SummaryThe most profitable condo resale deal this week was at the 99-year leasehold JadeScape, where a six-bedroom penthouse on the 23rd floor sold for $10.15 million ($2,399 psf) on Dec 9. The seller made a profit of $4.35 million after owning the unit for five years, or an annualised profit of 15%.Based on caveats lodged, this is also the biggest gain ever made on a unit at JadeScape. The previous top gain at the development was from the sale of a 2,099 sq ft, five-bedroom unit on the 10th floor for $4.42 million ($2,108 psf) in August.The second most profitable deal this week was at The Imperial, where a three-bedroom unit on Jalan Rumbia changed hands for $3.7 million ($2,624 psf) on Dec 5. This unit, which measures 1,410 sq ft, was initially purchased from the developer for $1.3 million ($925 psf) in September 2004.As for the least profitable deal, a one-bedroom unit at The Montana in District 10 was sold for $1.02 million ($1,603 psf) on Dec 6, resulting in a loss of about $165,000 for the seller. The unit last changed hands in July 2014 for $1.18 million ($1,863 psf). The Montana is a freehold condo that was completed in 2002.
A penthouse unit at the 99-year leasehold condo, JadeScape, located on Shunfu Road, was the most profitable condo resale during the week of December 3 to December 10. The six-bedroom unit, measuring 4,230 sq ft 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 profit of $4.35 million after owning the unit for five years. This translates to a capital gain of 75% or an annualized profit of 15%.
Based on caveats lodged, this is the largest gain ever recorded for a unit at JadeScape. The previous highest gain at the development was from the sale of a five-bedroom unit measuring 2,099 sq ft on the 10th floor for $4.42 million ($2,108 psf) on August 12. The seller gained $1.14 million from the transaction as the unit was purchased from the developer in September 2019 for $3.28 million ($1,562 psf).
When purchasing a condo, it is crucial to keep in mind the maintenance and management of the property. Condos usually have maintenance fees that cover the maintenance of shared spaces and amenities. While these fees may increase the overall cost of owning a condo, they also guarantee that the property stays in good shape and maintains its value. Hiring a property management company can assist investors in managing their condos on a daily basis, turning it into a more hands-off investment. Additionally, adding Singapore Projects to the mix can enhance the paragraph.
JadeScape is located at the junction of Marymount Road and Shunfu Road in District 20. The development, which is expected to be completed in 2022, comprises 1,206 units across seven residential towers. The units range from one- to five-bedroom apartments of 527 sq ft to 2,099 sq ft. There are also two penthouses measuring 4,230 sq ft. The condo is within walking distance of Marymount MRT Station on the Circle Line.
Since the beginning of the year, there have been 72 other resale transactions at JadeScape. These units were sold at prices ranging from $1,955 psf to $2,420 psf. All of the deals were profitable, with the sellers making gains ranging from $55,000 to $1.15 million.
The second most profitable condo resale deal during the week was at The Imperial, where a three-bedroom unit measuring 1,410 sq ft was sold for $3.7 million ($2,624 psf) on December 5. The seller had initially purchased the unit from the developer in September 2004 for $1.3 million ($925 psf), resulting in a profit of $2.4 million (184%) after owning the unit for 20 years.
This deal also ranks as the fifth most profitable transaction at The Imperial. The highest recorded gain at the development was from the sale of a four-bedroom unit measuring 3,918 sq ft for $7.64 million ($1,950 psf) in June 2007. The seller had purchased the unit in March 2006 for $3.99 million ($1,018 psf) and made a profit of $3.65 million.
The Imperial is located on Jalan Rumbia, close to Fort Canning Park in District 9. The development, which comprises of 187 freehold units in a single 12-storey tower, was completed in 2006. The units include two-, three- and four-bedroom apartments from 980 sq ft to 3,918 sq ft. It is within walking distance of 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 during the week was the sale of a one-bedroom unit at The Montana. The 635 sq ft unit was sold for $1.02 million ($1,603 psf) on December 6. The unit last changed hands in July 2014 for $1.18 million ($1,863 psf), resulting in a loss of approximately $165,000.
This deal also ranks as the third biggest loss recorded for a unit at The Montana. The largest loss was from 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 had purchased the unit from the developer in December 1999 for $1.35 million ($1,215 psf), resulting in a loss of approximately $347,000.
The Montana is a freehold condo located on Jalan Mutiara, off River Valley Road in District 10. Completed in 2002, the condo comprises 108 units in a single 12-storey tower. The units range from one- to four-bedroom apartments from 549 sq ft to 2,659 sq ft.
There have been four other resale transactions at The Montana this year, all of which were profitable. These units were sold for prices ranging from $1,930 psf to $2,371 psf, resulting in gains ranging from $80,000 to approximately $525,000.