Unit at Island View sold for $3.5 mil profit
/ EdgeProp Singapore |
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The sale of an apartment at Island View, a freehold condo in Pasir Panjang, was the most profitable condo resale transaction during the week of Nov 26 to Dec 3. The 3,498 sq ft unit was sold for $4.8 million ($1,372 psf) on Nov 27. The seller purchased the unit in September 2005 for $1.3 million ($372 psf). After owning it for around 19 years, the seller made a gain of $3.5 million on the deal, representing a capital gain of 269% or an annualised profit of 14.2%.
The Nov 27 transaction is the most profitable deal to have taken place at Island View. It beats the previous record profit 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 purchased the unit in February 2007 for $1.9 million ($543 psf).
The 3,498 sq ft unit at Island View was sold for $4.8 million ($1,372 psf) on Nov 27
Island View is a 72-unit boutique condo on Jalan Mat Jambol, off Pasir Panjang Road in District 5. The freehold development consists of lowrise blocks housing apartments between 3,056 sq ft to 3,538 sq ft and was completed in 1984. The condo is within walking distance of the Pasir Panjang MRT Station on the Circle Line.
Owners of Island View made a collective sale attempt in September 2023, launching a tender for the development with a guide price of $575 million. However, after the tender closed the following month with no bids, the condo was relisted for sale in March at the same guide price but failed to attract a buyer.
The second most profitable condo resale deal during the week took place at Cavenagh Court. A 1,862 sq ft unit on the sixth floor was sold for $3.65 million ($1,960 psf) on Dec 2. The seller, who purchased the unit in April 2006 for $1.02 million ($548 psf), made a gain of $2.63 million (258%) after nearly 19 years of ownership.
The deal marks a new record profit for a unit at Cavenagh Court. It surpasses 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).
A 1,862 sq ft unit at Cavenagh Court fetched $3.65 million ($1,960 psf) on Dec 2, netting a $2.63 million gain (Picture: Google Street View)
Cavenagh Court is a freehold condo on Cavenagh Road in District 9’s Newton area. Completed in 1971, this boutique development comprises 68 units ranging from 1,819 sq ft to 1,862 sq ft. It is a short drive from the Orchard Road shopping belt.
Apart from the unit sold on Dec 2, Cavenagh Court has seen only one other resale transaction this year, based on caveats lodged. A 1,840 sq ft unit on the sixth floor changed hands for $3.82 million ($2,074 psf). The seller, who bought the unit for $2.88 million ($1,565 psf) in August 2019, netted a gain of about $938,000.
In contrast, the sale of a duplex penthouse at The Berth By The Cove was the least profitable condo resale deal of the week. The four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million ($1,165 psf) on Nov 29. The unit last changed hands for $5.53 million ($1,790 psf) in August 2007. As a result, the seller incurred a loss of $1.93 million (35%) after owning the unit for around 17 years.
The deal is the second most unprofitable transaction recorded at The Berth By The Cove to date. The biggest loss belongs to a 2,939 sq ft, four-bedroom unit at the condo that fetched $3.25 million ($1,106 psf) in February 2018. The seller, who purchased the unit in October 2011 for $5.64 million ($1,919 psf), made a $2.39 million loss.
On Nov 29, the sale of a 3,089 sq ft penthouse at The Berth By The Cove for $3.6 million ($1,165 psf) resulted in a loss of $1.93 million (Picture: Samuel Isaac Chua/The Edge Singapore)
The Berth by the Cove is a condo along Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island. The 200-unit development, which was completed in 2006, comprises 15 low-rise blocks of six storeys each. Apartments consist of two- to four-bedroom units of 1,012 sq ft to 2,325 sq ft. There are also four- and five-bedroom penthouses of 2,939 to 6,028 sq ft.
There have been seven other resale transactions at the condo this year, with the units sold at prices ranging from $1,237 psf to $1,535 psf. Four of the deals were unprofitable, with the sellers netting losses between $40,000 and $780,000. The remaining three deals were profitable, with the sellers netting gains of $200,000 to $430,000.
Check out the latest listings for Island View, The Berth By The Cove, Cavenagh Court, Condominium properties
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