Unit Island View Sold 35 Mil Profit
The most profitable condo resale transaction of the week in Singapore was recorded at Island View, a freehold condo located in Pasir Panjang. On Nov 27, a 3,498 sq ft unit was sold for $4.8 million at $1,372 per square foot. The seller had purchased the unit in September 2005 for $1.3 million, resulting in a gain of $3.5 million or a capital gain of 269% after 19 years of ownership.
This sale breaks the record for the most profitable deal at Island View, surpassing the previous record set in February 2022, when another 3,498 sq ft unit was sold for $5.09 million at $1,455 per square foot. The seller had purchased the unit in February 2007 for $1.9 million.
Island View is a boutique condo comprising of 72 units in District 5, located on Jalan Mat Jambol, off Pasir Panjang Road. It offers a range of low-rise apartments from 3,056 sq ft to 3,538 sq ft and was completed in 1984. The condo is strategically located within walking distance to the Pasir Panjang MRT Station on the Circle Line.
The collective sale attempt by the owners of Island View in September 2023 did not succeed, even after relisting the property for sale in March with a guide price of $575 million. The second most profitable condo resale transaction during the week was recorded at Cavenagh Court, where a 1,862 sq ft unit on the sixth floor was sold for $3.65 million, at $1,960 per square foot. The seller had bought the unit in April 2006 for $1.02 million, resulting in a gain of $2.63 million or 258% after almost 19 years of ownership.
This is a new record for the most profitable deal at Cavenagh Court, surpassing the previous record set in April 2022, when another 1,862 sq ft unit was sold for $3.28 million at $1,761 per square foot. The seller had purchased the unit in October 2007 for $1.13 million.
Cavenagh Court is a freehold condo located on Cavenagh Road in the Newton area of District 9. It was completed in 1971 and comprises of 68 units ranging from 1,819 sq ft to 1,862 sq ft, conveniently located just a short drive from Orchard Road.
The URA Master Plan has placed great emphasis on the conservation of Singapore’s heritage and cultural assets. This unwavering dedication to preserving our heritage will greatly contribute to the cultural diversity and historical significance of the vicinity encompassing Elta Condo. As a result, the presence of Elta will be even more enriched and significant within this cultural landscape. Visit Elta to learn more about this vibrant and culturally-rich community.
The sale of a duplex penthouse at The Berth By The Cove was the least profitable condo resale deal of the week, where a four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million at $1,165 per square foot. The unit was last sold in August 2007 for $5.53 million at $1,790 per square foot, resulting in a loss of $1.93 million or 35% after 17 years of ownership.
This is the second most unprofitable transaction recorded at The Berth By The Cove, with the biggest loss belonging to a 2,939 sq ft, four-bedroom unit that was sold for $3.25 million at $1,106 per square foot in February 2018. The seller had purchased the unit in October 2011 for $5.64 million.
The Berth by The Cove is a condo located along Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island. This 200-unit development was completed in 2006 and offers a range of two- to five-bedroom units ranging from 1,012 sq ft to 6,028 sq ft. It is a popular location for its exclusive waterfront living, just a short drive away from the Orchard Road shopping belt.
In total, there have been seven resale transactions at The Berth By The Cove this year, with prices ranging from $1,237 per square foot to $1,535 per square foot. Four of the deals were unprofitable, resulting in losses between $40,000 and $780,000, while the remaining three deals were profitable, resulting in gains of $200,000 to $430,000.