Several notable resale deals closed between January 28 and February 4, despite coinciding with the Chinese New Year celebrations. One of the most profitable transactions during this period was the sale of a 3,983 sq ft unit at Palisades condominium for $4 million ($1,004 psf) on February 4. The seller had previously purchased the second-floor unit for $1.7 million ($427 psf) in August 2009, making a profit of $2.3 million (135%). This translates to an annualized gain of 5.7% over a period of 15.5 years, making it the most profitable resale at Palisades to date.
The previous record was set three years ago when a unit on the eighth floor, measuring 3,294 sq ft, was sold for $3.4 million ($1,032 psf). The unit had been 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 a span of 25 years.
In the past three years, there have been only five resale transactions at Palisades, and all of them have been profitable, ranging from $650,000 to the current record profit of $2.3 million.
Palisades, located on Pasir Panjang Road in District 5, is a freehold condominium completed in 1985. Its 18 units are equipped with a unique feature – a funicular elevator – making it the only condo in Singapore with such a facility.
The second most profitable resale during the same period was recorded at Ardmore II, where a four-bedroom unit changed hands for $6.85 million ($3,385 psf) on February 3. The unit had been purchased for $4.72 million ($2,333 psf) in November 2006, resulting in a profit of $2.12 million (45%), or an annualized gain of 2.1% over 18 years.
According to caveated transactions compiled by EdgeProp Singapore, resale prices at Ardmore II have been on the rise in recent years, increasing from about $2,623 psf in January 2015 to about $3,390 psf at the beginning of this year.
Ardmore II is a freehold luxury condominium on Ardmore Park in prime District 10, surrounded by other upscale developments such as the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. It is also situated close to Tanglin Road and the Orchard Road shopping belt.
On the other hand, the most unprofitable deal during the review period was the sale of a studio unit at Vida, a freehold condominium in prime District 9. The 527 sq ft unit, on the 12th floor, was sold for $1.04 million ($1,972 psf) on February 4. The unit had been bought for $1.15 million ($2,192 psf) in May 2009, resulting in a loss of $116,000 (10%) for the seller. This translates to an annualized loss of 0.7% over a period of almost 16 years.
The worst-performing resale 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 had been purchased for $2.33 million ($2,774 psf) in July 2007, resulting in 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 about $2,277 psf in August 2015 and dropping to approximately $2,058 psf last month.
Vida is a 137-unit condominium on Peck Hay Road in the upscale Newton area. Completed in 2009, the development offers a variety of studios, one- and two-bedroom units ranging from 506 sq ft to 883 sq ft. Nearby condominiums include Orchard Scotts, Cairnhill Rise, and Cairnhill Circle, which feature developments such as The Peak @ Cairnhill I & II, Hilltops, and Helios Residences.