A number of noteworthy resale transactions were completed between January 28 and February 4, despite coinciding with the Chinese New Year festivities for this year. The most profitable deal during this period was for a 3,983 sq ft unit at Palisades condominium, which sold for $4 million ($1,004 psf) on February 4.
The second-floor unit had been purchased for $1.7 million ($427 psf) in August 2009, resulting in a profit of $2.3 million (135%). This equates to an annualized gain of 5.7% over 15.5 years, making it the most profitable resale at Palisades to date. The previous record was set three years ago in 2022, when a 3,294 sq ft unit on the eighth floor was sold for $3.4 million ($1,032 psf). It had been bought for $1.53 million ($465 psf) in 1996, earning the seller a profit of $1.87 million (122%), or an annualized gain of 3.1% over 25 years.
Over the past three years, there have only been five resale transactions at Palisades, all of which have been profitable, ranging from $650,000 to the latest record profit of $2.3 million.
Palisades is a freehold condo on Pasir Panjang Road in District 5, completed in 1985. It is the only condo in Singapore equipped with a funicular elevator.
The second most profitable resale during this period took place at Ardmore II, where a four-bedroom unit was sold for $6.85 million ($3,385 psf) on February 3. This unit was 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.
Based on caveated transactions tabulated by EdgeProp Singapore, resale prices at Ardmore II have been climbing in recent years, from about $2,623 psf in January 2015 to about $3,390 psf at the start of this year.
Ardmore II is a freehold luxury condo on Ardmore Park in prime District 10, in close proximity to the Shangri-La Singapore hotel, Treetops Executive Residences, Ardmore Park, and Sculpture Ardmore. It is also near Tanglin Road and the Orchard Road shopping belt.
On the other hand, the most unprofitable deal during the period was the sale of a studio at Vida, a freehold condo 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%), or an annualized loss of 0.7% over close to 16 years.
The most unprofitable resale to date at Vida involved a 840 sq ft unit on the 10th floor that sold for $1.73 million ($2,061 psf) in August 2022, having been purchased for $2.33 million ($2,774 psf) in July 2007. The seller incurred a record loss of $598,920 (25%), equating to an annualized loss of 1.9% over 15 years.
Based on caveats, resale prices at Vida have been declining in recent years, peaking at about $2,277 psf in August 2015 and falling to about $2,058 psf last month.
Vida is a 137-unit condo on Peck Hay Road in the upscale Newton area, completed in 2009. It features a mix of studios, one- and two-bedroom units ranging from 506 sq ft to 883 sq ft. Nearby condos include Orchard Scotts, and condos on Cairnhill Rise and Cairnhill Circle such as The Peak @ Cairnhill I & II, Hilltops, and Helios Residences.