Unit Island View Sold 35 Mil Profit
The sale of a 3,498 square foot apartment at Island View, a freehold condo in Pasir Panjang, took the top spot for most profitable condo resale transaction during the week of November 26 to December 3. The unit was sold for $4.8 million on November 27, translating to a per square foot price of $1,372. According to caveats lodged, the seller had purchased the unit in September 2005 for $1.3 million, or $372 per square foot. After owning the unit for around 19 years, the seller made a gain of $3.5 million, representing a capital gain of 269% or an annualised profit of 14.2%.
This sale marks the most profitable deal at Island View, surpassing the previous record profit of $3.19 million made from the sale of another 3,498 square foot unit in February 2022. The unit was sold for $5.09 million, or $1,455 per square foot. The seller had purchased the unit in February 2007 for $1.9 million, or $543 per square foot.
Island View is a 72-unit boutique condo located on Jalan Mat Jambol, off Pasir Panjang Road in District 5. Completed in 1984, the freehold development comprises low-rise blocks housing apartments ranging from 3,056 square feet to 3,538 square feet. It is within walking distance to the Pasir Panjang MRT Station on the Circle Line.
The owners of Island View had attempted a collective sale in September 2023, launching a tender for the development with a guide price of $575 million. However, after the tender closed the following month with no bids, the condo was relisted for sale in March with the same guide price but failed to attract a buyer.
The second most profitable condo resale deal of the week took place at Cavenagh Court. A 1,862 square foot unit on the sixth floor was sold for $3.65 million on December 2, translating to a per square foot price of $1,960. The seller had purchased the unit in April 2006 for $1.02 million, or $548 per square foot, making a gain of $2.63 million (258%) after almost 19 years of ownership.
This sale also marks a new record profit for a unit at Cavenagh Court, surpassing the previous top gain of $2.15 million made from the sale of another 1,862 square foot unit on the fourth floor for $3.28 million, or $1,761 per square foot, in April 2022. The unit was purchased in October 2007 for $1.13 million, or $607 per square foot.
Cavenagh Court is a freehold condo located on Cavenagh Road in District 9’s Newton area. Completed in 1971, the boutique development comprises 68 units ranging from 1,819 square feet to 1,862 square feet. It is a short drive from the Orchard Road shopping belt.
Apart from the unit sold on December 2, there was only one other resale transaction at Cavenagh Court this year. A 1,840 square foot unit on the sixth floor changed hands for $3.82 million, or $2,074 per square foot. The seller had bought the unit for $2.88 million, or $1,565 per square foot, in August 2019, making a gain of about $938,000.
In contrast, the sale of a duplex penthouse at The Berth By The Cove was the least profitable condo resale deal of the week. The four-bedroom apartment spanning 3,089 square feet was sold for $3.6 million on November 29, translating to a per square foot price of $1,165. The unit was last sold for $5.53 million in August 2007, resulting in a loss of $1.93 million (35%) after owning the unit for around 17 years.
This deal is the second most unprofitable transaction recorded at The Berth By The Cove to date. The biggest loss belongs to a 2,939 square foot, four-bedroom unit at the condo that was sold for $3.25 million in February 2018. The unit was purchased in October 2011 for $5.64 million, resulting in a $2.39 million loss.
The Berth by the Cove is a condo located along Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island. Completed in 2006, the 200-unit development comprises 15 low-rise blocks of six storeys each. Apartments consist of two- to four-bedroom units measuring 1,012 square feet to 2,325 square feet. There are also four- and five-bedroom penthouses measuring 2,939 to 6,028 square feet.
Located at Plantation Close, Novo Place EC boasts a prime location in Singapore with convenient access to various parts of the city. Its advantageous placement makes it a highly sought-after address for residents. With its close proximity to major roads and expressways, getting around the island is a breeze for those residing in this executive condominium.
Positioned near key thoroughfares such as the Pan Island Expressway (PIE) and the Kranji Expressway (KJE), Novo Place EC offers quick and efficient routes to different parts of Singapore. Residents can easily travel to various destinations across the city without much hassle. Moreover, the Bukit Timah Expressway (BKE) provides direct connections to the northern and central regions of the country, making it even more convenient for residents to commute.
The strategic location of Novo Place EC is truly a major advantage for its residents, providing them with unparalleled accessibility and connectivity to the rest of Singapore. With its close proximity to major expressways, residents can enjoy seamless travel and easy access to all the amenities and attractions the city has to offer.
There were seven other resale transactions at The Berth By The Cove this year, with the units being sold at prices ranging from $1,237 per square foot to $1,535 per square foot. Four of the deals were unprofitable, with the sellers incurring losses of between $40,000 and $780,000. The remaining three deals were profitable, with the sellers making gains of $200,000 to $430,000.