Notable Transactions Amidst Chinese New Year Festivities
In the midst of the Chinese New Year celebrations, several noteworthy resale transactions were closed between Jan 28 and Feb 4. The most profitable deal recorded was the sale of a 3,983 sq ft unit at Palisades condominium for $4 million ($1,004 psf) on Feb 4. The unit, located on the second floor, was originally purchased for $1.7 million ($427 psf) in August 2009. This resulted in a profit of $2.3 million (135%), with an annualised gain of 5.7% over a period of 15.5 years. This is the highest recorded resale profit at Palisades thus far.
The previous record was set three years ago in 2018, when a 3,294 sq ft unit on the eighth floor was sold for $3.4 million ($1,032 psf). The unit was originally bought for $1.53 million ($465 psf) in 1996, which translated to a profit of $1.87 million (122%) or an annualised gain of 3.1% over a period of 25 years.
Palisades is a freehold condominium located on Pasir Panjang Road in District 5. With only 18 units, this development, completed in 1985, is the only one in Singapore equipped with a funicular elevator.
Meanwhile, the second most profitable resale transaction during the period took place at Ardmore II, where a four-bedroom unit was sold for $6.85 million ($3,385 psf) on Feb 3. The unit was bought for $4.72 million ($2,333 psf) in November 2006, resulting in a profit of $2.12 million (45%), with an annualised gain of 2.1% over 18 years.
Based on caveated transactions recorded by EdgeProp Singapore, resale prices at Ardmore II have been on an upward trend in recent years, increasing from around $2,623 psf in January 2015 to approximately $3,390 psf at the beginning of this year.
Ardmore II is a freehold luxury condominium situated on Ardmore Park in prime District 10. Its neighbouring developments include the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. It is also in close proximity to Tanglin Road and Orchard Road shopping belt.
Conversely, the least profitable transaction during this period was the sale of a studio unit at Vida, a freehold condominium in District 9. The 527 sq ft unit, located on the 12th floor, was sold for $1.04 million ($1,972 psf) on Feb 4. It was previously purchased for $1.15 million ($2,192 psf) in May 2009, resulting in a loss of $116,000 (10%), with an annualised loss of 0.7% over almost 16 years.
The most unprofitable resale transaction at Vida to date is the sale of an 840 sq ft unit on the 10th floor for $1.73 million ($2,061 psf) in August 2022. This unit had been bought for $2.33 million ($2,774 psf) in July 2007, resulting in a record loss of $598,920 (25%), with an annualised loss of 1.9% over 15 years.
Based on caveats, resale prices at Vida have been on a downward trend in recent years, peaking at about $2,277 psf in August 2015 and falling to around $2,058 psf last month.
Vida is a 137-unit condominium located on Peck Hay Road in the upscale Newton area. The development, completed in 2009, is 16 years old and features a mix of studio, one-, and two-bedroom units ranging from 506 sq ft to 883 sq ft. Its neighbouring condominiums include Orchard Scotts, a 387-unit development on Anthony Road, and properties on Cairnhill Rise and Cairnhill Circle, such as The Peak @ Cairnhill I & II, Hilltops, and Helios Residences.