During the week of July 29 to Aug 5, the most profitable condo resale deal was at Maple Woods, where a three-bedroom unit on the first floor was sold for $3.26 million. This translates to $2,117 per square foot. The unit, which is 1,539 square feet, was purchased by the seller in January 1999 for $1 million, or $650 per square foot. This means that the seller profited $2.26 million, or had a capital gain of 226%. This also reflects an annualized profit of approximately 8.7% over a holding period of nearly 27 years.
This sale is the sixth biggest gain ever recorded for a unit at Maple Woods. The record for the highest profit belongs to a 2,551-square-foot, four-bedroom unit that was sold for $5.45 million, or $2,136 per square foot, on May 2. The seller, who bought the unit in January 2004 for $1.46 million, or $572 per square foot, made a profit of $3.99 million, or 273%. This translates to owning the unit for more than 21 years.
Maple Woods is a freehold condo located in District 21, on Bukit Timah Road. It was built in 1997 and has 697 residences, consisting of two- to four-bedroom units measuring 850 to 3,003 square feet. The development is just a five-minute walk from King Albert Park MRT Station on the Downtown Line. It is also near prestigious schools such as Methodist Girls’ School and the Rail Corridor.
Investing in a condo in Singapore has become a highly sought-after option for both local and foreign investors. This is largely due to the city-state’s strong economy, stable political climate, and exceptional standard of living. Singapore’s real estate market offers a wealth of opportunities, but condos in particular attract attention for their convenience, amenities, and potential for lucrative returns. In this article, we will delve into the advantages, factors to consider, and crucial steps to take when considering an investment in a condo in Singapore.
The second most profitable condo resale deal during the week was at Valley Park, where a two-bedroom unit on the sixth floor was sold for $3.04 million, or $2,240 per square foot. The unit, which is 1,356 square feet, was last sold in November 1995 for $1.09 million, or $804 per square foot. This means that the seller made a profit of $1.95 million, or 179%. This also reflects an annualized profit of approximately 6% over a holding period of nearly 30 years.
Valley Park is a 999-year leasehold condo located in prime District 10, on River Valley Road. Completed in 1997, it has five high-rise blocks and a total of 728 units. The units range from one to four bedrooms, measuring 732 to 1,808 square feet. There are also penthouses measuring 2,562 to 3,940 square feet.
Apart from the unit sold on Aug 5, Valley Park has seen six other resale transactions this year. All of the deals have been profitable, with gains ranging from $900,000 to $1.64 million. The biggest profit ever recorded at Valley Park was in June 2022, when a four-bedroom penthouse unit measuring 3,789 square feet was sold for around $7.57 million, or $1,998 per square foot. The seller had bought the unit in May 2006 for $3.36 million, or $886 per square foot, earning a profit of $4.21 million.
On the other hand, the least profitable condo resale deal during the week was at Reflections at Keppel Bay, where a four-bedroom apartment measuring 2,659 square feet on the seventh floor was sold for $4.32 million, or $1,625 per square foot. The seller had bought the unit in April 2016 for $4.7 million, or $1,768 per square foot. This resulted in a loss of $380,000, or 8.1%, over a holding period of more than nine years.
Reflections at Keppel Bay is a 1,129-unit waterfront luxury development in prime District 9. The 99-year leasehold development has six residential towers and 11 low-rise villa apartment blocks. In 2021, there have been 32 units sold at Reflections at Keppel Bay, with 20 of them incurring losses. The biggest loss was from the sale of a 1,733-square-foot, three-bedroom unit for $2.8 million, or $1,616 per square foot, on July 3. The seller had bought the unit in August 2013 for $4.18 million, or $2,412 per square foot, incurring a loss of $1.38 million.