The transaction of a 3,498 sq ft unit at Island View, a freehold condo in Pasir Panjang, was the most profitable condo resale deal during the week of Nov 26 to Dec 3. The unit was sold for $4.8 million ($1,372 psf) on Nov 27, making a gain of $3.5 million for the seller. This represents a capital gain of 269% or an annualised profit of 14.2% after owning it for about 19 years.
This transaction sets a new record for the most profitable deal to have taken place at Island View, beating the previous record profit of $3.19 million from the sale of another 3,498 sq ft unit in February 2022. The previous seller had purchased the unit for $1.9 million in February 2007, making a gain of 258%.
Island View is a boutique condo with 72 units located on Jalan Mat Jambol in District 5’s Pasir Panjang area. The development, which was completed in 1984, comprises low-rise blocks housing apartments ranging from 3,056 sq ft to 3,538 sq ft. It is conveniently located within walking distance of the Pasir Panjang MRT Station.
In September 2023, the owners of Island View attempted a collective sale with a guide price of $575 million. However, after receiving no bids, the condo was relisted for sale in March at the same price but did not attract a buyer.
The second most profitable condo resale deal during the week was at Cavenagh Court, where a 1,862 sq ft unit on the sixth floor was sold for $3.65 million ($1,960 psf) on Dec 2. The seller, who purchased the unit in April 2006 for $1.02 million ($548 psf), made a gain of $2.63 million after nearly 19 years of ownership.
This transaction sets a new record for the most profitable deal to have taken place at Cavenagh Court, beating the previous record of $2.15 million made from the sale of another 1,862 sq ft unit in April 2022.
Cavenagh Court is a freehold condo located on Cavenagh Road in District 9’s Newton area. The development, completed in 1971, comprises 68 units ranging from 1,819 sq ft to 1,862 sq ft. It is a short drive from the Orchard Road shopping belt.
In contrast, the sale of a duplex penthouse at The Berth By The Cove was the least profitable condo resale deal of the week. The four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million ($1,165 psf) on Nov 29, resulting in a loss of $1.93 million for the seller. The unit last changed hands for $5.53 million ($1,790 psf) in August 2007.
This is the second most unprofitable transaction recorded at The Berth By The Cove, with the biggest loss belonging to a 2,939 sq ft, four-bedroom unit that was sold in February 2018 for $3.25 million. The seller had bought the unit in October 2011 for $5.64 million, making a loss of $2.39 million.
The Berth by the Cove is a freehold condo located on Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island. The development, completed in 2006, comprises 200 units ranging from 1,012 sq ft to 6,028 sq ft. It is a short drive from the Orchard Road shopping belt.
When it comes to real estate investment, location is a key factor, especially in Singapore. Condominiums located in central areas or close to important amenities like schools, shopping centers, and public transportation are known to have a higher appreciation in value. Prime locations in Singapore such as Orchard Road, Marina Bay, and the Central Business District (CBD) have a track record of steady property value growth. In addition, condos near reputable schools and educational institutions are highly sought after by families, making them even more lucrative investments. Singapore Projects should be seriously considered when looking for potential investment opportunities.
There have been seven other resale transactions at The Berth By The Cove this year, with four of them resulting in losses for the sellers.