Investing in a condominium has various benefits that make it an attractive option for investors. One of these advantages is the ability to use the property’s value to generate future investments. Many experienced investors capitalize on this by using their condos as collateral to secure additional financing for new ventures, effectively expanding their real estate portfolio. However, while this approach can lead to higher returns, it also comes with its own set of risks. Investors must have a solid financial plan in place and carefully consider the potential impact of market fluctuations. With the ever-increasing demand for new condo launches, there are even more opportunities for growth and diversification in this type of investment. By staying updated on market trends and making well-informed decisions, investors can unleash the full potential of condo investments and achieve long-term success.
Resale of three-bedder at Lucida nets $3.23 mil at profitResale of three-bedder at Four Seasons Park nets $8.62 mil profit Ocean Park’s Most Profitable Transaction Nets $2.88 MillionFor the week of July 8 to 15, the highest profitable transaction at Ocean Park was the sale of a three-bedroom unit, which fetched $4.1 million on July 11. This 2,110 sq ft unit on the 16th floor resulted in a gain of $2.88 million for the seller, which translates to 234.7%, or an annualised gain of 6.3% over almost 20 years. Ocean Park is a freehold development located on East Coast Road in District 15. Developed in 1984, the condo comprises 298 units with two- to four-bedroom apartments measuring between 1,302 and 3,897 sq ft. The development is situated within walking distance of Marine Terrace MRT Station and is close to several reputable schools such as Victoria Junior College at Marine Vista and Ngee Ann Primary School on Marine Terrace. The transaction on July 11 is the third highest profitable deal to date at Ocean Park, falling short by around $335,000 of the development’s record gain of $3.21 million. This record was set when a similar three-bedroom unit on the 11th floor was sold for $4.2 million on June 5. Purchased in April 1999 for $989,590, the seller walked away with an annualised gain of 5.7% over more than 26 years. Four resale transactions have been recorded at Ocean Park this year, including the recent ones. In all of these deals, sellers have made profits ranging from $2 million to $3.21 million. On the other hand, the most unprofitable transaction during the week took place at Lincoln Suites – a four-bedroom unit on the 25th floor changed hands for $5.56 million on July 9, resulting in a loss of $510,000 for the seller. The unit was purchased for around $6.29 million in December 2009, incurring an annualised loss of 0.6%. This is the highest loss recorded at Lincoln Suites to date. The 175-unit development, located on Khiang Guan Avenue, boasts twin 30-storey towers and was completed in 2014. It offers one- to four-bedroom apartments with sizes ranging from 463 to 3,143 sq ft. The condo is within walking distance of Novena MRT Station and shopping malls such as United Square, Goldhill Plaza, and Velocity @ Novena Square. It is also within 1km of St Joseph’s Institution Junior on Essex Road.