Sale of penthouse at The Trizon earns seller $3.2 mil profit

The sale of a penthouse at the Trizon, a 289-unit condo on Ridgewood Close, was the most profitable resale transaction over the week of Feb 25 to March 4. The 5,737 sq ft unit on the 23rd floor was sold for $9.76 million ($1,701 psf) on Feb 27. Since the penthouse unit had been bought for $6.55 million ($1,142 psf) in March 2016, the sale earned the seller a profit of $3.2 million (49%), which translates to an annualised gain of 4.5% over nine years.

This also makes it the second most profitable resale transaction at The Trizon to date. The record was set two years ago when a 7,083 sq ft penthouse fetched $11 million ($1,553 psf) when it was sold in August 2023. That unit had been bought for $7.1 million ($1,002 psf) back in November 2019. As a result, the seller raked in a record profit of $3.9 million (55%), which translates to an annualised profit of 12% over close to four years.

The Trizon is a freehold development in prime District 10. It is close to the Mount Sinai landed enclave and the Pandan Valley and Pine Grove private residential estates. Nearby private residential developments include Pandan Valley and two new 99-year leasehold projects: the 520-unit Pinetree Hill and the 552-unit Nava Grove.

The sale of a penthouse at The Trizon on Feb 27 earned the seller a $3.2 million profit. (Picture: Samuel Isaac Chua/The Edge Singapore)

The Trizon offers a mix of two- to five-bedroom units. Typical units range from 1,012 sq ft to 5,102 sq ft, while penthouses range from 5,328 sq ft to 7,083 sq ft.

A tabulation of resale caveats by EdgeProp Singapore indicates that the average resale price at The Trizon is about $2,017 psf. Nearby Pandan Valley, which is a sprawling 605-unit development, has an average price of $1,449 psf. Meanwhile, the Ridgewood condo, a 999-year leasehold development with 425 condo units and 38 landed units, commands an average price of $1,728 psf.

Pinetree Hill, which was launched for sale in July 2023, has seen units sold this year at an average price of $2,550 psf, compared to an average of $2,458 psf from its launch to end 2024, based on caveats lodged. The 520-unit development is about 78% sold. On the other hand, the 552-unit Nava Grove, which was launched in November last year, is about 75% sold, having achieved an average selling price of $2,460 psf.

The sale that reaped the second-highest profit during the week was a 1,442 sq ft unit at Haig Court on Feb 27. The three-bedroom unit on the third floor transacted for $2.84 million ($1,968 psf) when it was sold but had previously fetched just $798,868 ($554 psf) when it was purchased in 2005. Thus, the seller raked in a profit of $2.04 million ($255%) on the sale, which translates to an annualised gain of 6.8% over 19 years.

Haig Court is a 360-unit development on Haig Road in District 15. (Map: EdgeProp Singapore)

Haig Court is a freehold development on Haig Road in District 15. The 360-unit development was completed in 2004. The condo is centrally located in Marine Parade and close to shopping malls such as Katong Shopping Centre, Roxy Square and I12 Katong. It is also close to several well-known schools in the area, such as Chung Cheng High School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School and the Tanjong Katong campus of the Canadian International School.

Haig Court is next to two new 99-year leasehold private residential projects — the 846-unit Emerald of Katong and the 638-unit Tembusu Grand. Other new projects in the vicinity include The Continuum, an 816-unit freehold development on Thiam Siew Avenue, and Grand Dunman, a 1,008-unit 99-year leasehold project on Dunman Road.

Last year, Haig Court recorded eight resale transactions which ranged from the sale of a 1,076 sq ft two-bedder for $1.85 million ($1,719 psf) on Jan 16, to the sale of a 1,550 sq ft four-bedroom unit for $3.45 million ($2,226 psf) on Dec 19. Profits from the resale transactions last year range from $450,000 to $2.06 million.

There have been two resale transactions at Haig Court so far this year. The other sale earlier this year was a 1,453 sq ft unit that fetched $3.02 million ($2,078 psf) when it was sold on Jan 17. The seller earned a profit of $2.13 million.

A 2,228 sq ft unit at Orchard Scotts was sold for $3.78 million ($1,696 sf) on Feb 25. (Picture: Samuel Isaac Chua/The Edge Singapore)

Alternatively, the most unprofitable resale during the week took place at Orchard Scotts, when a 2,228 sq ft unit changed hands for $3.78 million ($1,696 sf) on Feb 25. But the unit had been bought for $4.35 million ($1,955 psf) back in 2010. As a result, the seller incurred a loss of $576,000 (13%) on the sale, which translates to an annualised loss of 1% over close to 15 years.

A compilation of resale caveats at Orchard Scotts indicates that the resale price at the condo has been falling in recent years. In March 2010, units were typically going for about $2,061 psf, but this slipped to $1,747 psf by March 2020. Average resale prices have marginally picked up in recent months to about $1,760 psf last month.

Orchard Scotts is a 99-year leasehold condo on Anthony Road, off Clemenceau Avenue North in prime District 9. Completed in 2008, the 387-unit condo has a mix of two- to five-bedroom units of 936 sq ft to 4,435 sq ft.