The recent sale of an apartment at Island View, a freehold condominium located in Pasir Panjang, made headlines as the most profitable resale transaction during the week of November 26 to December 3. The spacious 3,498 sq ft unit was sold for a whopping $4.8 million or $1,372 per square foot (psf) on November 27. The seller originally purchased the unit back in September 2005 for only $1.3 million or $372 psf, making a significant gain of $3.5 million after about 19 years of ownership. This represents a capital gain of 269% or an annualised profit of 14.2%.
The sale on November 27 has broken the record for the most profitable deal ever made at Island View. The previous record was held by another 3,498 sq ft unit, which was sold for $5.09 million or $1,455 psf in February 2022. The original owner bought the unit in February 2007 for $1.9 million or $543 psf.
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Island View is a boutique condo with only 72 units, located on Jalan Mat Jambol, off Pasir Panjang Road in District 5. This freehold development consists of low-rise buildings that house apartments ranging from 3,056 sq ft to 3,538 sq ft. It was completed in 1984 and is within walking distance to the Pasir Panjang MRT Station on the Circle Line.
In September 2023, the owners of Island View put the condo up for collective sale with a guide price of $575 million. However, after the tender closed the following month with no bids, the condo was relisted for sale in March of the next year with the same guide price. Unfortunately, it did not attract a buyer.
The second most profitable resale deal of the week took place at Cavenagh Court, where a 1,862 sq ft unit on the sixth floor was sold for $3.65 million or $1,960 psf on December 2. The original owner had bought the unit in April 2006 for $1.02 million or $548 psf, earning a profit of $2.63 million (258%) after almost 19 years of ownership.
This deal has set a new record for the highest profit made for a unit at Cavenagh Court, exceeding the previous high of $2.15 million from the sale of another 1,862 sq ft unit on the fourth floor for $3.28 million or $1,761 psf in April 2022. The seller of that unit had purchased it in October 2007 for $1.13 million or $607 psf.
Cavenagh Court is a freehold condo located on Cavenagh Road in District 9’s Newton area. It was completed in 1971 and has 68 units ranging from 1,819 sq ft to 1,862 sq ft. It is just a short drive to the Orchard Road shopping belt. Besides the unit sold on December 2, there was only one other resale transaction this year, with a 1,840 sq ft unit on the sixth floor being sold for $3.82 million or $2,074 psf. The seller had bought it in August 2019 for $2.88 million or $1,565 psf, making a gain of about $938,000.
In contrast, the sale of a duplex penthouse at The Berth By The Cove was the least profitable resale deal of the week. The four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million or $1,165 psf on November 29. The unit had been last sold for $5.53 million or $1,790 psf in August 2007, resulting in a loss of $1.93 million (35%) after about 17 years of ownership.
The sale of this unit currently holds the record for the second most unprofitable transaction at The Berth By The Cove. The biggest loss was recorded on a 2,939 sq ft, four-bedroom unit, which was sold for $3.25 million or $1,106 psf in February 2018. The original owner had bought the unit in October 2011 for $5.64 million or $1,919 psf, resulting in a loss of $2.39 million.
The Berth by the Cove is located on Ocean Drive in the exclusive residential enclave of Sentosa Cove on Sentosa Island. Completed in 2006, this condo comprises 15 low-rise buildings with six storeys each, housing apartments ranging from two- to four-bedrooms and penthouses from 1,012 sq ft to 6,028 sq ft. There were only seven other resale transactions at this condo this year, ranging from $1,237 psf to $1,535 psf. Out of these, four were unprofitable, with the sellers incurring losses ranging from $40,000 to $780,000, while the remaining three were profitable, with gains ranging from $200,000 to $430,000.