Elemeno Condo

The retail podium at Sky Eden@Bedok, a mixed-use development by Frasers Property Singapore, is now available for sale through an expression of interest (EOI) exercise. With a guide price of $45.2 million, this prime retail space comprises 12 strata units on the ground floor, with a total area of approximately 11,193 sq ft. This translates to a guide price of $4,038 psf. The units can be sold as a portfolio, individually, or in clusters, according to CBRE, the marketing agent for the property. The units range in size from 398 sq ft to 1,313 sq ft, with prices starting from $1.91 million to $5.55 million. All the units carry F&B approval.

When considering investing in condos in Singapore, it is important to take into account the government’s property cooling measures. In efforts to maintain a steady real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These measures include the Additional Buyer’s Stamp Duty (ABSD), which enforces higher taxes on foreign buyers and those purchasing multiple properties. While these measures may impact the immediate profitability of condo investments, they ultimately contribute to the long-term stability of the market, making it a more secure investment environment. It is also worth noting that Singapore Projects may be subject to these regulations as well, further emphasizing the importance of understanding and considering the government’s cooling measures when investing in condos in Singapore.

Sky Eden@Bedok is located in the heart of Bedok Central and is currently under construction. The development boasts 158 residential units spread across two 16-storey towers situated on top of the retail podium. It is conveniently located a short walk away from the Bedok Integrated Transport Hub, which comprises the Bedok MRT Station and a bus interchange that is connected to Bedok Mall.

Sky Eden@Bedok was launched in September 2022, making it the first private residential project to be launched in the Bedok Town Centre in a decade. All units were sold out since then, and the development is expected to obtain its temporary occupation permit in the fourth quarter of 2025.

CBRE’s head of capital markets for Singapore, Michael Tay, highlights that the strata retail units at Sky Eden@Bedok are the first private commercial properties available for sale in the Bedok Town Centre. He also mentions that due to the attractive pricing, the property is expected to garner interest from a wide range of investors, including boutique real estate funds, family offices, high net worth individuals, and F&B owner-occupiers looking to enter the commercial space of this tightly held residential enclave.

The EOI for the retail podium will close on April 3 at 3pm. Interested parties can refer to the latest listings for Sky Eden@Bedok properties, consult BuddyView for updated 2-bedroom floor plans and site plans, or view the condo sales transactions in District 16 and other projects that have recently obtained TOP. Sky Eden@Bedok has a total of 158 units.…

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Over 29,000 HDB flats have been selected for the latest round of the Home Improvement Programme (HIP). In a press release issued on February 16, the Housing and Development Board (HDB) announced that a total of $407 million will be allocated for the upgrading works.

These selected flats are located in various estates including Bedok, Bukit Batok, Bukit Merah, Bukit Panjang, Chua Chu Kang, Hougang, Jurong West, Pasir Ris, Queenstown, Sengkang, Tampines, Toa Payoh, and Woodlands.

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The cityscape of Singapore boasts sleek high-rise structures and contemporary facilities. Condos, strategically situated in sought-after locations, offer a fusion of opulence and practicality that entices both locals and foreigners. They are well-equipped with various conveniences like swimming pools, fitness centers, and security services, elevating the standard of living and making them a desirable choice for potential renters and purchasers. For those investing in these properties, these added perks equate to greater rental returns and appreciation of real estate value in the long run. Additionally, the newly added Condo further enhances the allure of these condos.

The HIP was first introduced in 2007 as a means to help flat owners address common maintenance issues that arise due to wear and tear in older flats. Since its inception, a total of 494,000 flats, which is equivalent to nine out of ten eligible flats, have been selected for the programme. Of these, close to 381,000 flats have undergone upgrades, according to Minister for National Development Desmond Lee.

In addition to basic improvements that ensure the safety of residents, such as repairing spalling concrete and ceiling leakages, optional upgrades are also available for flat owners to opt for. These include upgrades to existing bathrooms and toilets, a new entrance door and grille gate, and a new refuse chute hopper. These optional improvements are subsidised by the government, with Singapore citizen households paying as low as 5% of the cost, depending on the flat type.

Since 2012, the Enhancement for Active Seniors (Ease) programme has been offered as part of the HIP. This allows flat owners to install senior-friendly fittings such as grab bars, ramps, and slip-resistant treatment for bathroom and toilet tiles. Up to 95% of the costs are covered by the government for Singapore citizen households.

