The festive season is underway, and it seems there’s been some festive spirit in the property market as well.The most profitable condo resale transaction for the week of Dec 3 to Dec 10 was at JadeScape, a 99- year leasehold condo located at Shunfu Road. A six-bedroom penthouse of 4,230 square feet on the 23rd floor was sold for a whopping $10.15 million, which translates to $2,399 per square foot. This sale, which took place on Dec 9, set a new record for the highest profit made on a unit at JadeScape.To put things into perspective, the seller originally purchased the unit from the developer in December 2019 for $5.8 million, which works out to be $1,371 per square foot. As such, the seller made a profit of $4.35 million after owning the unit for a mere five years, showcasing a capital gain of 75% or an annualized profit of 15%.Based on caveats lodged, this is the biggest gain ever made at JadeScape. The previous record was held by a 2,099 square foot, five-bedroom unit on the 10th floor which was sold on August 12 for $4.42 million, or $2,108 per square foot. The seller of this unit bought it from the developer in September 2019 for $3.28 million ($1,562 per square foot), making a gain of $1.14 million on the transaction. The new record at JadeScape is an increase of $1.14 million from the previous record.The JadeScape condo, which is still under construction, is strategically located at the junction of Marymount Road and Shunfu Road in District 20. It is a large development with 1,206 units spread across seven residential towers, offering one- to five-bedroom apartments ranging from 527 square feet to 2,099 square feet. Additionally, there are also two penthouses of 4,230 square feet available. For those who don’t drive, fear not, as JadeScape is within walking distance of Marymount MRT Station on the Circle Line.This year, there have been 72 other resale transactions at JadeScape with prices ranging from $1,955 per square foot to $2,420 per square foot. What’s more remarkable is that all of these deals were profitable, with sellers enjoying a gain of anywhere between a modest $55,000 to a staggering $1.15 million.Let’s move on to the second most profitable condo resale transaction this week, which took place at The Imperial. A 1,410 square foot, three-bedroom unit was sold at $3.7 million, or $2,624 per square foot, on Dec 5. The seller originally bought the unit from the developer in September 2004 for $1.3 million ($925 per square foot), making a gain of $2.4 million (184%) after holding it for 20 years.The transaction not only makes it the fifth most profitable resale deal at The Imperial but also the third-largest gain recorded at the condo. To put things in perspective, the biggest profit at The Imperial was made when a four-bedroom unit of 3,918 square feet was sold for $7.64 million ($1,950 per square foot) in June 2007. The seller of this unit originally bought it for $3.99 million ($1,018 per square foot) in March 2006, pocketing a profit of $3.65 million.Located on Jalan Rumbia, near Fort Canning Park in District 9, The Imperial was completed in 2006 and comprises 187 freehold units spread across five blocks. Units come in various sizes, including two-, three-, and four-bedroom apartments, ranging from 980 square feet to 3,918 square feet. You’ll be happy to note that it is within walking distance of both the Fort Canning MRT Station on the Downtown Line and the Dhoby Ghaut MRT Interchange, a major stop serving the North-South, North-East, and Circle Lines.Last but not least, we have the sale of a 635 square foot, one-bedroom unit at The Montana that was sold for $1.02 million, or $1,603 per square foot, on Dec 6. While that may seem like a respectable sum, the sale made a loss of around $165,000 for the seller. This makes it the third-biggest loss ever made on a unit at The Montana, based on available caveats. The record loss was a sale of a 1,109 square foot, three-bedroom unit, which was sold for $1 million, or $902 per square foot, in May 2003. The seller of this unit bought it from the developer in December 1999 for $1.35 million ($1,215 per square foot), resulting in a loss of roughly $347,000.The Montana is a freehold condo on Jalan Mutiara, off River Valley Road in District 10. Completed in 2002, it comprises 108 units housed in a single 12-storey tower. The units come in various sizes with options for different family sizes, including one-, two-, three- and four-bedders, ranging from 549 square feet to 2,659 square feet.To wrap things up, there have been four other resale transactions at The Montana this year, all of which were profitable. The units, sold at prices ranging from $1,930 per square foot to $2,371 per square foot, yielded gains of between $80,000 and around $525,000.
