In spite of Chinese New Year festivities, a number of notable resale transactions were closed between Jan 28 and Feb 4. The most lucrative of these deals involved the sale of a 3,983 sq ft unit at Palisades condominium, which was sold for $4 million ($1,004 psf) on Feb 4. The seller had previously purchased the unit for $1.7 million ($427 psf) in August 2009, resulting in a profit of $2.3 million (135%) and an annualised gain of 5.7% over 15.5 years. This makes it the most profitable resale transaction at Palisades to date, surpassing the previous record set in 2018 when a unit was sold for $3.4 million ($1,032 psf).
Over the past three years, there have only been five resale transactions at Palisades, all of which have been profitable. The second most profitable resale during the period of review took place at Ardmore II, where a four-bedroom unit sold for $6.85 million ($3,385 psf) on Feb 3. The unit was previously purchased for $4.72 million ($2,333 psf) in November 2006, resulting in a profit of $2.12 million (45%) and an annualised gain of 2.1% over 18 years. Resale prices at Ardmore II have been on the rise in recent years, increasing from around $2,623 psf in January 2015 to about $3,390 psf at the beginning of this year.
On the other hand, the least profitable deal during the period involved the sale of a studio unit at Vida, a freehold condo in prime District 9. The unit, which measures 527 sq ft and is located on the 12th floor, was sold for $1.04 million ($1,972 psf) on Feb 4. This is a loss of $116,000 (10%) for the seller, who had purchased the unit for $1.15 million ($2,192 psf) in May 2009. This translates to an annualised loss of 0.7% over close to 16 years.
The most unprofitable resale at Vida to date was the sale of a 840 sq ft unit on the 10th floor for $1.73 million ($2,061 psf) in August 2022. The unit was previously purchased for $2.33 million ($2,774 psf) in July 2007, resulting in a record loss of $598,920 (25%) and an annualised loss of 1.9% over 15 years. According to caveats, resale prices at Vida have been on a downward trend in recent years, with a peak of around $2,277 psf in August 2015 and a drop to about $2,058 psf last month.
Vida is a 137-unit condo on Peck Hay Road in the upscale Newton area, completed in 2009. It features a mix of studios, one- and two-bedroom units ranging from 506 sq ft to 883 sq ft. Nearby condos include the 387-unit Orchard Scotts on Anthony Road, and a number of condos on Cairnhill Rise and Cairnhill Circle such as The Peak @ Cairnhill I & II, Hilltops, and Helios Residences.