A 4,230 sq ft, six-bedroom penthouse at JadeScape has set the record for the most profitable condo resale transaction during the week of Dec 3 to Dec 10. The unit, located on the 23rd floor of the 99-year leasehold condo on Shunfu Road, changed hands for $10.15 million ($2,399 psf) on Dec 9. This marks a hefty profit for the seller, who had purchased the unit from the developer in December 2019 for $5.8 million ($1,371 psf). After owning the unit for five years, the seller reaped a profit of $4.35 million, translating to a capital gain of 75% or an annualized profit of 15%.
According to caveats lodged, this is the highest profit ever made on a unit at JadeScape. The previous record was from the sale of a 2,099 sq ft, five-bedroom unit on the 10th floor for $4.42 million ($2,108 psf) on Aug 12. The seller, who bought the unit from the developer in September 2019 for $3.28 million ($1,562 psf), made a profit of $1.14 million on the transaction.
JadeScape, located at the junction of Marymount Road and Shunfu Road in District 20, was completed in 2022 and has 1,206 units spread across seven residential towers. The units range from one to five-bedrooms, measuring between 527 sq ft to 2,099 sq ft. There are also two penthouses measuring 4,230 sq ft. The condo is walking distance from Marymount MRT Station on the Circle Line.
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JadeScape has seen 72 other profitable resale transactions this year, with units selling at prices from $1,955 psf to $2,420 psf. According to data from EdgeProp Research, all of the deals were profitable, with sellers reaping gains ranging from $55,000 to $1.15 million.
The second most profitable condo resale transaction this week was the sale of a 1,410 sq ft, three-bedroom unit at The Imperial for $3.7 million ($2,624 psf) on Dec 5. The seller had purchased the unit from the developer for $1.3 million ($925 psf) in September 2004. This transaction translates to a gain of $2.4 million (184%) after holding the unit for 20 years.
The deal is the fifth most profitable resale transaction at The Imperial. The highest gain belongs to a four-bedroom unit measuring 3,918 sq ft that sold for $7.64 million ($1,950 psf) in June 2007. The seller, who had bought the unit for $3.99 million ($1,018 psf) in March 2006, made a profit of $3.65 million.
The sale of a 1,410 sq ft unit at The Imperial for $3.7 million ($2,624 psf) on Dec 5 reaped a profit of $2.4 million (Source: Google Street View)
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Located on Jalan Rumbia, close to Fort Canning Park in District 9, The Imperial was completed in 2006 and comprises 187 freehold units across five blocks. The units include two, three, and four-bedders between 980 sq ft and 3,918 sq ft. It is walking distance from Fort Canning MRT Station on the Downtown Line and Dhoby Ghaut MRT Interchange, which serves the North-South, North-East and Circle Lines.
On the other hand, the sale of a one-bedroom unit at The Montana was the least profitable condo resale deal this week. The 635 sq ft unit went for $1.02 million ($1,603 psf) on Dec 6. The unit last changed hands in July 2014 for $1.18 million ($1,863 psf), which means the seller suffered a loss of approximately $165,000 on the transaction.
This is the third-largest loss suffered on a unit at The Montana, based on available caveats. The highest loss was from the sale of a three-bedroom unit measuring 1,109 sq ft that was sold for $1 million ($902 psf) in May 2003. The seller, who had bought the unit from the developer in December 1999 for $1.35 million ($1,215 psf), suffered a loss of around $347,000.
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The Montana is a freehold condo located on Jalan Mutiara, off River Valley Road in District 10. It was completed in 2002 and has 108 units housed in a single 12-storey tower. The units are composed of one to four-bedders, ranging from 549 sq ft to 2,659 sq ft.
There have been four other resale transactions at The Montana this year, all of which were profitable. These unit were sold at prices ranging from $1,930 psf to $2,371 psf, resulting in profits ranging from around $80,000 to $525,000.