The sale of a spacious six-bedroom penthouse at JadeScape, a stunning 99-year leasehold condominium located on Shunfu Road, made headlines as the most profitable condo resale transaction of the week. The 4,230 sq ft unit situated on the 23rd floor was successfully sold at a remarkable price of $10.15 million ($2,399 per square foot) on December 9th.
The unit was initially purchased by the seller from the developer in December 2019 for $5.8 million ($1,371 per square foot), resulting in a significant profit of $4.35 million after owning the unit for just five years. This impressive capital gain of 75% translates to an annualised profit of 15%.
According to official records, this has been the largest gain achieved at JadeScape to date. The previous record was held by the sale of a 2,099 sq ft five-bedroom unit on the 10th floor for $4.42 million ($2,108 per square foot) on August 12th. The seller, who had purchased the unit from the developer in September 2019 for $3.28 million ($1,562 per square foot), made a profit of $1.14 million.
JadeScape, comprising seven residential towers and a total of 1,206 units, is strategically located at the junction of Marymount Road and Shunfu Road in District 20. The project, completed in 2022, offers a variety of unit types ranging from one- to five-bedroom apartments, ranging in size from 527 sq ft to 2,099 sq ft. There are also two luxurious penthouses spanning 4,230 sq ft each. Additionally, the condo is conveniently located within walking distance of Marymount MRT Station on the Circle Line.
In the same week, the successful sale of a 1,410 sq ft three-bedroom unit at The Imperial was the second most profitable condo resale deal. The unit was sold for a whopping $3.7 million ($2,624 per square foot) on December 5th. The seller had initially purchased the unit from the developer in September 2004 for $1.3 million ($925 per square foot), resulting in a handsome profit of $2.4 million (184%) after a 20-year holding period.
The Imperial, located on Jalan Rumbia in District 9, offers 187 freehold units spread over five blocks. The unit sizes range from 980 sq ft to 3,918 sq ft and include two- to four-bedroom apartments. The condo is conveniently located within walking distance of Fort Canning MRT Station on the Downtown Line and Dhoby Ghaut MRT Interchange, which serves the North-South, North-East, and Circle Lines.
On the other hand, the resale of a one-bedroom unit at The Montana was the least profitable condo transaction of the week. The 635 sq ft unit was sold for $1.02 million ($1,603 per square foot) on December 6th. The same unit was previously sold in July 2014 for $1.18 million ($1,863 per square foot), resulting in a loss of approximately $165,000 for the seller.
Located on Jalan Mutiara, off River Valley Road in District 10, The Montana is a freehold condo completed in 2002 with 108 units spread over a single 12-storey tower. The unit sizes range from 549 sq ft to 2,659 sq ft, comprising one- to four-bedroom apartments.
Location plays a crucial role in real estate investment, particularly in Singapore. The value of condominiums greatly relies on their location, with those situated in prime areas or near essential amenities such as schools, malls, and public transportation hubs experiencing a higher increase in value. The likes of Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown a positive trend in property values over time. These areas are highly desirable, especially for families, due to their proximity to top schools and educational institutions, making them even more lucrative as investments. Keep an eye out for new condo launches in these sought-after locations for even greater potential for growth and returns. Don’t miss out on the chance to invest in these prime areas by exploring New Condo Launches in the market.
This year, there have been four other profitable resale transactions at The Montana, with units sold for prices ranging from $1,930 per square foot to $2,371 per square foot. The gains on these sales ranged from $80,000 to approximately $525,000.