The top-performing resale condo deal during the week of Nov 26 to Dec 3 was the sale of a freehold apartment at Island View in Pasir Panjang. The seller made a record profit of $3.5 million after owning the unit for 19 years, representing a capital gain of 269% or an annualised profit of 14.2%.The 3,498 sq ft unit was sold for $4.8 million, at a price of $1,372 per square foot, on Nov 27. The seller had originally purchased the unit in September 2005 for $1.3 million, or $372 per square foot. Island View is a 72-unit boutique condo located on Jalan Mat Jambol, off Pasir Panjang Road in District 5. The freehold development, which comprises low-rise blocks with apartments ranging from 3,056 sq ft to 3,538 sq ft, was completed in 1984. It is located within walking distance from the Pasir Panjang MRT Station on the Circle Line.AdvertisementRead also: Freehold condo in District 15 sold for $2.6 mil profitFour-bedder at Ardmore Park sold for $3.05 mil profitOwners of Island View launched a collective sale attempt in September 2023, with a tender for the development announced at a guide price of $575 million. However, after the tender closed the following month with no bids, the condo was relisted for sale in March at the same guide price, but failed to attract a buyer.Located on Cavenagh Road in the Newton area of District 9, Cavenagh Court was the location for the second-most profitable resale deal of the week. The seller made a gain of $2.63 million or 258%, after owning the 1,862 sq ft unit for almost 19 years, with the unit being sold for $3.65 million, or $1,960 per square foot, on Dec 2. The seller had originally purchased the unit in April 2006 for $1.02 million, or $548 per square foot.The sale price is a new record for the development, beating the previous highest profit of $2.15 million from the sale of another 1,862 sq ft unit on the fourth floor for $3.28 million, or $1,761 per square foot, in April 2022. The previous owner had acquired the unit in October 2007 for $1.13 million, or $607 per square foot.In addition, the sale of a 3,089 sq ft four-bedroom penthouse unit at The Berth By The Cove was the least profitable resale deal of the week. The seller made a loss of $1.93 million or 35%, after owning the unit for around 17 years, with the unit selling for $3.6 million, or $1,165 per square foot, on Nov 29. The unit last changed hands for $5.53 million, or $1,790 per square foot, in August 2007.The sale price is the second-most unprofitable transaction recorded at The Berth By The Cove to date. In February 2018, a 2,939 sq ft four-bedroom unit at the development was sold for $3.25 million or $1,106 per square foot. the seller, who originally bought the unit in October 2011 for $5.64 million or $1,919 per square foot, made a loss of $2.39 million.The Berth by the Cove consists of 200 freehold units across 15 six-storey low-rise blocks. They include two- to four-bedroom units spanning 1,012 sq ft to 2,325 sq ft, as well as penthouses with four or five bedrooms, spanning 2,939 sq ft to 6,028 sq ft. The development, which was completed in 2006, is located along Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island.
Investing in real estate is a strategic decision, and location plays a crucial role in its success. This statement is particularly true in the context of Singapore. Condominiums situated in central areas or in close proximity to important amenities, such as schools, shopping malls, and public transportation hubs, have shown a higher appreciation in value over time. Prime locations, including Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently displayed a steady growth in property values. For families, the accessibility to top-notch schools and educational institutions makes these areas even more desirable, further enhancing the investment potential of such condos. In addition to these factors, new condo launches in these prime locations also offer an attractive investment opportunity for buyers. With all these elements combined, it is evident that location is a crucial factor to consider when investing in real estate in Singapore.