The recent sale of a six-bedroom penthouse at JadeScape, a 99-year leasehold condo situated on Shunfu Road, has made headlines as the most profitable condo resale transaction of the week from Dec 3 to Dec 10. The 4,230 sq ft unit located on the 23rd floor was sold for an impressive $10.15 million ($2,399 psf) on Dec 9. This sale comes as no surprise, as the seller had previously bought the unit from the developer in December 2019 for $5.8 million ($1,371 psf), making a jaw-dropping profit of $4.35 million after owning the unit for a mere five years. This equates to a capital gain of 75% for the seller or an annualised profit of 15%.
Based on records, this sale marks the highest profit ever made on 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 Aug 12. The seller of this unit had originally purchased it from the developer in September 2019 for $3.28 million ($1,562 psf), making a significant profit of $1.14 million.
For those unfamiliar, JadeScape is strategically located at the junction of Marymount Road and Shunfu Road in District 20. The development, which is set to be completed in 2022, boasts a total of 1,206 units spread across seven residential towers. Ranging from one- to five-bedroom apartments of 527 sq ft to 2,099 sq ft, the condo also features two penthouses measuring 4,230 sq ft. Additionally, the condo is within easy walking distance to the Marymount MRT Station on the Circle Line.
Aside from the record-breaking sale at JadeScape, other notable transactions were also made during the week. The second most profitable condo resale deal involved a 1,410 sq ft, three-bedroom unit at The Imperial which was sold for $3.7 million ($2,624 psf) on Dec 5. The seller of this unit had purchased it from the developer for $1.3 million ($925 psf) back in September 2004, making a stunning gain of $2.4 million (184%) after holding the unit for 20 years.
Located on Jalan Rumbia in District 9, The Imperial was completed in 2006 with a total of 187 freehold units spread across five blocks. Options include two-, three- and four-bedders ranging from 980 sq ft to 3,918 sq ft. The condo is conveniently situated within walking distance to 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.
On the other hand, the least profitable condo resale deal of the week was the sale of a one-bedroom unit at The Montana for $1.02 million ($1,603 psf) on Dec 6. This unit was previously sold in July 2014 for $1.18 million ($1,863 psf), resulting in a loss of about $165,000 for the seller. However, this loss pales in comparison to the biggest loss ever made on a unit at The Montana, which was for the sale of a three-bedroom unit measuring 1,109 sq ft in May 2003. The seller of this unit had purchased it from the developer in December 1999 for $1.35 million ($1,215 psf), making a loss of about $347,000.
The Montana, a freehold condo located on Jalan Mutiara off River Valley Road in District 10, was completed in 2002 and boasts 108 units spread across a single 12-storey tower. Ranging from one- to four-bedders of 549 sq ft to 2,659 sq ft, the condo is home to other profitable transactions this year, with units sold at prices between $1,930 psf to $2,371 psf and making gains ranging from $80,000 to around $525,000.…