Resale Unit Palisades Makes Record Profit 23 Mil
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Several lucrative resale transactions were closed from Jan 28 to Feb 4, despite coinciding with the Chinese New Year festivities. This included the sale of a unit at Palisades condominium for a record-breaking $4 million, the highest profit in the development’s history.
The 3,983 sq ft unit on the second floor was purchased for $1.7 million in 2009 and was sold for a profit of $2.3 million, representing a 135% increase. This makes it the most profitable resale at Palisades to date. Previously, a unit on the eighth floor was sold for $3.4 million, resulting in a profit of $1.87 million or a 122% increase over a 25-year period.
Since 2015, there have only been five resale transactions at Palisades, all of which have been profitable, indicating a strong market demand for the development. Palisades, a 40-year-old freehold condo on Pasir Panjang Road, is the only condo in Singapore with a funicular elevator.
The second most profitable resale during this period occurred at Ardmore II, where a four-bedroom unit was sold for $6.85 million, resulting in a $2.12 million profit. The unit was originally purchased for $4.72 million in 2006, resulting in a 45% increase over an 18-year period.
Over the past few years, resale prices at Ardmore II have also seen a steady increase, from about $2,623 psf in 2015 to about $3,390 psf at the beginning of this year. Located in prime District 10, Ardmore II is a freehold luxury condo near the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. It is also close to Tanglin Road and the Orchard Road shopping belt.
On the other hand, the most unprofitable transaction during this period was the sale of a studio unit at Vida, a freehold condo in prime District 9. The unit, located on the 12th floor, was sold for $1.04 million, resulting in a $116,000 loss. Meanwhile, the most unprofitable resale to date at Vida involved a unit on the 10th floor, which incurred a loss of $598,920 or 25% over a 15-year period.
Based on caveats, resale prices at Vida have been on a decline in recent years, with a peak of around $2,277 psf in 2015 and a dip to about $2,058 psf last month. Vida, located on Peck Hay Road in the upscale Newton area, is a 137-unit condo completed in 2009. It offers a mix of studios, one- and two-bedroom units ranging from 506 sq ft to 883 sq ft.
Overall, the resale market for condos remains strong, with most transactions recording profits. However, it is important for buyers to research and compare prices carefully before making a purchase, as there are still instances of unprofitable transactions in the market.