A penthouse unit at The Trizon, a 289-unit freehold condominium located at Ridgewood Close, recently made headlines for its profitable resale transaction.
The 5,737 sq ft penthouse unit on the 23rd floor was sold for $9.76 million ($1,701 psf) on Feb 27, making it the most profitable resale transaction during the week of Feb 25 to March 4. The seller of the unit had previously bought it for $6.55 million ($1,142 psf) in March 2016, earning a profit of $3.2 million (49%) or an annualized gain of 4.5% over nine years.
This transaction also marks the second most profitable resale deal at The Trizon to date. The record was set two years ago when another penthouse unit with a larger floor area of 7,083 sq ft fetched $11 million ($1,553 psf), earning the seller a record profit of $3.9 million (55%), or an annualized gain of 12% over close to four years. The penthouse unit was originally purchased for $7.1 million ($1,002 psf) in November 2019.
The Trizon is a prestigious freehold development situated in prime District 10. It is surrounded by the exclusive landed enclave of Mount Sinai, as well as other private residential estates such as Pandan Valley and Pine Grove. Other nearby condo developments include Pandan Valley, and two new 99-year leasehold projects – the 520-unit Pinetree Hill and the 552-unit Nava Grove.
The Trizon offers a mix of two- to five-bedroom units, with typical units ranging from 1,012 sq ft to 5,102 sq ft, and penthouses ranging from 5,328 sq ft to 7,083 sq ft. According to the resale caveats recorded by EdgeProp Singapore, the average resale price at The Trizon is approximately $2,017 psf. Meanwhile, nearby developments such as Pandan Valley, a sprawling 605-unit development, commands an average price of $1,449 psf. The Ridgewood condo, a 999-year leasehold development with 425 condo units and 38 landed units, has an average price of $1,728 psf.
In comparison, Pinetree Hill, which was launched for sale in July 2023, has seen units sold this year at an average price of $2,550 psf, while the average price at its launch until end of 2024 was $2,458 psf based on caveats lodged. As of April 2023, the 520-unit development has been sold 78%.
Similarly, Nava Grove, which was launched in November 2019, has achieved an average selling price of $2,460 psf, and has been sold 75% as of April 2023.
Another profitable resale transaction during the same week was recorded at Haig Court, a 360-unit freehold development located on Haig Road in District 15. The transaction involved a 1,442 sq ft unit on the third floor, which sold for $2.84 million ($1,968 psf) on Feb 27. The previous sale price of the three-bedroom unit was just $798,868 ($554 psf) back in 2005. This resulted in a profit of $2.04 million (255%) for the seller, translating to an annualized gain of 6.8% over 19 years.
Haig Court is centrally located in Marine Parade and is close to popular shopping malls such as Katong Shopping Centre, Roxy Square, and I12 Katong. It is also surrounded by renowned educational institutions such as Chung Cheng High School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School, and the Tanjong Katong campus of the Canadian International School.
Rewritten: One major advantage of investing in a condominium is the potential to use its value as leverage for further investments. A common practice among investors is to use their condo as collateral to secure additional financing for new investments, which can help grow their real estate portfolio. However, this strategy carries its own risks, making it important to have a solid financial plan in place and carefully consider the potential effects of fluctuations in the market. For those interested in investing in condominiums, keeping an eye on Singapore Projects can provide valuable insights into the current market and potential future opportunities.
Haig Court is next to two new 99-year leasehold private residential projects – the 846-unit Emerald of Katong and the 638-unit Tembusu Grand. Other new projects in the vicinity include The Continuum, an 816-unit freehold development on Thiam Siew Avenue, and Grand Dunman, a 1,008-unit 99-year leasehold project located on Dunman Road.
Last year, Haig Court recorded eight resale transactions, with prices ranging from $1,719 psf for a 1,076 sq ft two-bedder sold on January 16, to $2,226 psf for a 1,550 sq ft four-bedroom unit sold on December 19. Profits from the resale transactions last year ranged from $450,000 to $2.06 million.
There have been two resale transactions at Haig Court so far this year. The other sale earlier this year was a 1,453 sq ft unit that fetched $3.02 million ($2,078 psf) on January 17. The seller earned a profit of $2.13 million.
On the other hand, the most unprofitable resale transaction during the week occurred at Orchard Scotts. The transaction involved a 2,228 sq ft unit which sold for $3.78 million ($1,696 psf) on Feb 25. However, the unit was previously purchased for $4.35 million ($1,955 psf) back in 2010. This resulted in a loss of $576,000 (13%) for the seller, translating to an annualized loss of 1% over close to 15 years.
Based on resale caveats data, average resale prices at Orchard Scotts have been on the decline in recent years. In March 2010, the average resale price was approximately $2,061 psf, but by March 2020, it had fallen to $1,747 psf. However, average resale prices have marginally picked up in recent months, reaching around $1,760 psf last month.
Orchard Scotts is a 99-year leasehold condo located at Anthony Road in prime District 9. Completed in 2008, the development comprises of 387 units which feature two- to five-bedrooms, sized between 936 sq ft to 4,435 sq ft.