Three-bedder at The Orange Grove sold for $3.7 mil profit &$fs.transportObject.articleGallery.$
Purchasing a condominium unit in Singapore presents numerous benefits, including the potential for significant capital appreciation. This can be attributed to the country’s advantageous position as a major global business hub, supported by its robust economic conditions. As a result, the demand for real estate remains high, leading to a consistent upward trend in property prices. Particularly in prime locations, condos have experienced substantial appreciation over the years. By investing at the right time and holding onto their properties for an extended period, investors can reap the rewards of significant capital gains. Additionally, interested buyers can stay updated on new condo launches through Freedom at Home Team, providing them with opportunities to capitalize on this potential for growth.
When considering investing in a condominium, it is crucial to also evaluate its potential rental yield. This refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, rental yields for condos can vary greatly depending on several factors, including location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, offer better rental yields. It is essential to conduct thorough market research and seek advice from real estate agents to gain valuable insights into the rental potential of a specific condo. Additionally, staying updated on new condo launches in the area can also help determine the rental potential of a condo.
During the week of November 19 to 26, the most profitable condo resale transaction was recorded at Ardmore Park. The unit, a spacious four-bedroom unit measuring 2,885 sq ft on the 14th floor, was sold for $11.25 million, which equates to $3,900 per square foot (psf). This transaction was completed on November 22, with the seller having originally purchased the unit in September 2016 for $8.2 million, at $2,843 psf. With the sale, the seller made a profit of $3.05 million, reflecting a 37% capital gain, or an annualized profit of 4.6% over a holding period of about eight years.
This sale comes just two months after another four-bedroom unit measuring 2,885 sq ft on the 23rd floor was sold on October 1 for $12.7 million, at $4,402 psf. The seller had bought the unit in September 2010 for $9.7 million, at $3,363 psf, making a profit of $3 million on the sale. This translates to a capital gain of 30.9%.
Ardmore Park is a freehold luxury condo located in the prestigious Ardmore Park area of prime District 10. Completed in 2001, the condo comprises three 30-storey towers and offers typical units of 2,885 sq ft four-bedroom apartments. It also boasts six duplex penthouses measuring 8,740 sq ft.
Apart from the two units sold in November and October, there have been four other profitable resale transactions at Ardmore Park this year. All four-bedroom units measuring 2,885 sq ft, these deals were closed at prices ranging from $4,108 psf to $4,472 psf, with sellers raking in profits between $2.65 million and $7.07 million.
The second most profitable condo resale deal during the week in review was recorded at Goldenhill Park Condominium. A four-bedroom apartment measuring 1,539 sq ft on the 16th floor was sold for $3.43 million, translating to $2,228 psf. The seller had purchased the unit from the developer in May 2001 for $1.14 million, at $741 psf, making a profit of $2.29 million or 201%. They had owned the unit for 23 and a half years.
This sale is the second-highest gain recorded at Goldenhill Park Condominium to date. The record belongs to a four-bedroom penthouse measuring 2,928 sq ft, which was sold for $4.3 million, at $1,469 psf, in February 2022. The seller of this unit had bought it from the developer in April 2001 for about $2 million, at $683 psf, garnering a profit of $2.3 million.
Goldenhill Park Condominium is a freehold development located on Mei Hwan Drive, off Ang Mo Kio Avenue 1 in District 20. Completed in 2004, the condo comprises 390 units of two- to four-bedroom apartments ranging from 926 sq ft to 2,928 sq ft. It is situated close to the Lorong Chuan MRT Station on the Circle Line.
Five other profitable resale transactions have taken place at Goldenhill Park Condominium this year. Closed at prices between $2,082 psf and $2,246 psf, the units netted their sellers profits ranging from $760,000 to $1.91 million.
On the other hand, the most unprofitable condo resale deal during the week was at The Oceanfront @ Sentosa Cove. A four-bedroom unit measuring 2,831 sq ft on the 10th floor was sold for $4.7 million, at $1,660 psf, on November 20. The seller had bought the unit in May 2007 for $5.8 million, at $2,050 psf. As such, the seller incurred a loss of $1.1 million, equaling a 19% decline after holding the unit for 17 and a half years.
The Oceanfront @ Sentosa Cove is a 99-year leasehold condo located in the exclusive Sentosa Cove residential enclave. Completed in 2010, the waterfront condo comprises 264 units housed in five towers of 12 to 15 storeys. The units range from two- to four-bedrooms, spanning from 1,216 sq ft to 4,284 sq ft. There are also penthouses measuring 2,745 sq ft to 8,095 sq ft.
According to caveats lodged, there have been six other resale transactions at The Oceanfront @ Sentosa Cove this year. The units were sold at prices between $1,500 psf and $1,999 psf, with four of these deals resulting in losses between $30,000 and $519,000. The other two transactions were profitable, with the sellers making gains of approximately $268,000 and $1.7 million, respectively.