The recently concluded sale of a freehold condo in Pasir Panjang, Island View, chalked up the highest profit for a condo resale transaction in the week of Nov 26 to Dec 3. The 3,498 sq ft property was sold for $4.8 million, translating to $1,372 psf on Nov 27. The seller had purchased the unit back in September 2005 for $1.3 million at $372 psf. After holding on to the property for close to 19 years, the seller managed to make a whopping gain of $3.5 million, representing a capital gain of 269% or an annualised profit of 14.2%.
This transaction marks the most profitable deal ever recorded at Island View, beating the previous record profit of $3.19 million achieved from the sale of another 3,498 sq ft unit at the condo for $5.09 million or $1,455 psf in February 2022. The previous owner of the unit had bought it in February 2007 for $1.9 million at $543 psf.
Located along Jalan Mat Jambol, off Pasir Panjang Road in District 5, Island View is a freehold boutique condo consisting of 72 apartments spread across low-rise blocks. It was completed back in 1984 and offers units with sizes ranging from 3,056 sq ft to 3,538 sq ft. Due to its prime location, the condo is just a short walk away from Pasir Panjang MRT Station on the Circle Line.
Even though the owners of Island View had attempted a collective sale in September 2023, launching a tender for $575 million, the condo failed to attract any bids. It was later relisted in March at the same guide price but still failed to find a buyer.
Meanwhile, the second most profitable condo resale transaction during the week took place at Cavenagh Court. A 1,862 sq ft unit on the sixth floor was sold for $3.65 million, translating to $1,960 psf on Dec 2. The owner of the unit had originally purchased it back in April 2006 for $1.02 million at $548 psf, giving him a profit of $2.63 million or 258% after holding on to the property for close to 19 years.
This sale marks a new record profit for a unit at Cavenagh Court, surpassing the previous record profit of $2.15 million achieved from the sale of a similar 1,862 sq ft unit on the fourth floor for $3.28 million or $1,761 psf in April 2022. The previous owner had bought the unit in October 2007 for $1.13 million at $607 psf.
Cavenagh Court is a freehold condo situated on Cavenagh Road in District 9, Newton area. It was completed in 1971 and offers 68 units ranging from 1,819 sq ft to 1,862 sq ft. Due to its prime location, the condo is just a short drive from Orchard Road shopping belt.
In addition to the unit sold on Dec 2, Cavenagh Court has seen only one other resale transaction this year as per caveats lodged. A unit of similar size on the sixth floor was sold for $3.82 million at $2,074 psf. The seller had initially bought it for $2.88 million at $1,565 psf back in August 2019, netting a gain of approximately $938,000.
In comparison, the least profitable condo resale deal during the week took place at The Berth By The Cove. The four-bedroom duplex penthouse spanning 3,089 sq ft was sold for $3.6 million, translating to $1,165 psf on Nov 29. The previous purchase price for the unit was $5.53 million at $1,790 psf back in August 2007. As a result, the seller made a loss of $1.93 million or 35%, after holding on to the property for around 17 years.
This transaction represents the second most unprofitable deal ever recorded at The Berth By The Cove. The biggest loss for a unit at the condo belongs to a 4-bedroom unit measuring 2,939 sq ft that was sold for $3.25 million at $1,106 psf in February 2018. The previous owner had bought the unit in October 2011 for $5.64 million at $1,919 psf, incurring a loss of $2.39 million.
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Situated along Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island, The Berth by the Cove is a freehold condo offering 200 units spread across 15 low-rise blocks of six storeys each. The range of apartments available include 2- to 5-bedroom units measuring 1,012 sq ft to 2,325 sq ft. Additionally, there are also four- and five-bedroom penthouses measuring 2,939 to 6,028 sq ft.
Based on caveats lodged, there have been seven other resale transactions at The Berth by the Cove this year, with the units sold in the price range of $1,237 psf to $1,535 psf. Out of these deals, four had resulted in a loss for the seller, with the losses ranging from $40,000 to $780,000, while the remaining three deals had been profitable, with the profits being between $200,000 to $430,000.