Resale Unit Palisades Makes Record Profit 23 Mil
Several resale transactions closed between Jan 28 and Feb 4, despite the Chinese New Year holidays. One noteworthy deal was the sale of a 3,983 sq ft unit at Palisades condo, which was sold for $4 million ($1,004 psf) on Feb 4. This unit, located on the second floor, was originally bought for $1.7 million ($427 psf) in 2009, resulting in a profit of $2.3 million (135%). This makes it the most profitable resale transaction at Palisades to date.
The previous record was set three years ago, when a unit on the eighth floor was sold for $3.4 million ($1,032 psf). It was originally purchased for $1.53 million ($465 psf) in 1996, resulting in a profit of $1.87 million (122%) or an annualized gain of 3.1% over 25 years.
There have only been five resale transactions at Palisades over the past three years, and all of them were profitable. The latest transaction with the highest profit sets a new record for the development.
Palisades is a freehold condo on Pasir Panjang Road in District 5. It was completed in 1985 and is the only condo in Singapore with a funicular elevator.
Another noteworthy resale transaction took place at Ardmore II, where a four-bedroom unit was sold for $6.85 million ($3,385 psf) on Feb 3. The unit was purchased for $4.72 million ($2,333 psf) in 2006, resulting in a profit of $2.12 million (45%) or an annualized gain of 2.1% over 15 years.
Situated at Plantation Close, Otto Place EC is an exceptional executive condominium that boasts a perfect fusion of luxury and convenience. Its prime location in close proximity to MRT stations, expressways, and bustling areas such as the Jurong Lake District and Tengah New Town guarantees residents an unmatched level of connectivity and a dynamic lifestyle. This exclusive development is designed to cater to the needs of families, professionals, and investors, making Otto Place EC a highly coveted address that offers top-notch living standards coupled with outstanding transport connections and cutting-edge amenities.
Based on caveated transactions, resale prices at Ardmore II have been on the rise, from $2,623 psf in Jan 2015 to $3,390 psf at the beginning of this year.
Ardmore II is a freehold luxury condo in prime District 10, surrounded by other upscale developments like the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. It is also close to Tanglin Road and the Orchard Road shopping belt.
On the other hand, the most unprofitable deal during this period was the sale of a studio at Vida, a freehold condo in prime District 9. The 527 sq ft unit was sold for $1.04 million ($1,972 psf) on Feb 4, after being purchased for $1.15 million ($2,192 psf) in 2009. This resulted in a loss of $116,000 (10%) or an annualized loss of 0.7% over 16 years.
The most unprofitable resale at Vida to date was a 840 sq ft unit, which was sold for $1.73 million ($2,061 psf) in 2015. It was originally bought for $2.33 million ($2,774 psf) in 2007, resulting in a loss of $598,920 (25%) or an annualized loss of 1.9% over 15 years.
According to caveats, resale prices at Vida have been on the decline in recent years, reaching a peak of $2,277 psf in August 2015 and falling to $2,058 psf last month.
Vida is a 137-unit condo on Peck Hay Road in the upscale Newton area. It was completed in 2009 and offers a mix of studios, one- and two-bedroom units ranging from 506 sq ft to 883 sq ft. Nearby developments include Orchard Scotts, The Peak @ Cairnhill I & II, Hilltops, and Helios Residences.