The sale of a six-bedroom penthouse at JadeScape, a 99-year leasehold condo on Shunfu Road, was the most profitable condo resale transaction during the week of Dec 3 to Dec 10. According to caveats lodged, the 4,230 sq ft unit on the 23rd floor was sold for $10.15 million ($2,399 psf) on Dec 9. This marks a significant 75% capital gain for the seller, who purchased the unit from the developer in December 2019 for $5.8 million ($1,371 psf). This translates to an annualised profit of 15% for the seller, making it the biggest gain ever made on a unit at JadeScape.
JadeScape, located at the junction of Marymount Road and Shunfu Road in District 20, is a 99-year leasehold condo that was completed in 2022. It boasts 1,206 units spread across seven residential towers, including one- to five-bedroom apartments ranging from 527 sq ft to 2,099 sq ft. The development also features two penthouses measuring 4,230 sq ft each. Conveniently located within walking distance of Marymount MRT Station on the Circle Line, the condo has seen 72 other resale transactions this year, with prices ranging from $1,955 psf to $2,420 psf. Interestingly, all of these deals have been profitable for the sellers, with 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. According to caveats filed, the seller had purchased the unit from the developer for $1.3 million ($925 psf) in September 2004. This marks a gain of $2.4 million (184%) for the seller, who had held on to the unit for 20 years. The deal is the fifth most profitable resale transaction at The Imperial, with the record gain being a $3.65 million profit made on the sale of a four-bedroom unit measuring 3,918 sq ft for $7.64 million ($1,950 psf) in June 2007. The seller had purchased the unit for $3.99 million ($1,018 psf) in March 2006.
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The Imperial, located on Jalan Rumbia in District 9, is a freehold condo that was completed in 2006. It features 187 units spread across five blocks, including two-, three- and four-bedroom units ranging from 980 sq ft to 3,918 sq ft. The development is well-connected, with Fort Canning MRT Station on the Downtown Line as well as Dhoby Ghaut MRT Interchange, which serves the North-South, North-East and Circle Lines, both within walking distance.
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 was sold for $1.02 million ($1,603 psf) on Dec 6. According to available caveats, the unit had been last sold for $1.18 million ($1,863 psf) in July 2014. This translates to a loss of approximately $165,000 for the seller. This deal marks the third-biggest loss made on a unit at The Montana, with the biggest loss being from the sale of a three-bedroom unit measuring 1,109 sq ft for $1 million ($902 psf) in May 2003. The seller had purchased the unit from the developer in December 1999 for $1.35 million ($1,215 psf), resulting in a loss of about $347,000.
Located on Jalan Mutiara in District 10, The Montana is a freehold condo that was completed in 2002. It features 108 units housed in a single 12-storey tower, including one- to four-bedroom units 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 have been profitable for the sellers. These units, sold for between $1,930 psf to $2,371 psf, made gains ranging from $80,000 to around $525,000.