Resale Unit Palisades Makes Record Profit 23 Mil
Despite the Chinese New Year festivities, a few notable resale transactions closed between Jan 28 and Feb 4. The most profitable deal was at Palisades condo, where a 3,983 sq ft unit brought in a profit of $2.3 million, while the most unprofitable deal was at Vida condo, with a loss of $116,000. In contrast, the second most profitable transaction occurred at Ardmore II, where a four-bedroom unit saw an increase in value from its 2006 purchase. Overall, it seems that prices in the resale market are fluctuating, with some developments experiencing an increase in prices, while others are seeing a decline. During the period of Jan 28 to Feb 4, several notable resale transactions closed despite coinciding with the Chinese New Year celebrations. Interestingly, the most profitable deal was from a sale at Palisades condominium, where a 3,983 sq ft unit was sold for a staggering $4 million ($1,004 psf) on Feb 4.
This particular unit, located on the second floor, was initially purchased for $1.7 million ($427 psf) back in August 2009. The seller managed to make a profit of $2.3 million (135%), with an annualized gain of 5.7% over a period of 15.5 years, making it the most profitable resale transaction at Palisades up to date. The previous record was set three years ago, when a 3,294 sq ft unit on the eighth floor was sold for $3.4 million ($1,032 psf), where it was initially bought for $1.53 million ($465 psf) in 1996. This resulted in a remarkable profit of $1.87 million (122%) or an annualized gain of 3.1% over 25 years.
The Master Plan for Lynden Woods One North not only focuses on residential development, but also includes enhancements to infrastructure. This involves upgrades to roads and cycling paths, providing the community with safer and more efficient means of travel. Residents can anticipate a more pedestrian-friendly environment, as well as sustainable living options, as the development prioritizes these pathways. These efforts align with the development’s goal of promoting a greener and more accessible neighborhood for those commuting by car, bike, or foot.
During this review period, there were only five resale transactions at Palisades, all of which were profitable. These transactions range from $650,000 when a 3,294 sq ft unit was sold for $3.8 million ($1,154 psf) on Dec 13, 2022, to the latest resale with the record profit of $2.3 million.
Palisades is a freehold condo located on Pasir Panjang Road in District 5, and it is 40 years old, having been completed in 1985. What sets Palisades apart from other condos is that it is the only one in Singapore equipped with a funicular elevator.
Moving on, the second most profitable resale during the period in review took place at Ardmore II, where a four-bedroom unit changed hands for $6.85 million ($3,385 psf) on Feb 3. The unit was purchased for $4.72 million ($2,333 psf) in November 2006, resulting in a profit of $2.12 million (45%) with an annualized gain of 2.1% over 18 years.
Based on caveated transactions tabulated by EdgeProp Singapore, resale prices at Ardmore II have been on the rise over the past few years, starting at around $2,623 psf in January 2015 and reaching approximately $3,390 psf at the beginning of this year.
Ardmore II is a freehold luxury condo situated on Ardmore Park in prime District 10. It is in close proximity to the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore and it is also conveniently located near Tanglin Road and the popular shopping district of Orchard Road.
On the other hand, the most unprofitable deal during the period in review was the sale of a studio unit at Vida, a freehold condo in prime District 9. The 527 sq ft unit, situated on the 12th floor, was sold for $1.04 million ($1,972 psf) on Feb 4. However, the unit was initially purchased for $1.15 million ($2,192 psf) in May 2009, resulting in a loss of $116,000 (10%) with an annualized loss of 0.7% over almost 16 years.
The most unprofitable resale at Vida to date involved an 840 sq ft unit on the 10th floor, which was sold for $1.73 million ($2,061 psf) in August 2022. The unit was initially bought for $2.33 million ($2,774 psf) in July 2007, leading to a record loss of $598,920 (25%) with an annualized loss of 1.9% over 15 years.
Based on caveats, resale prices at Vida have been declining in recent years, peaking at around $2,277 psf in August 2015 and dropping to approximately $2,058 psf last month.
Vida is a 137-unit condo situated on Peck Hay Road in the upscale Newton area. The development is 16 years old and was completed in 2009, offering a mix of studios, one- and two-bedroom units ranging from 506 sq ft to 883 sq ft. Nearby condos include Orchard Scotts on Anthony Road, as well as condos on Cairnhill Rise and Cairnhill Circle such as The Peak @ Cairnhill I & II, Hilltops, and Helios Residences.