Resale Unit Palisades Makes Record Profit 23 Mil

Despite the festive season of Chinese New Year, several notable resale transactions were closed between January 28 to February 4. The most profitable deal during this period was the sale of a 3,983 square feet unit at the Palisades condominium for $4 million ($1,004 per square feet) on February 4. This unit on the second floor was originally purchased for $1.7 million ($427 per square feet) in August 2009, resulting in a profit of $2.3 million (135%) for the seller. This translates to an annualized gain of 5.7% over a span of 15.5 years, making it the most lucrative resale transaction at Palisades to date.

The previous record was set three years ago with the sale of a 3,294 square feet unit on the eighth floor for $3.4 million ($1,032 per square feet). This unit was bought for $1.53 million ($465 per square feet) in 1996, making a profit of $1.87 million (122%) for the seller over 25 years.

In the past three years, there have only been five resale transactions at Palisades, all of which have been profitable. These transactions range from $650,000 to $3.8 million ($1,154 per square feet), with the latest resale recording the highest profit of $2.3 million.

Built in 1985, Palisades is a freehold condominium located on Pasir Panjang Road in District 5. It consists of 18 units and is the only condo in Singapore equipped with a funicular elevator.

The second most profitable resale during this period was at Ardmore II, where a four-bedroom unit was sold for $6.85 million ($3,385 per square feet) on February 3. The unit was purchased for $4.72 million ($2,333 per square feet) in November 2006, resulting in a profit of $2.12 million (45%) for the seller. This translates to an annualized gain of 2.1% over 18 years.

Based on caveats recorded by EdgeProp Singapore, resale prices at Ardmore II have been on an upward trend in recent years, increasing from around $2,623 per square feet in January 2015 to approximately $3,390 per square feet at the start of 2022.

Located on Ardmore Park in prime District 10, Ardmore II is a freehold luxury condominium surrounded by various high-end developments such as Shangri-La Singapore, Treetops Executive Residences, and Sculpture Ardmore.

In contrast, the most unprofitable deal during this period was the sale of a studio unit at Vida, a freehold condominium in prime District 9. This 527 square feet unit on the 12th floor was sold for $1.04 million ($1,972 per square feet) on February 4. The unit was previously bought for $1.15 million ($2,192 per square feet) in May 2009, incurring a loss of $116,000 (10%) for the seller. This translates to an annualized loss of 0.7% over almost 16 years.

The most unprofitable resale at Vida to date was a 840 square feet unit on the 10th floor, which was sold for $1.73 million ($2,061 per square feet) in August 2022. This unit was originally purchased for $2.33 million ($2,774 per square feet) in July 2007, resulting in a record loss of $598,920 (25%) for the seller over 15 years.

According to caveats recorded, resale prices at Vida have been on a decline in recent years, peaking at around $2,277 per square feet in August 2015 and dropping to about $2,058 per square feet last month.

Vida is a 137-unit condominium on Peck Hay Road in the upscale Newton area. Completed in 2009, this development features a mix of studio, one- and two-bedroom units ranging from 506 square feet to 883 square feet. Nearby developments include the 387-unit Orchard Scotts on Anthony Road, as well as various condominiums on Cairnhill Rise and Cairnhill Circle such as The Peak @ Cairnhill I & II, Hilltops, and Helios Residences.

Springleaf Residence at Upper Thomson Road is a highly sought-after residential development located at the convenient location of Springleaf MRT Station on the upcoming Thomson East Coast Line. Developed by renowned developer Guocoland, this luxurious condominium offers a perfect combination of luxury living and city convenience. Springleaf Residence boasts a wide range of modern facilities and amenities, catering to the diverse needs of its residents. With its strategic location and top-notch facilities, Springleaf Residence is the ideal choice for those seeking an elevated and comfortable lifestyle.