A six-bedroom penthouse at JadeScape has recently been sold for a record-breaking price, making it the most profitable condo resale transaction during the week of December 3 to December 10. The unit, which is located on the 23rd floor and spans 4,230 square feet, was sold for $10.15 million, translating to $2,399 per square foot on December 9.
The seller had originally purchased the unit from the developer in December 2019 for $5.8 million, or $1,371 per square foot. This means that the seller has made a profit of $4.35 million after owning the unit for just five years, which equates to a remarkable capital gain of 75% or an annualised profit of 15%. This is the largest gain ever made on a unit at JadeScape, surpassing the previous top gain of $1.14 million from the sale of a 2,099 square foot, five-bedroom unit on the 10th floor on August 12. The seller had bought the unit from the developer in September 2019 for $3.28 million, or $1,562 per square foot.
JadeScape is a 99-year leasehold condo located at the junction of Marymount Road and Shunfu Road in District 20. Completed in 2022, the development boasts 1,206 units spread across seven residential towers, offering one- to five-bedroom apartments that range from 527 square feet to 2,099 square feet. There are also two exclusive penthouses measuring 4,230 square feet each. The condo is conveniently situated within walking distance of Marymount MRT Station on the Circle Line.
Throughout this year, there have been 72 other resale transactions at JadeScape, with units selling for prices ranging from $1,955 per square foot to $2,420 per square foot. All of these deals have been profitable, with sellers netting gains that range from $55,000 to $1.15 million.
The second most profitable resale deal during the same week was the sale of a 1,410 square foot, three-bedroom unit at The Imperial for $3.7 million, which translates to $2,624 per square foot, on December 5. The seller had purchased the unit from the developer for $1.3 million, or $925 per square foot, in September 2004. This means that the seller has made a profit of $2.4 million, a 184% gain, after holding onto the unit for 20 years. This deal is the fifth most profitable resale transaction at The Imperial, with the record gain belonging to a four-bedroom unit measuring 3,918 square feet that sold for $7.64 million, or $1,950 per square foot, in June 2007. The seller had bought the unit for $3.99 million, or $1,018 per square foot, in March 2006, making a gain of $3.65 million.
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The cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. Condominiums, strategically situated in desirable locations, offer a fusion of opulence and convenience that entices both locals and foreigners. These properties boast an array of facilities, including swimming pools, fitness centers, and round-the-clock security, which elevate the standard of living and make them highly sought after by prospective tenants and purchasers. For savvy investors, these amenities result in greater rental returns and appreciation of real estate values in the long run. Additionally, the latest addition of Singapore Projects adds to the appeal of these revamped spaces.
The Imperial is a freehold condo located on Jalan Rumbia, near Fort Canning Park in District 9. Completed in 2006, the development comprises 187 units spread across five blocks, offering two-, three-, and four-bedroom units that range from 980 square feet to 3,918 square feet. It is within walking distance of Fort Canning MRT Station on the Downtown Line, as well as Dhoby Ghaut MRT Interchange, which serves the North-South, North-East, and Circle Lines.
On the other hand, the sale of a one-bedroom unit at The Montana was the least profitable condo resale deal during the same week. The 635 square foot unit was sold for $1.02 million, or $1,603 per square foot, on December 6. The unit had previously changed hands in July 2014 for $1.18 million, or $1,863 per square foot, which means that the seller has made a loss of approximately $165,000 on the transaction. This is also the third-biggest loss ever made on a unit at The Montana, with the largest loss recorded for the sale of a three-bedroom unit spanning 1,109 square feet that was sold for $1 million, or $902 per square foot, in May 2003. The seller had bought the unit from the developer in December 1999 for $1.35 million, or $1,215 per square foot, resulting in a loss of approximately $347,000.
The Montana is a freehold condo located on Jalan Mutiara, just off River Valley Road in District 10. Completed in 2002, the development comprises 108 units housed in a 12-storey tower, offering one- to four-bedroom units that range from 549 square feet to 2,659 square feet. Out of the four other resale transactions at The Montana this year, all of them have been profitable, with the units selling for prices between $1,930 per square foot to $2,371 per square foot, making gains ranging from $80,000 to $525,000.