An apartment at Island View, a freehold condominium located in Pasir Panjang, has recently been sold for the most profitable price in the week of November 26 to December 3. The spacious 3,498 square feet unit was purchased for $4.8 million, at a rate of $1,372 per square foot on November 27. The seller bought the property back in September 2005 for $1.3 million, which translates to $372 per square foot. After holding onto the unit for almost 19 years, the seller has made a significant gain of $3.5 million from the transaction. This represents a capital gain of 269% or an annualised profit of 14.2%.
The sale of this unit on November 27 has set a new record for the most profitable deal at Island View, surpassing the previous record of $3.19 million profit from the sale of another 3,498 square feet unit at the condo for $5.09 million, equivalent to $1,455 per square foot, in February 2022. The seller had purchased the property in February 2007 for $1.9 million, which translates to $543 per square foot.
Island View is a boutique condo with 72 units, located on Jalan Mat Jambol, near Pasir Panjang Road in District 5. The freehold property was completed in 1984 and consists of low-rise blocks with apartments ranging from 3,056 square feet to 3,538 square feet. It is conveniently situated within walking distance to the Pasir Panjang MRT Station on the Circle Line.
In September 2023, the owners of Island View attempted to sell the development collectively, launching a tender with a guide price of $575 million. However, the tender concluded the following month with no bids, and the condo was again listed for sale in March at the same guide price, but still failed to attract a buyer.
The second most profitable condo resale deal that took place during the week was at Cavenagh Court. A unit on the sixth floor with an area of 1,862 square feet was sold for $3.65 million, at a rate of $1,960 per square foot on December 2. The seller purchased the property in April 2006 for $1.02 million, equivalent to $548 per square foot, resulting in a gain of $2.63 million (258%) after nearly 19 years of ownership.
This transaction has set a new record for the most profitable deal at Cavenagh Court, surpassing the previous top gain of $2.15 million from the sale of another unit with the same size on the fourth floor for $3.28 million, equivalent to $1,761 per square foot, in April 2022. The seller had acquired the property in October 2007 for $1.13 million, equivalent to $607 per square foot.
Cavenagh Court is a freehold condo situated on Cavenagh Road in District 9’s Newton area. It was built in 1971 and comprises 68 units ranging from 1,819 square feet to 1,862 square feet. It is a short drive from the popular Orchard Road shopping belt. Apart from the unit sold on December 2, there has only been one other resale transaction at the condo this year, based on caveats lodged. A unit on the sixth floor with an area of 1,840 square feet changed hands for $3.82 million, equivalent to $2,074 per square foot. The seller made a gain of approximately $938,000 as they had bought the property for $2.88 million, equivalent to $1,565 per square foot in August 2019.
On the other hand, the sale of a duplex penthouse at The Berth By The Cove was the least profitable condo resale deal of the week. The four-bedroom apartment, which spans 3,089 square feet, was sold for $3.6 million, equivalent to $1,165 per square foot, on November 29. The unit was last sold for $5.53 million, equivalent to $1,790 per square foot, in August 2007. As a result, the seller made a loss of $1.93 million (35%) after owning the property for about 17 years.
This deal is the second most unprofitable transaction recorded at The Berth By The Cove to date. The biggest loss belongs to a 2,939 square feet unit that was sold for $3.25 million, equivalent to $1,106 per square foot, in February 2018. The seller had bought the property in October 2011 for $5.64 million, equivalent to $1,919 per square foot, resulting in a loss of $2.39 million.
The Berth by the Cove is a condo located along Ocean Drive in Sentosa Cove residential enclave on Sentosa Island. The property comprises 200 units, divided into 15 low-rise blocks with six storeys each. The apartments range from two to four bedrooms, with sizes between 1,012 square feet to 2,325 square feet. There are also four- and five-bedroom penthouses with sizes ranging from 2,939 square feet to 6,028 square feet.
This year, there have been seven other resale transactions at the condo, with the units selling at prices ranging from $1,237 to $1,535 per square foot. Out of the seven deals, four were unprofitable, with the sellers incurring losses between $40,000 and $780,000. The remaining three deals were profitable, with the sellers making gains of $200,000 to $430,000.