Despite the celebrations for Chinese New Year, Jan 28 to Feb 4 saw the completion of several significant resale transactions. The top deal of the week was the sale of a 3,983 sq ft unit at Palisades condominium for $4 million ($1,004 psf). The second-floor unit, which was bought for $1.7 million ($427 psf) in 2009, brought in a whopping profit of $2.3 million (135%), resulting in an annualised gain of 5.7% over 15.5 years. This sale marks the most profitable resale transaction to date at Palisades.
Prior to this, the highest profit at Palisades was recorded three years ago when a unit on the eighth floor sold for $3.4 million ($1,032 psf), after being purchased for $1.53 million ($465 psf) in 1996. This resulted in a profit of $1.87 million (122%), or an annualised gain of 3.1% over 25 years.
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In the past three years, Palisades has only seen five resale transactions, all of which were profitable, ranging from $650,000 for a unit selling at $3.8 million ($1,154 psf) on Dec 13, 2022, to the latest record-breaking sale with a profit of $2.3 million.
Palisades is a freehold development situated on Pasir Panjang Road in District 5. Built in 1985, this 18-unit condo is the only one in Singapore with a funicular elevator.
The second most profitable resale during the period was recorded at Ardmore II, where a four-bedroom unit sold for $6.85 million ($3,385 psf) on Feb 3. The unit was purchased for $4.72 million ($2,333 psf) in 2006, resulting in a profit of $2.12 million (45%) or an annualised gain of 2.1% over 18 years.
Based on data from EdgeProp Singapore, resale prices at Ardmore II have been on the rise, increasing from around $2,623 psf in Jan 2015 to about $3,390 psf at the start of this year.
Ardmore II is a freehold luxury development in prime District 10, located on Ardmore Park. It is surrounded by other prestigious developments such as Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. Its close proximity to Tanglin Road and the Orchard Road shopping belt makes it a highly sought-after location.
On the other hand, the most unprofitable transaction during this period took place at Vida, a freehold condominium in prime District 9. The 527 sq ft studio on the 12th floor was sold for $1.04 million ($1,972 psf) on Feb 4, after being purchased for $1.15 million ($2,192 psf) in 2009. The seller incurred a loss of $116,000 (10%), resulting in an annualised loss of 0.7% over almost 16 years.
The most unprofitable resale at Vida was recorded in Aug 2022 when an 840 sq ft unit on the 10th floor sold for $1.73 million ($2,061 psf). The unit was originally bought for $2.33 million ($2,774 psf) in 2007, resulting in a record loss of $598,920 (25%), or an annualised loss of 1.9% over 15 years.
According to data, resale prices at Vida have been declining in recent years, with prices peaking at around $2,277 psf in Aug 2015 and dropping to approximately $2,058 psf last month.
Vida is a 137-unit development located on Peck Hay Road in the upscale Newton area. Built in 2009, it offers a mix of studio, one-, and two-bedroom units ranging from 506 sq ft to 883 sq ft. Other notable nearby developments include Orchard Scotts, The Peak @ Cairnhill I & II, Hilltops, and Helios Residences.