Condo prices rise for two months, but nonetheless, prices still 1.6% below peak in July 2018The record gains and losses at The Sail Residences
The reselling of a six-bedroom penthouse at JadeScape, a 99-year leasehold condominium located on Shunfu Road, has created the biggest buzz in the real estate market during the week of Dec 3 to Dec 10. The luxurious 4,230 square feet unit, situated on the 23rd floor, sold for an impressive $10.15 million, translating to $2,399 per square foot on Dec 9. This marked a remarkable capital gain of 75% for the seller, who initially purchased the property from the developer in December 2019 for $5.8 million, equivalent to $1,371 per square foot. By owning the unit for five years, the seller made a whopping profit of $4.35 million, averaging an annualised profit margin of 15%.
According to the latest caveats lodged, the sale of this penthouse at JadeScape is the highest profit ever recorded at the development. Before this, the top transaction was the sale of a five-bedroom unit on the 10th floor measuring 2,099 square feet, which exchanged hands for $4.42 million, equivalent to $2,108 per square foot on August 12. The seller had previously acquired the property from the developer in September 2019 for $3.28 million, averaging $1,562 per square foot, making an ultimate gain of $1.14 million.
JadeScape is situated at the junction of Marymount Road and Shunfu Road in District 20. With its completion slated for 2022, the development boasts 1,206 units spread across seven residential towers. The units range from one- to five-bedroom apartments, offering a variety of sizes from 527 square feet to 2,099 square feet. Additionally, there are two penthouses measuring a grand 4,230 square feet each. With its convenient location, JadeScape is within walking distance to the Marymount MRT Station on the Circle Line.
Of the 72 resale transactions at JadeScape this year, all have been profitable with prices ranging from $1,955 to $2,420 per square foot. Sellers have earned profits ranging from $55,000 to $1.15 million, making it a highly lucrative investment opportunity.
The second most profitable resale transaction of the week was the sale of a three-bedroom unit measuring 1,410 square feet at The Imperial for a staggering $3.7 million, equivalent to $2,624 per square foot, on Dec 5. The seller had purchased the property from the developer at $1.3 million, averaging $925 per square foot back in September 2004. This translated to a remarkable capital gain of $2.4 million, or a profit margin of 184%, after owning the property for 20 years.
The sale is the fifth highest profit ever recorded at The Imperial since its completion in 2006. The top spot belongs to a four-bedroom unit measuring 3,918 square feet, which sold for an impressive $7.64 million, equivalent to $1,950 per square foot back in June 2007. The seller had initially purchased the unit for $3.99 million, averaging $1,018 per square foot back in March 2006, making an excellent gain of $3.65 million.
The Imperial is located on Jalan Rumbia, close to Fort Canning Park in District 9. The development comprises 187 freehold units spread across five blocks. The units range from two-, three- to four-bedrooms, with sizes ranging from 980 square feet to 3,918 square feet. It is located within walking distance to the Fort Canning MRT Station on the Downtown Line, as well as Dhoby Ghaut MRT Interchange, serving the North-South, North-East, and Circle Lines.
However, the resale of a one-bedroom unit at The Montana marked the least profitable transaction of the week. Measuring 635 square feet, the unit was sold for $1.02 million, equivalent to $1,603 per square foot on Dec 6. The seller had previously purchased the property in July 2014 at $1.18 million, averaging $1,863 per square foot, resulting in a loss of approximately $165,000.
In fact, this is the third-highest loss recorded at The Montana, based on available caveats. The most significant loss was recorded in May 2003 when a three-bedroom unit measuring 1,109 square feet sold for $1 million, averaging $902 per square foot. The seller had acquired the property from the developer in December 1999 at $1.35 million, averaging $1,215 per square foot, making a significant loss of approximately $347,000.
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The Montana is a freehold condominium located on Jalan Mutiara, just off River Valley Road in District 10. Completed in 2002, the development has 108 units spread across a single 12-storey tower. The units range from one- to four-bedrooms, offering sizes between 549 square feet to 2,659 square feet. There have been four other resale transactions at The Montana this year, all recording profits, with prices ranging from $1,930 to $2,371 per square foot, resulting in profits ranging from $80,000 to $525,000.