A penthouse unit at The Trizon, a highly sought-after 289-unit condo on Ridgewood Close, was sold for a record profit during the week of February 25 to March 4. This 5,737 sq ft unit, located on the 23rd floor, was sold for $9.76 million (equivalent to $1,701 per sq ft) on February 27.
The seller of the penthouse had originally purchased it for $6.55 million (equivalent to $1,142 per sq ft) in March 2016. This means that the sale earned the seller a whopping profit of $3.2 million, or a 49% increase. This translates to an annualized gain of 4.5% over a period of nine years. This sale also marks the second most profitable resale transaction at The Trizon to date.
The highest recorded profit at The Trizon was achieved back in August 2023 when a 7,083 sq ft penthouse was sold for $11 million (equivalent to $1,553 per sq ft). This unit had been purchased for $7.1 million (equivalent to $1,002 per sq ft) in November 2019. The seller of this unit made a gain of $3.9 million, translating to a 55% profit. This also translates to an annualized gain of 12% over a period of close to four years.
The Trizon is a freehold development situated in the prime District 10. It is located in close proximity to the Mount Sinai landed enclave, as well as the private residential estates of Pandan Valley and Pine Grove. Nearby private residential developments include Pandan Valley, as well as two new 99-year leasehold projects: Pinetree Hill, which has 520 units and Nava Grove, which has 552 units.
The Trizon offers a range of two- to five-bedroom units, with sizes ranging from 1,012 sq ft to 5,102 sq ft. Penthouse units are even larger, ranging from 5,328 sq ft to 7,083 sq ft.
According to EdgeProp Singapore, the average resale price at The Trizon is approximately $2,017 per sq ft. Nearby Pandan Valley, a massive development with 605 units, has an average price of $1,449 per sq ft. The Ridgewood condo, a 999-year leasehold development with 425 condo units and 38 landed units, commands an average price of $1,728 per sq ft.
Pinetree Hill, which was launched for sale in July 2023, has seen units sold this year at an average price of $2,550 per sq ft. However, the average price from its launch in 2024 till the end of 2024 was $2,458 per sq ft. The 520-unit development is currently about 78% sold. On the other hand, the 552-unit Nava Grove, which was launched in November last year, is about 75% sold, with an average selling price of $2,460 per sq ft.
Another notable resale transaction that took place during this week was the sale of a 1,442 sq ft unit at Haig Court. This three-bedroom unit on the third floor was sold for $2.84 million (equivalent to $1,968 per sq ft) on February 27. The seller had previously purchased the unit for just $798,868 (equivalent to $554 per sq ft) in 2005. This means that the seller made a profit of $2.04 million (255%), which translates to an annualized gain of 6.8% over a period of 19 years.
Haig Court is a freehold development with 360 units, situated on Haig Road in District 15. Completed in 2004, the condo is centrally located in Marine Parade and is in close proximity to popular shopping malls such as Katong Shopping Centre, Roxy Square, and I12 Katong. It is also close to several renowned schools in the area, including 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 located next to two new 99-year leasehold private residential projects: Emerald of Katong, which has 846 units, and Tembusu Grand, which has 638 units. 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.
In 2023, Haig Court had a total of eight resale transactions, with prices ranging from $1.85 million (equivalent to $1,719 per sq ft) for a 1,076 sq ft two-bedroom unit on January 16, to $3.45 million (equivalent to $2,226 per sq ft) for a 1,550 sq ft four-bedroom unit on December 19. These resale transactions resulted in profits ranging from $450,000 to $2.06 million.
There have been two resale transactions at Haig Court so far this year. The other sale, which took place on January 17, was for a 1,453 sq ft unit that was sold for $3.02 million (equivalent to $2,078 per sq ft). This means that the seller made a profit of $2.13 million.
On the other hand, the most unprofitable resale transaction during the week was recorded at Orchard Scotts. A 2,228 sq ft unit was sold for $3.78 million (equivalent to $1,696 per sq ft) on February 25. However, the unit was originally purchased for $4.35 million (equivalent to $1,955 per sq ft) in 2010. As a result, the seller incurred a loss of $576,000 (13%), which translates to an annualized loss of 1% over a period of almost 15 years.
A compilation of resale caveats at Orchard Scotts indicates that resale prices at the condo have been on a downward trend in recent years. In March 2010, units were typically sold for around $2,061 per sq ft. However, this dropped to $1,747 per sq ft in March 2020. There has been a slight uptick in average resale prices in recent months, with the average price reaching around $1,760 per sq ft last month.
Orchard Scotts is a 99-year leasehold condo located on Anthony Road, off Clemenceau Avenue North in prime District 9. Completed in 2008, the condo has 387 units, with sizes ranging from 936 sq ft to 4,435 sq ft.