During the period of Jan 28 to Feb 4, several noteworthy resale transactions closed, despite coinciding with this year’s Chinese New Year festivities. The most profitable deal took place at Palisades condominium, where a unit measuring 3,983 sq ft was sold for $4 million ($1,004 psf) on Feb 4.The previous record at Palisades was set three years ago, when a 3,294 sq ft unit was sold for $3.4 million ($1,032 psf). It had been bought in 1996 for $1.53 million ($465 psf), resulting in a profit of $1.87 million (122%) or an annualized gain of 3.1% over 25 years.During this period, there were only five resale transactions at Palisades, all of which were profitable. The most unprofitable deal, on the other hand, was a studio at Vida condominium, which incurred a loss of $116,000 (10%) on Feb 4. The unit, measuring 527 sq ft, was bought in 2009 for $1.15 million ($2,192 psf) and sold for $1.04 million ($1,972 psf) in 2022.In terms of profitability, the second most noteworthy resale took place at Ardmore II, where a four-bedroom unit was sold for $6.85 million ($3,385 psf) on Feb 3. The seller raked in a profit of $2.12 million (45%), with an annualized gain of 2.1% over 18 years.Over the past few years, resale prices at Ardmore II have been on the rise, from approximately $2,623 psf in January 2015 to about $3,390 psf at the beginning of this year.All these impressive resale transactions indicate a strong market and highlight the potential for profitable investments in the Singapore condominium scene.
Resale transactions at Singapore condos remained active from Jan 28 to Feb 4, despite coinciding with the Chinese New Year celebrations. One of the most noteworthy deals was the sale of a 3,983 sq ft unit at Palisades condominium for $4 million ($1,004 psf) on Feb 4.
This second-floor unit was first purchased for $1.7 million ($427 psf) in August 2009, making the seller a profit of $2.3 million (135%) or an annualized gain of 5.7% over 15.5 years. This makes it the most profitable resale transaction at Palisades to date.
The previous record for the most profitable deal at Palisades was set three years ago when a 3,294 sq ft unit on the eighth floor was sold for $3.4 million ($1,032 psf). The unit was initially bought in 1996 for $1.53 million ($465 psf), resulting in a profit of $1.87 million (122%) or an annualized gain of 3.1% over 25 years.
According to EdgeProp Singapore’s data, there have been only five resale transactions at Palisades over the past three years, all of which have been profitable. On the other hand, the most unprofitable deal during this period was the sale of a studio at Vida, a freehold condo in prime District 9. The unit, measuring 527 sq ft on the 12th floor, was sold for $1.04 million ($1,972 psf) on Feb 4, resulting in a loss of $116,000 (10%) for the seller. The unit was purchased for $1.15 million ($2,192 psf) in May 2009.
Vida also holds the record for the most unprofitable resale transaction to date, which involved a 840 sq ft unit on the 10th floor that sold for $1.73 million ($2,061 psf) in August 2022. The unit was bought for $2.33 million ($2,774 psf) in July 2007, resulting in a loss of $598,920 (25%) or an annualized loss of 1.9% over 15 years.
Despite these unprofitable transactions, resale prices at Vida have been on a decline in recent years, falling from a peak of around $2,277 psf in August 2015 to about $2,058 psf last month.
Comparatively, the second most profitable resale during this period took place at Ardmore II, where a four-bedroom unit changed hands for $6.85 million ($3,385 psf) on Feb 3. The unit was bought for $4.72 million ($2,333 psf) in November 2006, resulting in a profit of $2.12 million (45%) and an annualized gain of 2.1% over 18 years.
Resale prices at Ardmore II have been on an upward trend over the past few years, climbing from approximately $2,623 psf in January 2015 to about $3,390 psf at the beginning of this year.
Ardmore II is a freehold luxury condo located on Ardmore Park in prime District 10. Its nearby developments include the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. It is also in close proximity to Tanglin Road and the Orchard Road shopping belt.
In summary, the resale market for Singapore condos has been active, with several noteworthy transactions taking place during the period of Jan 28 to Feb 4. These deals highlight the potential for profitable investments in the Singapore condo scene.