The top condo resale transaction from November 26 to December 3 was the sale of a unit at Island View, a freehold condo in Pasir Panjang. The spacious 3,498 sq ft unit fetched a whopping $4.8 million, or $1,372 per square foot, on November 27. The previous owner had bought the unit in September 2005 for just $1.3 million, or $372 per square foot. This translates to a gain of $3.5 million, representing an impressive capital gain of 269% or an annualized profit of 14.2%.
This sale sets a new record for the most profitable deal at Island View, surpassing the previous high of $3.19 million made in February 2022 for another 3,498 sq ft unit at the condo. This unit was sold for $5.09 million, or $1,455 per square foot. The previous owner had bought it in February 2007 for $1.9 million, or $543 per square foot.
Island View is a boutique condo with 72 units located on Jalan Mat Jambol, just off Pasir Panjang Road in District 5. The freehold development comprises low-rise blocks with apartments ranging from 3,056 sq ft to 3,538 sq ft, and was completed in 1984. Its convenient location within walking distance of the Pasir Panjang MRT Station on the Circle Line makes it an attractive choice for buyers.
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In September 2023, the owners of Island View attempted a collective sale by launching a tender for the development with a guide price of $575 million. However, after receiving no bids, the condo was relisted for sale in March 2024 at the same guide price, but failed to attract a buyer.
The second most profitable condo resale deal during this period was at Cavenagh Court, where a 1,862 sq ft unit on the sixth floor was sold for $3.65 million, or $1,960 per square foot, on December 2. The previous owner had purchased the unit in April 2006 for $1.02 million, or $548 per square foot. This amounts to a gain of $2.63 million, or 258%, after almost 19 years of ownership.
This sale sets a new record for the highest profit at Cavenagh Court, surpassing the previous peak of $2.15 million made in April 2022 for another 1,862 sq ft unit on the fourth floor. This unit was sold for $3.28 million, or $1,761 per square foot, and the previous owner had acquired it in October 2007 for $1.13 million, or $607 per square foot.
Cavenagh Court is a freehold condo on Cavenagh Road in District 9’s Newton area. Completed in 1971, this boutique development features 68 units ranging from 1,819 sq ft to 1,862 sq ft. Its proximity to the Orchard Road shopping belt makes it a sought-after location for buyers.
Apart from the unit sold on December 2, there has only been one other resale transaction at Cavenagh Court this year, based on caveats lodged. In March, a 1,840 sq ft unit on the sixth floor changed hands for $3.82 million, or $2,074 per square foot. The previous owner had bought it for $2.88 million, or $1,565 per square foot, in August 2019, resulting in a gain of about $938,000.
On the other hand, the least profitable condo resale deal during this period was at The Berth By The Cove, where a 3,089 sq ft four-bedroom penthouse was sold for $3.6 million, or $1,165 per square foot, on November 29. The previous owner had bought it in August 2007 for $5.53 million, or $1,790 per square foot, resulting in a loss of $1.93 million, or 35%, after around 17 years of ownership.
This sale becomes the second most unprofitable transaction at The Berth By The Cove, after a 2,939 sq ft, four-bedroom unit was sold for $3.25 million, or $1,106 per square foot, in February 2018, resulting in a loss of $2.39 million. The previous owner had bought it in October 2011 for $5.64 million, or $1,919 per square foot.
The Berth By The Cove is a condo along Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island. The 200-unit development comprises 15 low-rise blocks of six storeys each, with apartments ranging from two- to four-bedrooms, and 1,012 sq ft to 2,325 sq ft. There are also four- and five-bedroom penthouses of 2,939 to 6,028 sq ft. So far this year, there have been seven other resale transactions at the condo, with prices ranging from $1,237 to $1,535 per square foot. Four of these transactions resulted in a loss, with the sellers incurring losses between $40,000 and $780,000. The remaining three sales were profitable, with the sellers raking in gains of $200,000 to $430,000.