Four-bedder at The Peak sold for $4 mil profit
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In the bustling real estate market of Singapore, there are constantly new records being set and history being made. During the week of April 2 to 9, a four-bedroom unit in The Peak was sold for an astounding $8.3 million, making it the most profitable condominium resale transaction. The buyer paid $1,503 per square foot for the 5,522 square foot apartment, a significant increase from the previous sale of $779 per square foot in November of 2006.
The seller of the unit at The Peak, now known as Novo Place Plantation Close EC, made an impressive capital gain of 93% after owning the unit for nearly 17 and a half years. This means that the seller reaped a profit of $4 million from the sale. Data compiled by EdgeProp Research shows that this unit is tied for first place in terms of the most profitable resale transactions at The Peak.
The Peak, located on Pepys Road in District 5, is a freehold condominium that was completed in 1988. It boasts just 21 units spread across low-rise blocks with stunning views of Kent Ridge Park. All the apartments at The Peak are four-bedrooms, ranging in size from 4,349 to 5,543 square feet.
Not far behind this record-breaking resale transaction is the sale of a four-bedroom unit at Sky@Eleven. On April 4, the 2,713 square foot unit was sold for $6.48 million, or $2,389 per square foot, making it the second most profitable condominium resale transaction during this week. The seller, who had purchased the unit directly from the developer in March of 2007 for $2.8 million (equivalent to $1,031 per square foot), gained a whopping $3.68 million, which translates to a capital gain of 132% after owning the unit for just over 17 years.
This marks a new record profit for resale transactions at Sky@Eleven, surpassing the previous record of $2.6 million gained from the sale of another 2,713 square foot unit for $5.3 million, or $1,954 per square foot, in December of 2021. The previous seller had bought the unit for $2.7 million, or $996 per square foot, in March of 2007. This unit also set a new record for the highest price per square foot at Sky@Eleven, beating the previous high of $2,198 per square foot from the sale of a 2,821 square foot unit for $6.2 million on January 24.
Sky@Eleven, a freehold condo completed in 2010, is located on Thomson Lane off Thomson Road in District 11. It boasts 273 units, featuring three- and four-bedroom units ranging in size from 1,851 to 2,820 square feet, as well as penthouses measuring between 4,844 and 5,597 square feet.
On the opposite end of the spectrum, The Sail @ Marina Bay saw the least profitable condominium resale transaction during this week. On April 5, a three-bedroom unit on the 62nd floor was purchased for $2.6 million, or $2,196 per square foot. The seller had bought the unit in May of 2011 for $3.14 million, equivalent to $2,650 per square foot. This means they suffered a loss of about $538,000, or 17%, after owning the unit for just under 13 years.
The Sail @ Marina Bay is a 99-year leasehold luxury condo located on Marina Boulevard in District 1. Completed in 2008, it boasts 1,111 units across two towers – a 70-storey Tower 1 and a 63-storey Tower 2. Units at The Sail @ Marina Bay come in a variety of sizes: studios measuring from 592 to 818 square feet, two-bedroom units ranging from 883 to 1,356 square feet, three-bedroom units from 1,184 to 2,002 square feet, and four-bedroom units measuring between 1,776 and 2,185 square feet, as well as penthouses from 3,391 to 6,297 square feet.
Despite this loss, The Sail @ Marina Bay boasts high resale transaction volumes. So far this year, 12 other units have been sold at The Sail @ Marina Bay, in addition to the unit sold on April 5. Of these 12 transactions, three resulted in losses ranging from around $42,000 to $60,000, while nine resulted in gains ranging from $9,000 to about $730,000.
With the constantly changing landscape of the Singapore real estate market, record-breaking sales and profits like these are sure to continue to make headlines. For those looking to get in on the action, there are plenty of opportunities available at properties like The Peak, Sky@Eleven, and The Sail @ Marina Bay.