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The sale of a six-bedroom penthouse at JadeScape, a 99- year leasehold condo on Shunfu Road, was the most profitable condo resale transaction during the week of Dec 3 to Dec 10. The 4,230 sq ft unit on the 23rd floor changed hands for $10.15 million ($2,399 psf) on Dec 9. The seller bought the unit from the developer in December 2019 for $5.8 million ($1,371 psf). As a result, the seller reaped a profit of $4.35 million after owning the unit for five years. This works out to a capital gain of 75% for the seller or an annualised profit of 15%.
Based on caveats lodged, this is the biggest gain ever made on a unit at JadeScape. The previous top gain at the development was from the sale of a 2,099 sq ft, five-bedroom unit on the 10th floor for $4.42 million ($2,108 psf) on Aug 12. The seller, who bought the unit from the developer in September 2019 for $3.28 million ($1,562 psf), made a $1.14 million gain on the transaction.
The 4,230 sq ft unit at JadeScape was sold for $10.15 million ($2,399 psf) on Dec 9 (Picture: Samuel Isaac Chua/The Edge Singapore)
JadeScape is located at the junction of Marymount Road and Shunfu Road in District 20. Completed in 2022, the development has 1,206 units across seven residential towers. Units comprise one- to five-bedroom apartments of 527 sq ft to 2,099 sq ft. There are also two penthouses of 4,230 sq ft. The condo is within walking distance of Marymount MRT Station on the Circle Line.
JadeScape has seen 72 other resale transactions this year, with units sold at prices from $1,955 psf to $2,420 psf. Data compiled on EdgeProp Research show that all of the deals were profitable, with the sellers netting gains ranging from $55,000 to $1.15 million.
The second most profitable condo resale deal this week was the sale of a 1,410 sq ft, three-bedroom unit at The Imperial for $3.7 million ($2,624 psf) on Dec 5. The seller had purchased the unit from the developer for $1.3 million ($925 psf) in September 2004. As a result, the seller netted a $2.4 million (184%) gain after a 20-year holding period.
The deal is the fifth most profitable resale transaction at The Imperial. The record gain belongs to a four-bedroom unit measuring 3,918 sq ft that sold for $7.64 million ($1,950 psf) in June 2007. The seller, who bought the unit for $3.99 million ($1,018 psf) in March 2006, made a profit of $3.65 million.
The sale of a 1,410 sq ft unit at The Imperial for $3.7 million ($2,624 psf) on Dec 5 netted a gain of $2.4 million (Picture: Google Street View)
Located on Jalan Rumbia, close to Fort Canning Park in District 9, The Imperial was completed in 2006. It comprises 187 freehold units spread across five blocks. Units include two-, three- and four-bedders between 980 sq ft and 3,918 sq ft. It is within walking distance of Fort Canning MRT Station on the Downtown Line as well as Dhoby Ghaut MRT Interchange, which serves the North-South, North-East and Circle Lines.
Meanwhile, the sale of a one-bedroom unit at The Montana was the least profitable condo resale deal this week. The 635 sq ft unit fetched $1.02 million ($1,603 psf) on Dec 6. The unit last changed hands in July 2014 for $1.18 million ($1,863 psf), which means the seller made a loss of about $165,000 on the transaction.
This is the third-biggest loss made on a unit at The Montana, based on available caveats. The biggest loss was for the sale of a three-bedroom unit spanning 1,109 sq ft that was sold for $1 million ($902 psf) in May 2003. The seller, who bought the unit from the developer in December 1999 for $1.35 million ($1,215 psf), netted a loss of roughly $347,000.
On Dec 6, the sale of a 635 sq ft unit at The Montana for $1.02 million ($1,603 psf) made a loss of around $165,000 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Montana is a freehold condo on Jalan Mutiara, off River Valley Road in District 10. It was completed in 2002 and has 108 units housed in a single 12-storey tower. Units comprise one- to four-bedders of 549 sq ft to 2,659 sq ft.
There have been four other resale transactions at The Montana this year, all of which were profitable. The units, sold for between $1,930 psf to $2,371 psf, made gains ranging from $80,000 to around $525,000.
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