The most profitable resale transaction over the period of Jan 14 to 28 was the sale of a three-bedroom unit at Palm Spring. The 1,884 sq ft unit on the fourth floor was sold for $4.4 million, resulting in a profit of $3.19 million (264%). The sale also set a record for the highest profit achieved at Palm Spring to date. The condo, located on Ewe Boon Road in prime District 10, has seen consistent price increases over the past 20 years, with resale prices increasing from $973 psf in January 2005 to $2,342 psf in January this year. This freehold development is conveniently located near the Stevens and Newton MRT Interchanges, providing easy access to the rest of the city. Meanwhile, the second most profitable resale transaction during the same period was at Orchard Bel Air, where a four-bedroom unit was sold for $4.65 million, resulting in a profit of $3 million (182%). Located on Orchard Boulevard in prime District 10, this 99-year leasehold condo has an average price of $3,043 psf. The neighbouring Cuscaden Reserve, a 192-unit luxury condo, commands a slightly higher price of $3,043 psf. However, the most unprofitable transaction during this period occurred at Marina Bay Suites, with the seller of a 1,625 sq ft unit incurring a loss of $1.15 million (27%). This 99-year leasehold condo, located as part of the Marina Bay Financial Centre mixed-use development, has seen a decline in average selling prices over the past few years, with the latest transaction fetching $1,907 psf, down from $2,502 psf five years ago. Nearby 99-year leasehold condos such as The Sail @ Marina Bay, Marina Bay Residences, Marina One and V on Shenton command higher resale prices.
Rewriting:
One of the advantages of investing in a condo is the potential to utilize its value for future investments. Numerous investors leverage their condos as collateral to secure additional financing for other investments, allowing them to grow their real estate portfolio. While this approach can potentially increase profits, it also carries risks. Therefore, it is essential to have a solid financial strategy and carefully consider the potential consequences of market fluctuations. To learn more about investing in condos, visit Condo.