Jadescape Penthouse Sold 435 Mil Profit
The sale of Elta Condo marks a significant event as it is the first Government Land Sales (GLS) site along Clementi Avenue 1 to be sold since 2019. This particular land parcel is conveniently situated between two fully sold-out condominiums. One of these condominiums, launched in 2020, is expected to be completed and ready for occupancy by 2026. Meanwhile, the other condominium was also quickly snapped up after its launch. Interested buyers can visit the Elta Showflat to learn more about this promising development.
A six-bedroom penthouse at JadeScape, a 99-year leasehold condo on Shunfu Road, was recently sold for a record-breaking price during the week of December 3 to December 10. The spacious 4,230 sq ft unit, located on the 23rd floor, was purchased for $10.15 million or $2,399 per sq ft on December 9. The seller had acquired the unit from the developer in December 2019 for $5.8 million or $1,371 per sq ft. This resulted in a whopping profit of $4.35 million for the seller after owning the unit for just five years, making it a capital gain of 75% or an annualised profit of 15%.
This sale at JadeScape has set a new record for the highest gain ever made on a unit in the development. The previous highest gain was from the sale of a five-bedroom unit on the 10th floor, measuring 2,099 sq ft, for $4.42 million or $2,108 per sq ft on August 12. The seller had purchased the unit from the developer in September 2019 for $3.28 million or $1,562 per sq ft, resulting in a profit of $1.14 million.
JadeScape, situated at the junction of Marymount Road and Shunfu Road in District 20, consists of 1,206 units spread across seven residential towers. The units range from one- to five-bedrooms, with sizes ranging from 527 sq ft to 2,099 sq ft. The development also includes two penthouses, both measuring 4,230 sq ft. The condo is conveniently located within walking distance to Marymount MRT Station on the Circle Line.
According to data from caveats lodged, JadeScape has seen 72 other resale transactions this year, with units selling for prices between $1,955 per sq ft to $2,420 per sq ft. All of the deals have been profitable, with sellers making gains ranging from $55,000 to $1.15 million.
The second most profitable condo resale deal during the week was the sale of a three-bedroom unit at The Imperial for $3.7 million or $2,624 per sq ft on December 5. The seller had purchased the unit from the developer for $1.3 million or $925 per sq ft in September 2004. This resulted in a gain of $2.4 million or 184% after a holding period of 20 years. This deal is the fifth most profitable transaction at The Imperial. The record gain was from the sale of a four-bedroom unit measuring 3,918 sq ft for $7.64 million or $1,950 per sq ft in June 2007. The seller had bought the unit for $3.99 million or $1,018 per sq ft in March 2006, making a profit of $3.65 million.
The Imperial, located on Jalan Rumbia in District 9, is a freehold development that was completed in 2006. It comprises 187 units spread across five blocks, with sizes ranging from two- to four-bedrooms between 980 sq ft and 3,918 sq ft. The development is within walking distance to Fort Canning MRT Station on the Downtown Line and Dhoby Ghaut MRT Interchange, which serves the North-South, North-East and Circle Lines.
On the other hand, the least profitable resale deal during the week was the sale of a one-bedroom unit at The Montana for $1.02 million or $1,603 per sq ft on December 6. The unit was last sold in July 2014 for $1.18 million or $1,863 per sq ft, resulting in a loss of about $165,000 for the seller. This is the third biggest loss made on a unit at The Montana, with the biggest loss being from the sale of a three-bedroom unit measuring 1,109 sq ft for $1 million or $902 per sq ft in May 2003. The seller had bought the unit from the developer in December 1999 for $1.35 million or $1,215 per sq ft, making a loss of around $347,000.
The Montana, a freehold condo on Jalan Mutiara off River Valley Road in District 10, was completed in 2002 and consists of 108 units housed in a single 12-storey tower. The units range from one- to four-bedrooms, with sizes ranging from 549 sq ft to 2,659 sq ft.
In summary, there have been four other profitable resale transactions at The Montana this year, with units selling for prices between $1,930 per sq ft to $2,371 per sq ft, resulting in gains ranging from $80,000 to around $525,000.