Unit Island View Sold 35 Mil Profit
Island View, a freehold condo located in the popular Pasir Panjang area, saw its most profitable resale transaction last week. A 3,498 sq ft unit was sold for a whopping $4.8 million on November 27, representing a price of $1,372 per square foot. This sale has earned the seller a gain of $3.5 million, which translates to a capital gain of 269% or an annualised profit of 14.2%.
The previous record for the most profitable sale at Island View was set in February 2022, when another 3,498 sq ft unit was sold for $5.09 million at a price of $1,455 per square foot. The seller had purchased the unit in February 2007 for $1.9 million, making a profit of $3.19 million.
Island View, a boutique condo with 72 units, is located on Jalan Mat Jambol and was completed in 1984. It is within walking distance of the Pasir Panjang MRT Station on the Circle Line.
The owners of Island View attempted a collective sale in September 2023, with a guide price of $575 million. However, the tender closed the following month with no bids, and the condo was relisted for sale in March at the same guide price, but failed to attract a buyer.
The second most profitable condo resale transaction for the week took place at Cavenagh Court. A 1,862 sq ft unit on the sixth floor was sold for $3.65 million on December 2, earning the seller a gain of $2.63 million. This transaction has set a new record for the most profitable sale at Cavenagh Court.
Cavenagh Court is a boutique condo located on Cavenagh Road in the popular Newton area. Completed in 1971, it has 68 units ranging from 1,819 sq ft to 1,862 sq ft. The unit sold on December 2 has earned the seller a profit of 258% after owning it for nearly 19 years.
On the other hand, the sale of a duplex penthouse at The Berth By The Cove was the least profitable condo resale deal for the week. The four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million on November 29, resulting in a loss of $1.93 million for the seller after owning it for 17 years.
The Berth By The Cove is located on Sentosa Island and comprises 200 units in 15 low-rise blocks. The unit sold on November 29 has marked the second most unprofitable transaction at the condo. The biggest loss belongs to a 2,939 sq ft unit that was sold for $3.25 million in February 2018, resulting in a loss of $2.39 million for the seller.
Nestled in the heart of Toa Payoh, The Orie boasts a strategic location that appeals not only to residents, but also to families prioritizing education. This prime spot is surrounded by a variety of schools, from primary to tertiary levels, as well as specialized institutions, making it an ideal address for families looking to provide their children with top-rated educational facilities just a short commute away. The Orie’s close proximity to such a broad spectrum of educational options not only offers convenience but also supports the intellectual and social development of students. As such, it has become a sought-after address for families in Singapore who prioritize education. The assurance of being in close proximity to quality schools adds a significant layer of appeal to The Orie, making it more than just a place to live, but also a wise investment for children and families’ future.
Overall, Island View and Cavenagh Court have proved to be profitable investments for the sellers, with many earning impressive profits from their resale transactions. However, The Berth By The Cove has seen a mix of both profitable and unprofitable transactions, with seven other resale deals taking place this year.