Livestream viewings: Pros and cons of virtual home tours
A record-breaking sale has taken place at the luxurious condo, JadeScape, located on Shunfu Road with a 99-year leasehold. This six-bedroom penthouse unit was sold for $10.15 million on December 9th, making it the most profitable condo resale transaction during the week of December 3rd to 10th. The unit spans over 4,230 square feet and is situated on the 23rd floor, boasting a price of $2,399 per square foot.
The previous owner bought the unit directly from the developer in December 2019 for $5.8 million, which equates to a cost of $1,371 per square foot. This means the seller made a profit of $4.35 million after owning the unit for a mere five years, resulting in a 75% increase in capital gain. On an annual basis, the profit stands at 15%. This resale deal now holds the record for the highest profit made on a unit at JadeScape, surpassing the previous top gain of $1.14 million from the sale of a five-bedroom unit measuring 2,099 square feet on August 12th.
JadeScape, situated at the junction of Marymount Road and Shunfu Road in District 20, is a development that comprises 1,206 units spread over seven residential towers. The units range from one to five bedrooms and measure 527 square feet to 2,099 square feet, with two penthouses spanning 4,230 square feet. The development is scheduled for completion in 2022 and is within walking distance of Marymount MRT Station on the Circle Line.
Investing in a condo requires careful consideration of financing options. Singapore boasts a variety of mortgage choices, however, it is crucial to be well-informed about the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan that a borrower can take based on their income and current debt commitments. It is advisable for investors to familiarize themselves with the TDSR and seek guidance from financial advisors or mortgage brokers to ensure a wise financing decision. Avoiding over-leveraging is crucial in securing a successful investment. For more information on Singapore Projects, knowledgeable professionals can provide valuable insight.
In total, there have been 72 other resale transactions at JadeScape this year, with prices ranging from $1,955 per square foot to $2,420 per square foot. All of these deals resulted in profits for the sellers, with gains ranging from $55,000 to $1.15 million.
The second most profitable resale deal during the same week was the sale of a three-bedroom unit measuring 1,410 square feet at The Imperial for $3.7 million on December 5th. This equates to a price of $2,624 per square foot. The seller had originally purchased the unit from the developer for $1.3 million in September 2004, which amounts to $925 per square foot. As a result, the seller made a profit of $2.4 million after holding onto the property for 20 years, resulting in a 184% gain.
The Imperial, located on Jalan Rumbia in District 9, comprises 187 freehold units spread over five blocks. The units range from two to four bedrooms and measure between 980 square feet to 3,918 square feet. It is situated within walking distance of Fort Canning MRT Station on the Downtown Line and Dhoby Ghaut MRT Interchange, which serves the North-South, North-East, and Circle Lines.
The sale of a one-bedroom unit at The Montana was the least profitable condo resale deal during the same week. The unit, measuring 635 square feet, was sold for $1.02 million on December 6th, resulting in a price of $1,603 per square foot. The unit had previously been sold in July 2014 for $1.18 million, which amounts to $1,863 per square foot. This means the seller suffered a loss of approximately $165,000 on the transaction, making it the third-biggest loss recorded at The Montana based on available caveats.
The Montana, situated on Jalan Mutiara off River Valley Road in District 10, comprises 108 freehold units spread over a single 12-storey tower. The units range from one to four bedrooms and measure between 549 square feet to 2,659 square feet. There have been four other resale transactions at The Montana this year, all of which were profitable, resulting in gains of $80,000 to around $525,000.