Sale Penthouse Trizon Earns Seller 32 Mil Profit

The most profitable resale transaction during the week of Feb 25 to March 4 was the sale of a penthouse at The Trizon, a 289-unit condo located on Ridgewood Close. The 5,737 sq ft unit on the 23rd floor fetched a sale price of $9.76 million, or $1,701 per square foot, on Feb 27. This was a significant gain for the seller who had bought the unit for $6.55 million, or $1,142 per square foot, in March 2016. The sale earned the seller a profit of $3.2 million, or 49%, which translates to an annualised gain of 4.5% over nine years.

This also marks the second most profitable resale transaction at The Trizon so far. The record was set in August 2023 when a 7,083 sq ft penthouse was sold for $11 million, or $1,553 per square foot. The unit had been previously purchased for $7.1 million, or $1,002 per square foot, in November 2019. As a result, the seller made a record profit of $3.9 million, or 55%, which translates to an annualised profit of 12% over four years.

Located in prime District 10, The Trizon is a freehold development close to the Mount Sinai landed enclave, as well as private residential estates such as Pandan Valley and Pine Grove. Other nearby private residential developments include Pandan Valley, Pinetree Hill, and Nava Grove, which are new 99-year leasehold projects.

The Trizon offers a mix of two- to five-bedroom units, with typical units ranging from 1,012 sq ft to 5,102 sq ft, and penthouses ranging from 5,328 sq ft to 7,083 sq ft. Based on a tabulation of resale caveats by EdgeProp Singapore, the average resale price at The Trizon is around $2,017 per square foot. In comparison, the nearby Pandan Valley, a sprawling 605-unit development, has an average price of $1,449 per square foot, while the Ridgewood condo, a 999-year leasehold development with 425 condo units and 38 landed units, commands an average price of $1,728 per square foot.

Pinetree Hill, which was launched for sale in July 2023, has seen units sold this year at an average price of $2,550 per square foot, compared to an average of $2,458 per square foot from its launch to end 2024 based on caveats lodged. The 520-unit development is about 78% sold. Similarly, the 552-unit Nava Grove, which was launched in November last year, is about 75% sold and has achieved an average selling price of $2,460 per square foot.

The second most profitable resale transaction during the week was the sale of a 1,442 sq ft unit at Haig Court on Feb 27. The three-bedroom unit on the third floor was sold for $2.84 million, or $1,968 per square foot, but had been previously purchased for just $798,868, or $554 per square foot, in 2005. This resulted in a profit of $2.04 million, or 255%, for the seller, which translates to an annualised gain of 6.8% over 19 years.

Haig Court is a freehold development with 360 units on Haig Road in District 15. Completed in 2004, it is centrally located in Marine Parade and close to shopping malls such as Katong Shopping Centre, Roxy Square, and I12 Katong. It is also near well-known schools in the area, such as Chung Cheng High School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School, and the Tanjong Katong campus of the Canadian International School. Haig Court is next to two new 99-year leasehold private residential projects: the 846-unit Emerald of Katong and the 638-unit Tembusu Grand. Other new projects in the vicinity include The Continuum, an 816-unit freehold development on Thiam Siew Avenue, and Grand Dunman, a 1,008-unit 99-year leasehold project on Dunman Road.

Last year, Haig Court recorded eight resale transactions ranging from the sale of a 1,076 sq ft two-bedder for $1.85 million, or $1,719 per square foot, on Jan 16, to the sale of a 1,550 sq ft four-bedroom unit for $3.45 million, or $2,226 per square foot, on Dec 19. Profits from the resale transactions ranged from $450,000 to $2.06 million.

There have been two resale transactions at Haig Court so far this year. The other sale was a 1,453 sq ft unit that was sold for $3.02 million, or $2,078 per square foot, on Jan 17. The seller earned a profit of $2.13 million.

Alternatively, the most unprofitable resale transaction during the week took place at Orchard Scotts on Feb 25, when a 2,228 sq ft unit was sold for $3.78 million, or $1,696 per square foot. However, the unit had been purchased for $4.35 million, or $1,955 per square foot, in 2010. As a result, the seller incurred a loss of $576,000, or 13%, on the sale, which translates to an annualised loss of 1% over 15 years.

A compilation of resale caveats at Orchard Scotts indicates that the resale price at the condo has been declining in recent years. In March 2010, units were typically sold at an average of $2,061 per square foot. However, this declined to $1,747 per square foot by March 2020. Average resale prices have marginally improved in recent months, reaching around $1,760 per square foot last month.

Orchard Scotts is a 99-year leasehold condo situated on Anthony Road, off Clemenceau Avenue North in prime District 9. Completed in 2008, the development comprises 387 units ranging from two to five bedrooms, with sizes ranging from 936 sq ft to 4,435 sq ft.