The recent sale of a penthouse at The Trizon located on Ridgewood Close has set a new record for the most profitable resale transaction in the week of February 25 to March 4. The 5,737 sq ft penthouse on the 23rd floor was sold for a whopping $9.76 million, equating to $1,701 per square foot. The sale has brought the seller a handsome profit of $3.2 million, which is a remarkable 49% increase from the purchase price of $6.55 million in March 2016. This translates to an annualized gain of 4.5% over a period of nine years.
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The sale has also made it the second most profitable resale transaction at The Trizon so far. The previous record was set two years ago when a 7,083 sq ft penthouse was sold for $11 million, or $1,553 psf, in August 2023. This unit was purchased for $7.1 million, or $1,002 psf, in November 2019. As a result, the seller made a spectacular profit of $3.9 million (55%), equating to a phenomenal annualized return of 12% over just four years.
Situated in the prime District 10, The Trizon is a freehold development that comprises 289 units. It is located near the prestigious Mount Sinai landed enclave, as well as the private residential estates of Pandan Valley and Pine Grove. Other notable private residential developments in the vicinity include Pandan Valley, Pinetree Hill, and Nava Grove, which are all 99-year leasehold projects.
The Trizon offers a variety of units ranging from two to five bedrooms. The typical units range from 1,012 sq ft to 5,102 sq ft, while the penthouse units range from 5,328 sq ft to 7,083 sq ft. According to EdgeProp Singapore, the average resale price at The Trizon is $2,017 psf. In comparison, nearby Pandan Valley has an average price of $1,449 psf, while the 999-year leasehold Ridgewood condo has an average price of $1,728 psf.
Launched for sale in July 2023, Pinetree Hill has seen units sold this year at an average price of $2,550 psf, compared to an average of $2,458 psf from its launch to the end of 2024. The 520-unit development is 78% sold. Similarly, Nava Grove, which was launched in November last year, is 75% sold, with an average selling price of $2,460 psf.
The second most profitable resale transaction during the week was a three-bedroom unit at Haig Court, which fetched $2.84 million ($1,968 psf) on Feb 27. This unit was previously purchased for just $798,868 ($554 psf) in 2005, making this sale extremely profitable for the seller, who earned a handsome profit of $2.04 million (255%). This equates to an annualized gain of 6.8% over a period of 19 years.
Haig Court is a freehold development with 360 units, situated on Haig Road in District 15. It was completed in 2004 and is conveniently located near shopping malls such as Katong Shopping Centre, Roxy Square, and I12 Katong. It is also close to reputable schools such as Chung Cheng High School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School, and the Tanjong Katong campus of the Canadian International School.
Haig Court is next to two new 99-year leasehold private residential projects, Emerald of Katong (846 units) and Tembusu Grand (638 units). Other new projects in the area include The Continuum (816 units), a freehold development on Thiam Siew Avenue, and Grand Dunman (1,008 units), a 99-year leasehold project on Dunman Road.
In contrast, 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, this unit was previously purchased for $4.35 million ($1,955 psf) back in 2010, resulting in a loss of $576,000 (13%) for the seller. This translates to an annualized loss of 1% over close to 15 years.
A compilation of resale caveats at Orchard Scotts shows that the resale prices at the condo have been declining in recent years. In March 2010, units were typically sold for about $2,061 psf, but this has dropped to $1,747 psf by March 2020. However, in recent months, there has been a slight uptick in average resale prices to around $1,760 psf.
Orchard Scotts is a 99-year leasehold condo located on Anthony Road, off Clemenceau Avenue North in prime District 9. The development was completed in 2008 and comprises 387 units, ranging from two to five bedrooms with sizes of 936 sq ft to 4,435 sq ft.