Unit at Jade Mansion sold for $2.18 mil profit

/ EdgeProp Singapore |

October 13, 2022 3:44 PM SGT

SINGAPORE (EDGEPROP) - The sale of a 2,723 sq ft unit at Jade Mansion, a freehold development on Leedon Road in prime District 10, was the most profitable transaction recorded during the week of Sept 27 to Oct 4. The unit, which changed hands for $5.08 million ($1,865 psf) on Sept 29, was purchased by the seller for $2.9 million ($1,065 psf) in March 2018. This means the seller made a gain of $2.18 million, or 75%, over the 4½- year holding period.

Jade Mansion was completed in the 1980s. The 10-storey building has a total of 27 units comprising maisonette-style apartments measuring between 2,669 and 2,723 sq ft. There are also two duplex penthouse units of 5,253 and 5,307 sq ft respectively. The development is located within walking distance of Holland Village and Holland Village MRT Station on the Circle Line.

The unit at Jade Mansion was sold for $5.08 million ($1,865 psf) on Sept 29 (Picture: Samuel Isaac Chua/The Edge Singapore)

The unit sold on Sept 29 marks the highest psf-price transacted at the development, beating the previous high recorded in August 2021 when a 2,723 sq ft unit on the eighth floor was sold for $4.38 million ($1,608 psf). It is also the only unit to have changed hands at the development since the August 2021 transaction.

The second-most profitable transaction for the week occurred at Haig Court. A 1,550 sq ft, four-bedroom unit on the third floor was sold for $2.7 million ($1,742 psf) on Oct 3. The seller had purchased the unit for about $911,000 ($588 psf) in April 2004, which means they raked in a $1.79 million (196%) profit on the transaction after holding the property for 18½ years. Haig Court is a freehold development along Haig Road in District 15’s Tanjong Katong area.

Completed in 2004, it consists of four towers with a total of 360 apartments. The units are a mix of two- to five-bedders measuring 1,076 to 4,349 sq ft. Besides the unit sold on Oct 3, six other apartments at Haig Court have changed hands so far this year, based on caveats lodged. All the six apartments have netted profits for the respective sellers. The units, measuring between 1,076 and 1,550 sq ft, fetched between $1.76 million and $2.77 million on an absolute basis, or between $1,537 and $1,807 on a psf basis. The sellers recorded gains ranging between $890,000 and $1.87 million.

The most unprofitable transaction recorded for the week was the sale of a unit at Orange Grove Residences, located on Orange Grove Road in District 10. On Sept 28, a 1,023 sq ft one-bedder on the first floor fetched $1.98 million ($1,936 psf). The seller had purchased the unit for $2.33 million ($2,281 psf) in August 2007. Hence, they incurred a loss of 15% or $352,800 over a 15- year holding period.

Orange Grove Residences - EDGEPROP SINGAPORE

The seller of a unit at Orange Grove Residences suffered a loss of $352,800 (15%) when it was sold for $1.98 million ($1,936 psf) on Sept 29 (Picture: Samuel Isaac Chua/The Edge Singapore)

The transaction marks the first resale unit to be sold below its purchase price this year, according to data compiled by the EdgeProp Research tool. There have been six other resale transactions at Orange Grove Residences so far in 2022, with the respective sellers netting gains of between $1,300 and $494,200. The units, measuring from 1,991 to 3,143 sq ft, fetched between $1.98 million and $6.7 million on an absolute basis, or between $1,937 and $2,290 on a psf basis.

The most unprofitable transaction at Orange Grove Residences occurred in May 2019, when a 3,671 sq ft unit was sold for $5.8 million ($1,580 psf), with the seller incurring a loss of $2.07 million. The second-most unprofitable transaction occurred in January 2021. The seller of a 3,671 sq ft unit suffered a $1.96 million loss after selling it for $5.95 million ($1,621 psf).

Orange Grove Residences is a freehold development by Ho Bee Land that was completed in 2009. Comprising seven 5-storey blocks, the condominium has a total of 60 units. Units comprise one-, three- and four-bedders with sizes ranging from 1,023 to 3,972 sq ft.

The development is located in an affluent residential enclave off Stevens Road, close to upscale neighbourhoods such as the Balmoral, Nassim and Ardmore estates. The development is less than a 10-minute drive away from the Orchard Road shopping belt and the Singapore Botanic Gardens.

Check out the latest listings near Jade Mansion, Haig Court, Orange Grove Residences, Holland Village MRT Station

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