include The Continuum and Grand Dunman.
Haig Court saw eight resale transactions last year, with profits ranging from $450,000 to $2.06 million. There have been two resale transactions so far this year, with the other sale being a 1,453 sq ft unit that fetched $3.02 million ($2,078 psf) on Jan 17. The seller earned a profit of $2.13 million.
The most unprofitable resale during the week took place at Orchard Scotts, where a 2,228 sq ft unit was sold for $3.78 million ($1,696 psf) on Feb 25. However, the unit was previously purchased for $4.35 million ($1,955 psf) in 2010, resulting in the seller incurring a loss of $576,000 (13%), which translates to an annualized loss of 1% over close to 15 years.
Based on a compilation of resale caveats at Orchard Scotts, resale prices at the condo have been declining in recent years. In March 2010, units were typically sold at an average of $2,061 psf, which has since slipped to $1,747 psf by March 2020. However, resale prices have marginally picked up recently to around $1,760 psf.
Orchard Scotts is a 99-year leasehold condo on Anthony Road, off Clemenceau Avenue North in prime District 9. Completed in 2008, the development comprises 387 units ranging from two- to five-bedroom units of 936 sq ft to 4,435 sq ft.