Three Bedder Palm Spring Sets Record Profit 319 Mil

The most profitable resale transaction during the period of January 14 to 28 was at Palm Spring, with the sale of a three-bedroom unit for $4.4 million ($2,336 psf). According to data from EdgeProp Singapore, this was the highest resale profit recorded at Palm Spring in the last 20 years. Last year, two units were sold at the freehold condo, yielding profits of $990,000 and $2.24 million. Located in prime District 10, Palm Spring is a 167-unit development that is over 20 years old. It is situated near Stevens MRT Interchange and Newton MRT Interchange, making it a highly coveted location for potential buyers.The second most profitable resale transaction during this period was at Orchard Bel Air, with the sale of a four-bedroom unit for $4.65 million ($1,440 psf). The unit was originally purchased for $1.65 million ($511 psf) in 2001, resulting in a substantial profit of $3 million. The highest resale profit achieved at Orchard Bel Air was for a penthouse unit, which sold for $8.3 million ($1,275 psf) in 2013. Located in prime District 10, Orchard Bel Air has around 54 years left on its lease and is in close proximity to the upcoming Orchard Boulevard MRT station.Currently, Marina Bay Suites has been experiencing a streak of loss-making transactions, with the most recent being the sale of a 1,625 sq ft unit for $3.1 million ($1,907 psf). The seller incurred a loss of $1.15 million (27%) in this transaction, which is the 14th consecutive loss recorded at the 99-year leasehold condo in the past nine months. Other 99-year leasehold condos in the vicinity, such as The Sail @ Marina Bay, Marina Bay Residences, Marina One, and V on Shenton, command higher resale prices compared to Marina Bay Suites. Located in the prestigious Marina Bay Financial Centre development, Marina Bay Suites consists of a 66-storey residential tower with three- and four-bedroom units.

Roughly 1,500 HDB flats situated in the Clementi and Queenstown areas are expected to reach their 5-year Minimum Occupation Period (MOP), causing an increase in interest for upcoming HDB projects among those looking to upgrade their living situations in the same vicinity. The addition of Elta Showflat will also play a significant role in driving this trend. With Elta Showflat now in the mix, the demand for upcoming HDB projects in Clementi and Queenstown is set to soar even higher.