Top of the top 10 the most profitable resales in the period of September 12-19 includes the auction of a three-bedroom apartment located at the Park Vale, a leasehold condominium with 999 years of leasehold located in the District 11 area of prime. The 2,034 square foot unit was sold at $3.5 million ($1,720 per square foot) on the 12th of September. The unit was purchased at $1.13 million ($555 per square foot) on July 6, 2006. In the end, the seller earned $2.37 millions (210%), which amounts to an annualized increase that was 6.8% over 17 years.
J’Den launch date of the upcoming modern mixed-use development located in the vibrant Jurong East neighbourhood in District 22 of Singapore.
Based on the resale caveats, this is probably the best resale deal to date in The Park Vale. It was previously set back in 2013,, when the three-bedder, which was 1,927 square feet, was sold at $2.35 million ($1,218 per square foot) The seller earned the seller a $1.27 million (118%) profit, which is equivalent to an annual gain of 11% over the course of seven years.
Park Vale is a development in Bukit Timah. Park Vale is a 40-unit development located at 4B Park Vale, off Shelford Road in Bukit Timah. It is located near landed areas that run along Watten Estate Road Hillcrest Road, Vanda Avenue as well as The Good Class Bungalow neighbourhoods that are located in Raffles Park and Eng Neo Avenue. There are several schools close by of the area, such as Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution as well as National Junior College.
Resales in The Park Vale are relatively rare and scarce. There was only one resale reported this year. A 1,119 sq ft, three bedroom unit that was sold at a price of $2 million ($1,787 per square foot) on the 24th of March. The unit was previously sold for around $929,900 ($831 per square foot) during April of 1996. So, the seller brought profits that was $1.07 million (115%), which resulted in an annualized increase in the range of 2.8% over close to 27 years.
Resales prices in The Park Vale have risen over the last few decades. The statistics compiled through EdgeProp Singapore show that the average price for resales was $754 per square foot during September of 2003. The price climbed to $1,116 in September 2013 and then increased to $1,787 in the month of September.
The second highest-profitable deal in resales during the week of review was selling a 2056 square area unit in Costa Rhu. The three-bedroom unit, which is located on the 10th floor, was auctioned off to a buyer for $3.1 million ($1,508 per square foot) on September 14. The unit was last sold to the buyer for $1.03 million ($500 per square foot) at the end of May. In the end, the seller earned $2.07 millions (202%), which is equivalent to an annual increase that was 4.6% over 24 years.
It is the most profitable sale on the books at Costa Rhu so far this year. The record revenue is $3.15 million (137%), which was achieved in 2018, when a 4,209 sq feet unit was sold at $5.45 million ($1,295 per sq ft). The unit was bought at $2.29 million ($546 per sq ft) in March of 2005.
Costa Rhu is one of few condos on Tanjong Rhu with unblocked views of the Kallang River. The 99-year leasehold project comprises 737 units, and was completed in 1997. Costa Rhu is the only condominium on Tanjong Rhu that faces Beach Road as well as the CBD and has visible landmarks such as Suntec City, South Beach, The Gateway, and The Concourse.
However, the most profitable deal of the week under study was the auction of a 667 square feet, one-bedroom apartment located at the Sail @ Marina Bay. The unit, which is located on the 41st floor of the building, was sold for $1.19 million ($1,776 per square foot) on September 18. But, it was bought at $1.42 million ($2,128 per sqf) at the end of June. The seller incurred losses of around $30,000 (17%), which amounts to an annual losses in the range of 1.6% over 11 years.
It’s the latest in a series of non-profitable transactions in The Sail @ Marina Bay. In 2022 the resort was the site of 44 resales, of which 19 produced losses which ranged from $5,900 up and $1.05 million. In the initial nine months of the year there were 37 resales that included 18 non-profitable transactions that suffered losses ranging between $1,100 and $802,900.
The data compiled through EdgeProp Singapore show that prices for resales for The Sail @ Marina Bay have been fairly stagnant in the last couple of years. In October, the average cost was $1,906 per square foot and $1,940 in October.