The sale of a four-bedroom apartment measuring 1,701 sq ft at Glentrees was the most profitable condo resale transaction during the week of Oct 8 to Oct 15. The second-floor unit changed hands for $3.65 million ($2,146 psf) on Oct 11. The seller had bought the unit from the developer in June 2005 for $1.19 million ($700 psf). As a result, the seller raked in a gain of $2.46 million on the sale after owning the unit for nearly 19½ years. This represents a capital gain of 207% or an annualised profit of 10.9% for the seller.

Located on Mount Sinai Lane in prime District 10, Glentrees is a 999-year leasehold condo that was built in 2005. It has eight five-storey blocks with a total of 176 apartments. Units comprise two- to four-bedders of 1,346 sq ft to 1,884 sq ft. There are also top-floor loft units that consist of two- to four-bedders between 1,991 sq ft and 2,691 sq ft. The largest units are the Garden Terraces, which occupy the ground floor and have two- or three-storey layouts similar to those of a landed home. The units measure between 2,626 sq ft and 3,670 sq ft.

There have been seven other resale transactions at Glentrees to date this year, all of which have been profitable. This includes the sale of a 3,671 sq ft, four-bedroom unit on the first floor for $4.4 million ($1,199 psf) on Feb 22. The seller, who had bought the unit from the developer in May 2004 for $1.5 million ($409 psf), netted a gain of $2.9 million (193%) on the transaction, which is the highest profit recorded on a unit at Glentrees. Other units at the development that changed hands this year netted gains between $150,000 and $770,000.

Read also: CDL's Norwood Grand achieves 84% sales at an average price of $2,067 psf

---

---

The second most profitable resale deal during the week was the sale of a three-bedroom unit at Flame Tree Park on Oct 10. The 1,765 sq ft unit sold for $3.18 million ($1,801 psf). Caveats lodged show that the unit had last changed hands in May 1995 for $1.03 million ($582 psf). This means that the seller made a profit of $2.15 million (209%) on the sale after owning the unit for 29½ years.

This is the most profitable resale deal logged at Flame Tree Park so far. It beats the previous record of $1.84 million made from the sale of a 1,593 sq ft, three-bedroom unit for $2.82 million ($1,770 psf) on Dec 22, 2023. The seller had acquired the unit in August 1997 for $980,000 ($615 psf).

Flame Tree Park is a freehold condo on Sin Ming Avenue, off Upper Thomson Road in District 20. The 160-unit development was completed in 1989 and consists of a single 28-storey tower. Units comprise three-bedders of 1,593 sq ft to 2,164 sq ft.

Meanwhile, the most unprofitable condo resale transaction this week occurred at Martin No 38. A three-bedroom unit measuring 1,485 sq ft on the 14th floor changed hands for $4.2 million ($2,827 psf) on Oct 15. The seller had bought the unit in May 2011 for $4.4 million ($2,962 psf). Hence, the seller incurred a loss of $200,000 (4.5%) after holding the unit for about 13½ years.

Based on available caveats, the Oct 15 transaction is the first unprofitable resale deal at Martin No 38 since February 2022, when a 969 sq ft unit was sold for $2.4 million ($2,477 psf), netting a loss of $10,000. It is also the fifth biggest loss made on a unit at the development, with the record belonging to a 1,335 sq ft, two-bedroom unit that incurred a loss of about $238,000 after it fetched $3.45 million ($2,585 psf) on Dec 18, 2023.

Martin No 38 is a freehold condo on Martin Road in the River Valley residential enclave, close to Robertson Quay. Built in 2011, the 15-storey building houses 88 units consisting of two- to four-bedroom apartments of 969 sq ft to 2,648 sq ft. There are also penthouses of 3,660 sq ft to 4,392 sq ft.

Read also: Three-bedder at The Marbella sold for $2.51 mil profit

Check out the latest listings for Glentrees, Flame Tree Park, Martin No 38, Condominium properties

---