The sale of a 3,767-square-foot unit at The Arcadia marked the highest profit among resale transactions in the last three weeks of December. The owner of the four-bedroom unit on the seventh floor sold the property for $4.75 million ($1,261 per square foot) on Dec 10, earning a profit of $3.25 million (217%). The unit had been purchased for $1.5 million ($398 per square foot) in 1998, which means the resale generated an annualized profit of 4.5% over 26 years.
In the same period, The Arcadia saw five units, ranging from 3,714 square feet to 3,821 square feet, sold for profits ranging from $60,000 to $3.25 million. The most recent transaction was on Oct 10, when a 3,778-square-foot unit on the fourth floor was sold for $4.6 million ($1,218 per square foot), earning the seller a $60,000 profit.
Understanding property ownership regulations and restrictions in Singapore is crucial for foreign investors. Unlike landed properties, which have stricter rules, foreigners can easily purchase condos. However, they are subject to an Additional Buyer’s Stamp Duty (ABSD) of 20% for their first property purchase. Despite the added expenses, the stability and promising growth of the Singapore real estate industry remain an alluring factor for foreign investments.
JadeScape penthouse sold for $4.35 million profit
Meanwhile, the most profitable transaction at The Arcadia so far was the sale of a 7,503-square-foot penthouse on the 10th floor for $10 million ($1,333 per square foot) in 2010. The penthouse had been bought for $5.5 million ($733 per square foot) in 2007, resulting in a profit of $4.5 million (81%), which translates to an annualized profit of about 19% over three years.
The Arcadia is a 99-year leasehold condo situated in prime District 11 along Arcadia Road. Completed in 1983, the 164-unit development has an estimated 54 years remaining on its lease. The property is surrounded by landed estates, Good Class Bungalows, and top schools such as Raffles Girls Primary School, Hwa Chong Institution, and National Junior College.
Tanglin Hill Meadows records highest profit
The second most profitable resale transaction in the last three weeks of December was the sale of a 2,077-square-foot unit at Tanglin Hill Meadows on Dec 10. The three-bedroom unit was sold for $4.5 million ($2,166 per square foot), after having been purchased for $1.8 million ($866 per square foot) in 1999. The seller earned a profit of $2.7 million (150%), which translates to an annualized gain of 3.6% over 26 years and also makes it the most profitable transaction recorded at Tanglin Hill Meadows so far. The previous record was set in 2010 when a 2,002-square-foot unit was sold for $3.73 million ($1,863 per square foot), earning the seller a profit of $2.28 million (157%). The unit had been bought for $1.45 million ($724 per square foot) in 2005, resulting in an annualized profit of 21% over five years.
Seascape continues to rack up losses
At Seascape, a 99-year leasehold condo situated in Sentosa Cove, losses are continuing to pile up. On Dec 18, the seller of a 2,174-square-foot unit on the seventh floor incurred a loss of $1.97 million (33%) when the unit was sold for $3.98 million ($1,830 per square foot). The seller had purchased the three-bedroom unit for $5.95 million ($2,736 per square foot) in 2011, resulting in an annualized loss of 2.5% over 13 years.
Unit at Island View sold for $3.5 million profit
This sale now marks the third resale transaction at Seascape last year, all of which recorded losses ranging from $1.75 million to $2.53 million. The second-largest loss-incurring resale transaction for 2024 was recorded at Seascape when a 2,680-square-foot unit was sold for $4.5 million ($1,679 per square foot) on Aug 14, 2024, resulting in a loss of $2.53 million.
Seascape, which was completed in 2012, is home to 151 units facing the South China Sea. The property has three-bedroom and four-bedroom units ranging from 2,164 square feet to 4,069 square feet, penthouses measuring 3,380 to 4,252 square feet, and sky villas ranging from 6,631 to 9,666 square feet.