Jadescape Penthouse Sold 435 Mil Profit
The recent sale of a six-bedroom penthouse at JadeScape has been making headlines, as it has been recorded as the most profitable condo resale transaction in the week of December 3 to December 10. This 99-year leasehold condo, located on Shunfu Road, was sold for $10.15 million ($2,399 psf) on December 9. The unit, spanning 4,230 sq ft on the 23rd floor, was sold by the developer in December 2019 for $5.8 million ($1,371 psf). The seller, therefore, made a whopping profit of $4.35 million after holding the unit for just five years, resulting in a capital gain of 75% or an annualised profit of 15%.
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Based on the caveats lodged, this is the highest gain ever made on a unit at JadeScape, beating the previous record of a 2,099 sq ft, five-bedroom unit on the 10th floor that was sold for $4.42 million ($2,108 psf) on August 12. The seller of this unit had purchased it from the developer in September 2019 for $3.28 million ($1,562 psf), making a gain of $1.14 million on the transaction.
JadeScape, situated at the junction of Marymount Road and Shunfu Road in District 20, is a completed development with 1,206 units spread across seven residential towers. The unit types range from one- to five-bedroom apartments, measuring 527 sq ft to 2,099 sq ft, along with two penthouses of 4,230 sq ft. The condo is conveniently situated within walking distance of Marymount MRT Station on the Circle Line.
This year, there have been a total of 72 resale transactions at JadeScape, with units selling at prices between $1,955 psf to $2,420 psf. All of these deals have been profitable, with sellers making gains ranging from $55,000 to $1.15 million, making it a highly popular and lucrative development.
The second most profitable condo resale deal this week was recorded at The Imperial, with the sale of a 1,410 sq ft, three-bedroom unit for $3.7 million ($2,624 psf) on December 5. The seller had purchased the unit from the developer in September 2004 for $1.3 million ($925 psf), resulting in a gain of $2.4 million (184%) after holding the unit for 20 years.
This transaction is the fifth most profitable sale at The Imperial, with the previous record gain set at the sale of a four-bedroom unit, measuring 3,918 sq ft, for $7.64 million ($1,950 psf) in June 2007. The seller, who had bought the unit for $3.99 million ($1,018 psf) in March 2006, made a handsome profit of $3.65 million.
The Montana recorded the least profitable condo resale deal this week, with the sale of a one-bedroom unit at $1.02 million ($1,603 psf) on December 6. The same unit was previously sold in July 2014 for $1.18 million ($1,863 psf), resulting in a loss of about $165,000 for the seller.
This is the third largest loss recorded at The Montana, with the previous record set by the sale of a three-bedroom unit, measuring 1,109 sq ft, for $1 million ($902 psf) in May 2003. The seller who had bought this unit from the developer in December 1999 for $1.35 million ($1,215 psf), recorded a loss of approximately $347,000.
The Montana, situated on Jalan Mutiara, off River Valley Road in District 10, is a freehold condo that was completed in 2002. It comprises of 108 units spread across a single 12-storey tower, with unit sizes ranging from one- to four-bedrooms, measuring between 549 sq ft to 2,659 sq ft. Out of the four other resale transactions at The Montana this year, all have been profitable, with units selling for prices between $1,930 psf to $2,371 psf, resulting in gains ranging from $80,000 to approximately $525,000.