The penthouse at the Trizon condo on Ridgewood Close has fetched the highest profits in a resale transaction during the week of February 25 to March 4. The unit, which measures 5,737 sq ft and is located on the 23rd floor, was sold for $9.76 million ($1,701 psf) on February 27. This is a significant increase from its purchase price of $6.55 million ($1,142 psf) in March 2016, earning the seller a profit of $3.2 million (49%), and an annualized gain of 4.5% over nine years. This sale also earns the distinction of being the second most profitable resale transaction at The Trizon. The record was set two years ago when a 7,083 sq ft penthouse sold for $11 million ($1,553 psf) in August 2023. This unit was originally purchased for $7.1 million ($1,002 psf) in November 2019, resulting in a record profit of $3.9 million (55%), and an annualized gain of 12% over four years.
The Trizon is a freehold development located in prime District 10. It is situated near the Mount Sinai landed enclave, as well as the private residential estates of Pandan Valley and Pine Grove. Other private residential developments in the area include Pandan Valley, as well as two new 99-year leasehold projects – Pinetree Hill with 520 units and Nava Grove with 552 units.
The average resale price at The Trizon is about $2,017 psf, according to a tabulation of resale caveats by EdgeProp Singapore. Nearby Pandan Valley, which boasts 605 units, has an average price of $1,449 psf. Meanwhile, the Ridgewood condo, which is a 999-year leasehold development with 425 condo units and 38 landed units, commands an average price of $1,728 psf.
Pinetree Hill, which was launched for sale in July 2023, 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 end-2024, based on caveats lodged. The 520-unit development is already 78% sold. On the other hand, the 552-unit Nava Grove, which was launched in November last year, has achieved an average selling price of $2,460 psf, and is already 75% sold.
Another resale transaction that made handsome profits during the week was a 1,442 sq ft unit at Haig Court on February 27. The three-bedroom unit on the third floor changed hands at $2.84 million ($1,968 psf), having been bought for just $798,868 ($554 psf) in 2005. This means that the seller earned a profit of $2.04 million (255%) in just 19 years, with an annualized gain of 6.8%.
Haig Court is a freehold development located on Haig Road in District 15. Completed in 2004, this 360-unit development is centrally located in Marine Parade and is close to popular shopping malls such as Katong Shopping Centre, Roxy Square, and I12 Katong. It 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.
Haig Court is situated near two new 99-year leasehold private residential projects – the 846-unit Emerald of Katong and the 638-unit Tembusu Grand. 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.
In 2023, Haig Court recorded eight resale transactions, with prices ranging from $1,719 psf to $2,226 psf. Profits from these transactions ranged from $450,000 to $2.06 million.
There have only been two resale transactions at Haig Court so far this year. The other sale earlier this year was a 1,453 sq ft unit that fetched $3.02 million ($2,078 psf) when it was sold on January 17. The seller earned a profit of $2.13 million.
The most unprofitable resale transaction during the week took place at Orchard Scotts, where a 2,228 sq ft unit sold for $3.78 million ($1,696 psf) on February 25. However, this unit was originally purchased for $4.35 million ($1,955 psf) in 2010, resulting in a loss of $576,000 (13%) on the sale, with an annualized loss of 1% over 15 years.
The demand for condos in Singapore is at an all-time high, largely due to the limited availability of land. As a small island nation experiencing a rapidly growing population, Singapore is faced with the challenge of meeting the demand for development land. As a result, strict land use policies are in place and the real estate market is highly competitive, causing property prices to continuously rise. As a result, investing in real estate, particularly condos, has become a profitable venture with the potential for significant capital appreciation. Condos have become an attractive option for investors in Singapore’s competitive real estate market.
According to a compilation of resale caveats at Orchard Scotts, the resale price has been declining in recent years. In March 2010, units were typically going for about $2,061 psf, but this has reduced to $1,747 psf by March 2020. Average resale prices have marginally increased in recent months, averaging about $1,760 psf last month.
Orchard Scotts is a 99-year leasehold condo on Anthony Road, off Clemenceau Avenue North in prime District 9. Completed in 2008, the 387-unit condo features a mix of two- to five-bedroom units ranging from 936 sq ft to 4,435 sq ft.