A remarkable condo resale transaction took place at JadeScape, a 99-year leasehold development on Shunfu Road, during the week of December 3 to December 10. The sale of a spacious six-bedroom penthouse, measuring 4,230 square feet on the 23rd floor, achieved a record-breaking price of $10.15 million, translating to a stunning $2,399 per square foot. The seller of this unit had initially purchased it from the developer in December 2019 for $5.8 million, at a price of $1,371 per square foot. This means that the seller made a significant profit of $4.35 million after holding onto the unit for a period of five years, equating to a capital gain of 75%, or an annualized profit of 15%.
According to data from lodged caveats, this is the highest gain ever recorded for a unit at JadeScape. The previous record was held by the sale of a five-bedroom unit measuring 2,099 square feet on the 10th floor, which was sold for $4.42 million at a price of $2,108 per square foot on August 12. The owner of this unit had purchased it directly from the developer in September 2019 for $3.28 million, at a cost of $1,562 per square foot, earning a handsome profit of $1.14 million from the transaction.
JadeScape, which is located at the junction of Marymount Road and Shunfu Road in District 20, boasts 1,206 units spread across seven residential towers, with a range of one- to five-bedroom apartments measuring from 527 square feet to 2,099 square feet. There are also two luxurious penthouses spanning 4,230 square feet each. Apart from its prime location, the condo is also within walking distance of Marymount MRT Station on the Circle Line.
In addition, The Imperial, located on Jalan Rumbia, near Fort Canning Park in District 9, recorded the second most profitable condo resale deal of the week. A three-bedroom unit measuring 1,410 square feet was sold for $3.7 million, at a price of $2,624 per square foot, on December 5. The seller had initially purchased this unit from the developer in September 2004 for $1.3 million, equivalent to $925 per square foot. As a result, the seller netted an impressive profit of $2.4 million after holding the unit for a period of 20 years, translating to a gain of 184%.
This transaction ranks as the fifth most profitable resale at The Imperial, with the highest gain achieved by the sale of a four-bedroom unit measuring 3,918 square feet for $7.64 million at a price of $1,950 per square foot in June 2007. The owner of this unit had purchased it in March 2006 for $3.99 million, which means they made a staggering profit of $3.65 million.
Additionally, the sale of a one-bedroom unit at The Montana was the least profitable condo resale deal of the week, making a loss of about $165,000. The 635 square feet unit was sold for $1.02 million at a price of $1,603 per square foot on December 6, compared to its previous sale in July 2014 for $1.18 million, or $1,863 per square foot.
This sale marks the third biggest loss recorded for a unit at The Montana, with the highest loss being for a three-bedroom unit measuring 1,109 square feet, which was sold for $1 million at a price of $902 per square foot in May 2003. The owner of this unit had purchased it from the developer in December 1999 for $1.35 million, making a loss of approximately $347,000.
Singapore, known for its towering skyscrapers and cutting-edge infrastructure, is a cosmopolitan city that offers a dynamic and modern lifestyle. A highly coveted housing option in this vibrant metropolis is the Condo. Positioned strategically in prime locations, these residential complexes provide a perfect blend of luxury and convenience that appeals to both locals and expatriates. The Condos boast top-of-the-line facilities like swimming pools, fitness centers, and security services, elevating the overall living experience and making them a preferred choice for potential tenants and buyers. Not only do these amenities enhance the quality of life for residents, but they also offer attractive returns for investors through higher rental rates and continued property value appreciation over time. Condo have truly become a desirable and lucrative investment in Singapore’s bustling real estate market.
The Montana, which is a freehold condo consisting of 108 units spread across a single 12-storey tower, is located on Jalan Mutiara, off River Valley Road in District 10. Units comprise of one- to four-bedrooms, with sizes ranging from 549 square feet to 2,659 square feet. All of the four resale transactions at The Montana this year have been profitable, with sale prices ranging from $1,930 per square foot to $2,371 per square foot, netting gains between $80,000 and around $525,000.