The recent sale of a six-bedroom penthouse at JadeScape, a 99-year leasehold condo located on Shunfu Road, has garnered attention as the most lucrative condo resale transaction in the week of December 3 to December 10. The impressive 4,230 sq ft unit on the 23rd floor was sold for a staggering $10.15 million, equating to $2,399 psf. The transaction was finalized on December 9, with the seller walking away with a substantial profit of $4.35 million after owning the unit for just five years. This translates to a profitable capital gain of 75% or an annualized profit of 15%.
Based on records, this sale recorded the largest profit ever made for a unit at JadeScape. The previous highest 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) on August 12. The seller, who had purchased the unit from the developer in September 2019 for $3.28 million ($1,562 psf), made a profit of $1.14 million on the sale.
JadeScape, situated at the junction of Marymount Road and Shunfu Road in District 20, is a completed development comprising of 1,206 units spread across seven residential towers. The units range from one- to five-bedroom apartments, with sizes ranging from 527 sq ft to 2,099 sq ft. There are also two penthouses measuring 4,230 sq ft. The condo is in close proximity to Marymount MRT Station on the Circle Line.
Upon its completion in 2022, JadeScape has seen 72 other resale transactions this year, with units being sold at prices between $1,955 psf to $2,420 psf. According to data compiled by EdgeProp Research, all of these transactions were profitable, with sellers walking away with gains ranging from $55,000 to $1.15 million.
The second most profitable condo resale transaction for that week was the sale of a 1,410 sq ft, three-bedroom unit at The Imperial for $3.7 million ($2,624 psf) on December 5. The seller had initially purchased the unit from the developer for $1.3 million ($925 psf) in September 2004. This resulted in a significant profit of $2.4 million (184%) after a holding period of 20 years.
This particular sale is the fifth most profitable resale transaction at The Imperial. The record gain at this development was from the sale of a four-bedroom unit measuring 3,918 sq ft, which was sold for $7.64 million ($1,950 psf) in June 2007. The seller, who had initially purchased the unit for $3.99 million ($1,018 psf) in March 2006, made a handsome profit of $3.65 million.
On December 5, a 1,410 sq ft unit at The Imperial was sold for $3.7 million ($2,624 psf) (Picture: Google Street View)
The Imperial, situated on Jalan Rumbia, close to Fort Canning Park in District 9, was completed in 2006. It comprises 187 freehold units across five blocks. The various units include two-, three- and four-bedroom apartments between 980 sq ft and 3,918 sq ft. It is within walking distance to both Fort Canning MRT Station on the Downtown Line and Dhoby Ghaut MRT Interchange, serving the North-South, North-East and Circle Lines.
For foreign investors looking to invest in Singapore’s property market, it is vital to understand the rules and limitations that come with ownership. While buying condos is usually less restricted for foreigners than purchasing landed properties, the latter has stricter regulations. Even so, foreign buyers are still required to pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property purchase. Despite this additional cost, the steady and promising growth of the Singapore real estate market continues to attract foreign investment, particularly in the condominium sector. Condos are particularly popular among foreign investors due to their strong market performance.
The bustling cityscape of Singapore boasts impressive skyscrapers and contemporary infrastructure. Condos, strategically situated in desirable locations, offer a perfect fusion of opulence and convenience, attracting both locals and foreigners. These residential complexes come equipped with a myriad of facilities, including swimming pools, fitness centers, and top-notch security, elevating the standard of living and making them irresistible to prospective renters and purchasers. For real estate investors, these aspects equate to greater rental returns and appreciation of their Condo investments in the long run.
Conversely, the sale of a one-bedroom unit at The Montana recorded the least profitable condo resale deal in that week. The 635 sq ft unit was sold for $1.02 million ($1,603 psf) on December 6. The unit had last changed hands in July 2014 for $1.18 million ($1,863 psf), resulting in a loss of approximately $165,000 for the seller.
This transaction ranks as the third-biggest loss made for a unit at The Montana based on available records. The largest loss recorded at the development 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, who had purchased the unit from the developer in December 1999 for $1.35 million ($1,215 psf), sustained a loss of around $347,000.
On December 6, the sale of a 635 sq ft unit at The Montana for $1.02 million ($1,603 psf) resulted in a loss of around $165,000. (Picture: Samuel Isaac Chua/)
The Montana is a freehold condo situated on Jalan Mutiara, just off River Valley Road in District 10. It was completed in 2002 and comprises 108 units housed in a single 12-storey tower. The units range from one- to four-bedrooms, with sizes varying between 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. The units, sold for prices between $1,930 psf to $2,371 psf, yielded gains ranging from $80,000 to approximately $525,000.