The sale of a unit at the freehold condo, Island View, in Pasir Panjang, has been recorded as the most profitable resale transaction during the week of November 26 to December 3. The unit, which spans 3,498 square feet, was sold for $4.8 million on November 27, which translates to $1,372 per square foot. The seller had originally purchased the property in September 2005 for $1.3 million, equating to $372 per square foot. After holding onto the unit for almost 19 years, the seller was able to make a profit of $3.5 million, resulting in a capital gain of 269% or a yearly profit of 14.2%.
This transaction has now become the most profitable deal to have taken place at Island View, surpassing the previous record of $3.19 million profit from the sale of another 3,498 square foot unit for $5.09 million ($1,455 per square foot) in February 2022. The seller of this unit had purchased it in February 2007 for $1.9 million ($543 per square foot).
Island View is a boutique condo located on Jalan Mat Jambol, off Pasir Panjang Road in District 5. Comprised of low-rise blocks and completed in 1984, it consists of 72 units ranging from 3,056 square feet to 3,538 square feet. Its convenient location within walking distance of the Pasir Panjang MRT Station on the Circle Line adds to its appeal.
The collective sale attempt by owners of Island View was launched in September 2023, with a tender opening at $575 million. However, the property was relisted for sale in March this year with no bids received. The second most profitable condo resale deal of the week took place at Cavenagh Court, with a unit spanning 1,862 square feet on the sixth floor selling for $3.65 million on December 2. The seller had originally purchased the unit in April 2006 for $1.02 million, resulting in a profit of $2.63 million after almost 19 years of ownership.
This transaction has now set a new record for a unit at Cavenagh Court, surpassing the previous top profit of $2.15 million from the sale of another 1,862 square foot unit on the fourth floor for $3.28 million ($1,761 per square foot) in April 2022. The seller had purchased this unit in October 2007 for $1.13 million ($607 per square foot).
Cavenagh Court is a freehold condo located on Cavenagh Road in District 9’s Newton area. It was completed in 1971 and consists of 68 units ranging from 1,819 square feet to 1,862 square feet. Its proximity to the Orchard Road shopping district is one of its key selling points.
Apart from these two transactions, Cavenagh Court has only seen one other resale this year, with a 1,840 square foot unit on the sixth floor selling for $3.82 million ($2,074 per square foot). The seller had acquired the property in August 2019 for $2.88 million ($1,565 per square foot), resulting in a profit of around $938,000.
On the other end of the spectrum, the sale of a duplex penthouse at The Berth By The Cove has been recorded as the least profitable condo resale deal of the week. Selling at $3.6 million ($1,165 per square foot) on November 29, the four-bedroom apartment spanning 3,089 square feet was purchased in August 2007 for $5.53 million, resulting in a loss of $1.93 million after around 17 years of ownership.
This transaction is now the second most unprofitable deal recorded at The Berth By The Cove to date, with the largest loss belonging to a 2,939 square foot unit. It was sold for $3.25 million ($1,106 per square foot) in February 2018, resulting in a loss of $2.39 million for the seller who had purchased the unit in October 2011 for $5.64 million ($1,919 per square foot).
It is crucial for international investors to have a thorough understanding of the rules and restrictions surrounding property ownership in Singapore. While owning landed properties in Singapore is subject to strict regulations, foreign buyers typically face fewer limitations when purchasing condos. However, they must still pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their first condo purchase. Despite this additional cost, the stability and potential growth of the Singapore real estate market continue to attract foreign investment. Therefore, if you are considering investing in a condo in Singapore, familiarizing yourself with the regulations and limitations is essential in making an informed decision. Condos in Singapore are a popular choice for international investors due to the reliable and promising real estate market.
The Berth by the Cove is a condo located on Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island. Completed in 2006, it consists of 200 units spread over 15 low-rise blocks of six storeys each. Its apartments range from two to four-bedrooms measuring between 1,012 square feet to 2,325 square feet. Additionally, there are also four- and five-bedroom penthouses spanning 2,939 to 6,028 square feet.
There have been seven other resale transactions at this condo this year, with sale prices ranging from $1,237 per square foot to $1,535 per square foot. Four of these deals were unprofitable, resulting in losses of between $40,000 and $780,000 for the sellers. On the other hand, the remaining three transactions were profitable, netting gains of $200,000 to $430,000 for the sellers.