The sale of a unit at The Arcadia has made headlines after it was sold for a record-breaking profit of $3.25 million. Situated in the prime District 11, the 3,767 sq ft four-bedroom unit on the seventh floor was sold for $4.75 million, translating to $1,261 psf on December 10 last year. According to caveats, the unit was originally bought for $1.5 million, or $398 psf, in 1998, making the resale a whopping 217% gain. This also means that the owner enjoyed an annualised profit of 4.5% over a period of 26 years.
The Arcadia has seen a total of five units transacted last year, ranging from 3,714 sq ft to 3,821 sq ft, with profits ranging from $60,000 to $3.25 million. In October 2024, a 3,778 sq ft unit on the fourth floor was sold for $4.6 million, or $1,218 psf, providing the seller with a modest profit of $60,000.
The previous record for the most profitable resale transaction at The Arcadia was held by a 7,503 sq ft penthouse on the 10th floor, which was sold for $10 million, or $1,333 psf, in 2010. The penthouse was purchased for $5.5 million, or $733 psf, in 2007, resulting in a profit of $4.5 million, or 81%. This translates to an annualised gain of approximately 19% over three years.
The Arcadia is a 99-year leasehold condominium along Arcadia Road in the prestigious District 11. Completed in 1983, the development comprises 164 units and has about 54 years left on its land tenure. It is surrounded by landed estates and Good Class Bungalows, and is also in the vicinity of top schools such as Raffles Girls Primary School, Hwa Chong Institution, and National Junior College.
The second most profitable resale transaction in the last three weeks of 2024 was recorded at Tanglin Hill Meadows, where a 2,077 sq ft unit was sold for $4.5 million, or $2,166 psf, on December 10. This is a significant jump from its purchase price of $1.8 million, or $866 psf, back in 1999. As a result, the seller walked away with a profit of $2.7 million, or 150%, which translates to an annualised gain of 3.6% over 26 years.
The sale at Tanglin Hill Meadows also marks the most profitable transaction at the development to date, beating its previous record of $2.28 million, or 157%, when a 2,002 sq ft unit was sold for $3.73 million, or $1,863 psf, back in 2010. This unit was purchased for $1.45 million, or $724 psf, in 2005, resulting in an annualised profit of approximately 21% over five years.
Tanglin Hill Meadows is a freehold condominium located along Tanglin Hill in the prime District 10. Completed in 1997, the development comprises 20 units and is nestled within the Ridley Park Good Class Bungalow Area.
Meanwhile, losses continue to mount at Seascape, a 99-year leasehold condominium in Sentosa Cove. On December 18 last year, the seller of a 2,174 sq ft unit on the seventh floor suffered a loss of $1.97 million, or 33%, when the unit was sold for $3.98 million, or $1,830 psf. The same unit was purchased in 2011 for $5.95 million, or $2,736 psf, resulting in an annualised loss of 2.5% over 13 years.
Last year, Seascape recorded a total of three resale transactions, all of which suffered losses ranging from $1.75 million to $2.53 million. The transaction with the highest loss of $2.53 million involved a 2,680 sq ft unit, which was sold for $4.5 million, or $1,679 psf, on August 14 last year.
Completed in 2012, Seascape is a high-end condominium with 151 units that fronts the South China Sea. It comprises three-bedroom and four-bedroom units ranging from 2,164 sq ft to 4,069 sq ft, penthouses from 3,380 sq ft to 4,252 sq ft, and sky villas from 6.631 sq ft to 9,666 sq ft.