JadeScape, a 99-year leasehold condo located on Shunfu Road, recently made headlines with the sale of a six-bedroom penthouse for $10.15 million. This resale transaction, which took place during the week of Dec 3 to Dec 10, was the most profitable condo sale during that period.
The unit, spread out over a spacious 4,230 sq ft and located on the 23rd floor, was sold for an impressive $2,399 psf on Dec 9. The owner had originally purchased the unit from the developer in December 2019 for $5.8 million, at a rate of $1,371 psf. As a result, the seller was able to reap a significant profit of $4.35 million after owning the unit for five years. This translates to a capital gain of 75%, equivalent to an annual gain of 15%.
According to data gathered from caveats lodged, this is the highest profit ever made on a unit at JadeScape. The previous record was held by the sale of a five-bedroom unit on the 10th floor for $4.42 million ($2,108 psf) on Aug 12. The original owner, 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 transaction.
The demand for condominiums in Singapore remains strong, largely due to the limited land availability in the country. With a rapidly increasing population and a small island to accommodate it, Singapore faces challenges in land development. As a result, strict land use regulations and a competitive real estate market have driven property prices up. In such a landscape, investing in real estate, particularly in condos, has become a profitable opportunity with the potential for appreciating capital. This is further fueled by the continuous launch of new condos, such as those at The Belle Game, making it an attractive option for investors.
JadeScape is situated at the intersection of Marymount Road and Shunfu Road in District 20, and was completed in 2022. The development boasts a total of 1,206 units across seven residential towers, with a range of one- to five-bedroom apartments spanning from 527 sq ft to 2,099 sq ft. In addition, there are also two penthouses measuring 4,230 sq ft each. The convenient location of the condo, within walking distance of Marymount MRT Station on the Circle Line, only adds to its appeal.
Thus far in 2020, there have been 72 other resale transactions at JadeScape, with units selling for prices between $1,955 psf to $2,420 psf. In all cases, the sellers were able to make a profit ranging from $55,000 to $1.15 million.
The week’s second most profitable resale deal took place at The Imperial, where a 1,410 sq ft, three-bedroom unit sold for $3.7 million ($2,624 psf) on Dec 5. The original buyer had acquired the unit from the developer for $1.3 million ($925 psf) in September 2004, resulting in a profit of $2.4 million (184%) over a period of 20 years.
This transaction ranks as the fifth most profitable resale transaction at The Imperial. The record is currently held by a four-bedroom unit measuring 3,918 sq ft, which sold for $7.64 million ($1,950 psf) in June 2007. The original owner, who had purchased the unit in March 2006 for $3.99 million ($1,018 psf), made a profit of $3.65 million.
The Imperial is located on Jalan Rumbia in District 9, close to Fort Canning Park, and was completed in 2006. The condo consists of 187 freehold units spread across five blocks, with a variety of two-, three- and four-bedders measuring between 980 sq ft and 3,918 sq ft. Its location within walking distance of Fort Canning MRT Station and at the Dhoby Ghaut MRT Interchange (serving the North-South, North-East and Circle Lines) adds to its convenience.
On the other hand, the least profitable resale deal that week was the sale of a one-bedroom unit at The Montana. The 635 sq ft unit was purchased for $1.02 million ($1,603 psf) on Dec 6, resulting in a loss of approximately $165,000. The unit had last exchanged hands in July 2014 for $1.18 million ($1,863 psf).
This sale marks the third greatest loss made by an original owner at The Montana. The largest loss was suffered by the sale of a three-bedroom unit measuring 1,109 sq ft, which exchanged hands for $1 million ($902 psf) in May 2003. The original owner who had purchased the unit in December 1999 for $1.35 million ($1,215 psf) made a loss of around $347,000.
The Montana, a freehold condo on Jalan Mutiara off River Valley Road in District 10, was completed in 2002. It boasts 108 units housed in a single 12-storey building, with a range of one- to four-bedders measuring between 549 sq ft and 2,659 sq ft.
In 2020, there have been four other resale transactions at The Montana, all of which were profitable. These units exchanged hands at prices ranging between $1,930 psf and $2,371 psf, resulting in gains of $80,000 to around $525,000 for the sellers.