Despite the Chinese New Year celebrations, there were notable resale transactions that closed from January 28th to February 4th. One of the most profitable deals was the sale of a 3,983 sq ft unit at the Palisades condominium for $4 million ($1,004 psf) on February 4th. The second-floor unit was originally purchased for $1.7 million ($427 psf) in August 2009, resulting in a profit of $2.3 million (135%). This makes it the most profitable resale transaction at Palisades to date with a 5.7% annualized gain over 15.5 years.
Previously, the highest recorded profit at Palisades was three years ago when a 3,294 sq ft unit on the eighth floor was sold for $3.4 million ($1,032 psf). The unit was purchased for $1.53 million ($465 psf) in 1996, resulting in a profit of $1.87 million (122%) or an annualized gain of 3.1% over 25 years.
There have been five resale transactions at Palisades over the past three years, all of which have been profitable. The range of profits has been from $650,000 when a 3,294 sq ft unit was sold for $3.8 million ($1,154 psf) on December 13th, 2022 to the latest resale with a record profit of $2.3 million.
Located on Pasir Panjang Road in District 5, Palisades is a freehold condominium that was completed in 1985 with 18 units. It is the only development in Singapore equipped with a funicular elevator.
Another profitable resale during the same period was at Ardmore II, where a four-bedroom unit was sold for $6.85 million ($3,385 psf) on February 3rd. The unit was originally purchased for $4.72 million ($2,333 psf) in November 2006, resulting in a profit of $2.12 million (45%) or a 2.1% annualized gain over 18 years.
According to caveated transactions listed by EdgeProp Singapore, resale prices at Ardmore II have been on an upward trend in recent years, increasing from around $2,623 psf in January 2015 to approximately $3,390 psf at the beginning of this year.
Ardmore II is a freehold luxury condominium situated on Ardmore Park in prime District 10. It is surrounded by other developments such as the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. It is also in close proximity to Tanglin Road and the popular shopping district of Orchard Road.
On the other hand, the most unprofitable resale transaction during this period was the sale of a studio unit at Vida, a freehold condominium in prime District 9. The 527 sq ft unit, located on the 12th floor, was sold for $1.04 million ($1,972 psf) on February 4th. It was originally purchased for $1.15 million ($2,192 psf) in May 2009, resulting in a loss of $116,000 (10%) or an annualized loss of 0.7% over close to 16 years.
The most unprofitable resale transaction at Vida to date was a 840 sq ft unit on the 10th floor that was sold for $1.73 million ($2,061 psf) in August 2022. The unit was purchased for $2.33 million ($2,774 psf) in July 2007, leading to a record loss of $598,920 (25%) or an annualized loss of 1.9% over 15 years.
Based on caveats, resale prices at Vida have been declining in recent years, reaching a peak of approximately $2,277 psf in August 2015 and falling to around $2,058 psf last month.
Vida is a 137-unit condominium located on Peck Hay Road in the upscale Newton area. It was completed in 2009, making it 16 years old. The development offers a mix of studios, one- and two-bedroom units ranging from 506 sq ft to 883 sq ft. Other nearby condominiums include Orchard Scotts on Anthony Road, as well as condos on Cairnhill Rise and Cairnhill Circle, such as The Peak @ Cairnhill I & II, Hilltops, and Helios Residences.