The full list of profitable condo resale transactions for the week of Dec 3 to Dec 10, based on caveats lodged with URA:
A six-bedroom penthouse at JadeScape, a 99-year leasehold condominium located on Shunfu Road, was sold for a hefty profit, making it the most profitable condo resale transaction during the week of December 3 to December 10. The 4,230 sq ft unit on the 23rd floor was sold for $10.15 million ($2,399 psf) on December 9. The seller had purchased the unit from the developer in December 2019 for $5.8 million ($1,371 psf), resulting in a whopping profit of $4.35 million after owning the unit for just five years. This translates to a capital gain of 75% for the seller, or an annualized profit of 15%.
According to caveats lodged, this is the largest gain ever recorded for a unit at JadeScape. The previous record was held by the sale of a 2,099 sq ft, five-bedroom unit on the 10th floor for $4.42 million ($2,108 psf) on August 12. The seller, who had purchased the unit from the developer in September 2019 for $3.28 million ($1,562 psf), made a profit of $1.14 million on the transaction.
JadeScape is situated at the junction of Marymount Road and Shunfu Road in District 20. The development, completed in 2022, consists of 1,206 units spread across seven residential towers. The units range from one- to five-bedroom apartments, measuring from 527 sq ft to 2,099 sq ft. There are also two penthouses spanning 4,230 sq ft. The condo is conveniently located within walking distance of Marymount MRT Station on the Circle Line.
The high demand for JadeScape can be seen in the 72 other resale transactions recorded this year, with units selling at prices between $1,955 psf and $2,420 psf. All of these deals were profitable, with sellers earning gains ranging from $55,000 to $1.15 million.
The second most profitable condo resale deal during this period was the sale of a 1,410 sq ft, three-bedroom unit at The Imperial for $3.7 million ($2,624 psf) on December 5. The seller had purchased the unit from the developer for $1.3 million ($925 psf) in September 2004. As a result, the seller made a profit of $2.4 million (184%) after holding the unit for 20 years.
This deal ranks fifth among the most profitable resale transactions at The Imperial. The top spot is held by a four-bedroom unit measuring 3,918 sq ft, which was sold for $7.64 million ($1,950 psf) in June 2007. The seller had bought the unit for $3.99 million ($1,018 psf) in March 2006, making a profit of $3.65 million.
Assessing the potential rental yield is a crucial aspect to consider when making a condo investment. This refers to the annual rental income in relation to the property’s purchase price. In Singapore, rental yields for condos vary greatly, depending on factors such as location, property condition, and market demand. Generally, areas near busy business districts or educational institutions offer higher rental yields due to the high demand for rental properties. To gain a better understanding of the rental potential of a particular condo, it is essential to conduct comprehensive market research and seek advice from trustworthy real estate agents. Consider checking out New Condo Launches for new opportunities in the market.
The Montana, located on Jalan Rumbia in District 9, was the site of the least profitable condo resale deal during this week. A one-bedroom unit measuring 635 sq ft was sold for $1.02 million ($1,603 psf) on December 6. The unit had previously changed hands in July 2014 for $1.18 million ($1,863 psf), resulting in a loss of approximately $165,000 for the seller.
This is the third-biggest loss recorded for a unit at The Montana. The highest loss was seen in the sale of a three-bedroom unit measuring 1,109 sq ft, which was sold for $1 million ($902 psf) in May 2003. The seller, who had bought the unit from the developer in December 1999 for $1.35 million ($1,215 psf), lost approximately $347,000 on the transaction.
The Montana, a freehold condo completed in 2002, comprises of 108 units in a single 12-storey tower. The units range from one- to four-bedders, measuring from 549 sq ft to 2,659 sq ft. Located near Fort Canning Park, it is within walking distance of Fort Canning MRT Station on the Downtown Line and Dhoby Ghaut MRT Interchange, which serves the North-South, North-East, and Circle Lines.
In conclusion, despite the record gains at JadeScape and The Imperial, all transactions recorded during this week were profitable, with sellers earning gains ranging from $80,000 to $525,000. The strong demand for resale units in these developments showcases their appeal to buyers in the current market.