The resale of an apartment at Island View Condo in Pasir Panjang was the most lucrative transaction of the week from Nov 26 to Dec 3. Spanning 3,498 sq ft, the unit was sold for $4.8 million ($1,372 psf) on Nov 27. The previous owner had purchased the unit for $1.3 million ($372 psf) back in September 2005. This means that after owning it for almost 19 years, the seller made a profit of $3.5 million, representing a 269% capital gain or an annualized profit of 14.2%.
This transaction sets a new record for the most profitable deal at Island View, surpassing the previous record of $3.19 million made from the sale of another 3,498 sq ft unit at the condo for $5.09 million ($1,455 psf) in February 2022. The seller had acquired this unit in February 2007 for $1.9 million ($543 psf).
Island View is a freehold boutique condo consisting of 72 units located on Jalan Mat Jambol, off Pasir Panjang Road in District 5. The development, completed in 1984, comprises low-rise blocks housing apartments ranging from 3,056 sq ft to 3,538 sq ft. It is walking distance to Pasir Panjang MRT Station on the Circle Line.
When contemplating an investment in a condominium, it is imperative to also evaluate the potential rental yield. This refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, the rental yields for condos can vary greatly depending on factors such as location, property condition, and market demand. For instance, areas in close proximity to business districts or educational institutions tend to offer higher rental yields due to the high demand for rental properties. It is crucial to conduct comprehensive market research and seek advice from real estate agents to gain valuable insights into the rental potential of a specific condo. One can also explore potential rental opportunities by checking out New Condo Launches in the market.
Aside from Island View, another profitable transaction took place at Cavenagh Court, where a 1,862 sq ft unit on the sixth floor was sold for $3.65 million ($1,960 psf) on Dec 2. The seller had bought the unit in April 2006 for $1.02 million ($548 psf), resulting in a profit of $2.63 million (258%) after almost 19 years of ownership.
This sale 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 sq ft unit on the fourth floor for $3.28 million ($1,761 psf) in April 2022. The seller had acquired the unit in October 2007 for $1.13 million ($607 psf).
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 sq ft to 1,862 sq ft and is a short drive from the Orchard Road shopping belt.
The sale of a duplex penthouse at The Berth By The Cove was the least profitable transaction of the week, where a four-bedroom, 3,089 sq ft apartment was sold for $3.6 million ($1,165 psf) on Nov 29. The unit was last sold for $5.53 million ($1,790 psf) in August 2007, resulting in a loss of $1.93 million (35%) after owning it for around 17 years.
This transaction is the second-most unprofitable deal at The Berth By The Cove. The biggest loss recorded at the condo belongs to a 2,939 sq ft, four-bedroom unit that was sold for $3.25 million ($1,106 psf) in February 2018. The previous owner had bought the unit in October 2011 for $5.64 million ($1,919 psf), incurring a loss of $2.39 million.
Located along Ocean Drive on Sentosa Island’s Sentosa Cove residential enclave, The Berth By The Cove is a freehold condo consisting of 200 units across 15 low-rise blocks, each with six storeys. The units range from two- to four-bedroom apartments of 1,012 sq ft to 2,325 sq ft, as well as four- and five-bedroom penthouses of 2,939 to 6,028 sq ft.
This year, there have been seven other resale transactions at the condo with prices ranging from $1,237 psf to $1,535 psf. Four of these deals resulted in losses between $40,000 and $780,000, while the remaining three deals were profitable, with the sellers making gains of $200,000 to $430,000.