Singapore has emerged as a top choice for both domestic and international investors when it comes to investing in a condo. This comes as no surprise, given the country’s strong economy, stable political climate, and impeccable standard of living. With a flourishing real estate market and a plethora of opportunities, condos are a particularly popular choice due to their convenience, amenities, and potential for lucrative returns. In this article, we will delve into the advantages, factors to consider, and necessary steps involved in investing in a condo in Singapore, with a special focus on Singapore Projects.
During the week of July 22 to 29, the most profitable resale transaction took place at The Sovereign, with a 2,637 sq ft unit being sold for a profit of $3.5 million (116.7%). The four-bedroom unit on the 16th floor changed hands for $6.5 million ($2,465 psf) on July 24, earning the seller a substantial gain. The same unit had been purchased in February 2007 for around $3 million ($1,138 psf), resulting in an annualised profit of 4.3% over the course of more than 18 years.
This deal was the fifth most profitable transaction to be recorded at The Sovereign, according to lodged caveats. It fell just short of the development’s record profit of $4.3 million, which was achieved when a similar four-bedroom unit on the fourth floor was sold for $6.15 million ($2,332 psf) on July 14. The seller of this unit had bought it for approximately $1.85 million ($700 psf) in April 2005, earning an annualised profit of 6.1% over the span of more than 20 years.
The Sovereign, a freehold condo on Meyer Road in District 15, was completed in 1993. It consists of a single tower with 87 residential units, including spacious four-bedroom units ranging from 2,637 to 3,305 sq ft. The condo is conveniently located within walking distance of Tanjong Katong MRT Station on the Thomson-East Coast Line.
Aside from the transactions on July 14 and 24, the condo has only seen one other resale deal this year, which was also profitable. On May 22, a 3,305 sq ft unit was sold for $7.7 million ($2,330 psf), earning the seller a gain of $3.3 million. This was a significant increase from the price the seller had originally paid for the unit in December 2007 – around $4.4 million ($1,331 psf).
The second most profitable condo resale deal of the week occurred at Waterfall Gardens, where a 4,036 sq ft penthouse unit on the 11th floor was sold for $8.08 million ($2,002 psf) on July 28. This resulted in a gain for the seller of $1.86 million (29.9%), who had purchased the unit from the developer in February 2007 for around $6.22 million ($1,542 psf). This marks the most profitable resale transaction to be recorded at Waterfall Gardens to date, beating the previous record of $1.57 million achieved by the sale of a similar penthouse unit on the 11th floor for approximately $7.38 million ($1,828 psf) in June 2007. This seller had originally bought the unit in February 2007 for about $5.81 million ($1,440 psf), resulting in an annualised profit of 98.8% after owning the unit for less than a year.
Waterfall Gardens is a freehold condo located on Farrer Road in prime District 10. It was completed in 2010 and has 132 residences spread across three 12-storey towers, including three- and four-bedroom apartments ranging from 1,829 to 2,583 sq ft. The development also features 12 penthouse units, which measure from 3,380 to 4,844 sq ft.
On the other hand, the most unprofitable condo resale transaction of the week took place at Devonshire Residences, where a 947 sq ft, one-bedroom unit was sold for $1.55 million ($1,636 psf) on July 22. This resulted in a loss for the seller of $912,200 (37%), as the unit had been purchased for around $2.46 million ($2,599 psf) in April 2011. This is the biggest loss recorded on a unit at Devonshire Residences to date, surpassing the previous record loss of $240,500 achieved by the sale of a 495 sq ft, one-bedroom unit for $999,900 ($2,020 psf) in September 2024. The seller had originally bought this unit in April 2011 for around $1.24 million ($2,505 psf), resulting in an annualised loss of 1.6% over the course of more than 13 years.
Devonshire Residences is a freehold development that was completed in 2015. Located on Devonshire Road in prime District 9, it consists of 85 units spread across 25 storeys, including one-bedroom apartments of 495 to 829 sq ft. The development also features one-bedroom penthouse units measuring from 818 to 1,055 sq ft.