It Good Deal 29 Million Freehold 3 Bedder District 9
Located in the up-and-coming Tengah estate, Novo Place EC offers more than just contemporary amenities and excellent connectivity. It also provides easy access to a variety of educational institutions, making it an ideal choice for families with children. From preschools to tertiary institutions, there is a diverse range of schools in close proximity to Novo Place EC. Let’s take a closer look at some of the noteworthy schools near Novo Place EC and discover what makes each one unique and desirable.
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There was a loss of about $92,000 on the sale of a three-bedroom unit in the freehold development Visioncrest last month. The unit was originally purchased in 2007 for $2,438 psf and sold for $2,363 psf, making the loss relatively low compared to other unprofitable transactions in the development. In fact, at the time of writing, Visioncrest had 38 unprofitable transactions with losses ranging from about $20,000 to $726,000.
Visioncrest is a freehold mixed-use development with 265 condo units and an 11-storey office building. It features one to three-bedroom units with sizes ranging from 570 sq ft to 5,317 sq ft and obtained its Temporary Occupation Permit (TOP) in 2007. Located along Oxley Rise, it is a short walk away from Dhoby Ghaut MRT Station and other amenities such as Plaza Singapura, Orchard Central, and Fort Canning Park. Additionally, there are a number of schools within a 1km radius, including River Valley Primary School, St. Margaret’s School (Primary), and School of the Arts Singapore.
Using our analytics tool, “Is it a Good Deal?”, we analyzed the sale of the three-bedroom unit in Visioncrest to determine if the buyer had secured a bargain. Our tool showed that the transacted price was marginally above the average price for the development but slightly below the average price for the district. Furthermore, the price was lower than that of two neighboring condos, making this a good deal for the buyer. The tool also took into consideration the numerous amenities nearby and the freehold tenure of the condo.
In total, three unprofitable and seven profitable transactions have taken place this year for Visioncrest. The unprofitable units were all purchased in 2007 for over $2,400 psf and sold for approximately $2,300 psf. What’s interesting is that two of the unprofitable transactions were for three-bedroom units from the same stack, while one was for a two-bedroom unit. The losses generated by these units can be attributed to the premium paid by the sellers when they purchased, as all three paid more than the average price for the development in 2007. However, thanks to the price growth of the development, the losses were mitigated.
We also compared Visioncrest to two other freehold developments in the area, The Imperial and The Botanic on Lloyd. While The Botanic on Lloyd is a boutique development with only 66 units, The Imperial is a larger development with 187 units. It has no unprofitable transactions this year and is located closer to Fort Canning MRT Station, UE Shopping Mall, Robertson Walk, and Fort Canning Park.
Finally, we analyzed the average resale prices for Visioncrest, The Imperial, and other freehold condos in District 9. The data showed that since 2020, Visioncrest has achieved significantly stronger price growth compared to its peers, making it a desirable investment option.
Overall, the seller still suffered a loss despite selling the unit for a price slightly higher than the average price for Visioncrest. However, Visioncrest has seen strong price growth in recent years, surpassing that of its neighbors and other freehold condos in District 9. With its prime location and close proximity to amenities, Visioncrest is a solid investment option for buyers.