According to HDB, approximately $4 billion has been allocated for the HIP since its launch, and around $150 million for Ease as of March 31, 2014. With the latest round of HIP, the government continues to prioritize the upgrading and maintenance of HDB flats for the safety and well-being of its residents. Homeowners can also check out the latest listings for HDB properties and compare HDB prices with other types of properties.…

When it comes to investing in real estate, the location is a vital factor, and this rings especially true for Singapore. In this country, condominiums in prime locations or those situated near essential amenities such as schools, shopping centers, and public transportation hubs have a greater chance of appreciating in value. Areas like Orchard Road, Marina Bay, and the Central Business District (CBD) are highly sought after for their consistent growth in property values. Additionally, being in close proximity to reputable schools and educational institutions adds to the appeal of condos in these areas, making them a top choice for families. For those seeking a Singapore condo with excellent potential for growth, considering properties in these well-connected and desirable locations is a wise decision. So, when it comes to investing in real estate in Singapore, keep Singapore Condo at the top of your list.

CBRE’s Executive Director of Capital Markets, Clemence Lee, has listed a 3,391 sq ft strata-titled unit for sale at Bukit Timah Plaza, with approval for restaurant use. The asking price is $9.8 million, or $2,890 per square foot (psf), which represents a 12% discount from the previous listing price of $11 million in the third quarter of 2022.

Situated in the basement two of the mall, the unit boasts a 20-meter frontage facing the central plaza. According to Lee, the unit is currently fully leased and will be sold with the existing tenancy. The unit has a 99-year lease from 1976, giving it a remaining lease of 50 years.

The pricing is in line with the last two transactions for units in basement two: A 441 sq ft unit was sold for $1.43 million ($3,240 psf) in March 2024, while an 850 sq ft unit was sold for $2.5 million ($2,940 psf), based on caveats lodged.

Bukit Timah Plaza, completed in 1979, is a mixed-use development that comprises a four-storey retail mall and two apartment blocks with 269 residential units at Sherwood Towers. It is one of the most popular malls in the Bukit Timah area, thanks to its spacious Fairprice Finest supermarket, which covers over 44,000 sq ft, according to CBRE.

Situated at 1 Jalan Anak Bukit, the mall is within walking distance of Beauty World MRT Station and King Albert Park MRT Station on the Downtown Line. It is also surrounded by numerous private residential developments, with an estimated population of around 37,000.

The mall is also near several top educational institutions, including the Singapore Institute of Technology (SIT), Singapore Institute of Management (SIM), Ngee Ann Polytechnic, Methodist Girls’ School, and Pei Hwa Presbyterian Primary School.

Bukit Timah Plaza is located in the Beauty World area, which is undergoing a revitalization with the development of several new mixed-use, integrated projects such as The Reserve Residences and the redevelopment of the former Bukit Timah Market and Food Centre, expected to be completed in late 2029.

The unit is being offered for sale through expression of interest on Mar 19. Check out the latest listings for Bukit Timah Plaza and Sherwood Towers properties for more information.…

A pair of adjoining retail units at Peninsula Plaza has been put on the market for $10.9 million. These 999-year leasehold units are located on the ground floor, with a prominent frontage along North Bridge Road. The total strata area for both units is 1,119 sq ft, with one unit measuring 538 sq ft and the other 581 sq ft. This translates to a price of $9,741 psf based on the strata area.

Currently tenanted until 2026, the two units offer investors a gross rental yield of 3% at the guide price of $10.9 million. According to Nick Chan, Savills Singapore’s associate director of investment sales & capital markets, who is handling the sale of these units on a private treaty basis, they are “arguably the best” in the development due to their strong footfall every day.

Peninsula Plaza is a 30-storey mixed-use commercial building with a six-storey retail podium and a 24-storey office tower. It was built in 1980 and has a 999-year tenure. The building boasts notable frontages along North Bridge Road, Coleman Street, and Coleman Lane, as well as a sheltered link to City Hall MRT Interchange Station for the North-South and East-West lines.

In August 2022, a 452 sq ft ground-floor retail unit at the development was sold for $4.08 million ($9,025 psf) based on a lodged caveat. This was the last transaction of a ground-floor unit.

Since the Urban Redevelopment Authority (URA) imposed restrictions on the strata subdivision of new commercial properties in the CBD and Orchard corridors in March 2022, Chan notes that there has been an increased interest in strata-titled units, particularly those with 999-year and freehold tenure. Peninsula Plaza, with its sheltered walkway to City Hall MRT station, is well-positioned to benefit from this trend.

Obtaining financing is a crucial factor when investing in a condo. In Singapore, there are various mortgage choices available. However, it is crucial to keep in mind the Total Debt Servicing Ratio (TDSR) framework, which regulates the amount of loan a borrower can acquire depending on their income and current debt commitments. Being familiar with the TDSR and seeking guidance from financial advisors or mortgage brokers can assist investors in making educated choices regarding their financing alternatives and prevent excessive leveraging. With the help of experts and resources like Condo, investors can secure suitable financing for their condo investment journey.

Interested parties can check out other listings for Peninsula Plaza properties on the market, including six commercial units launching for sale from $8.6 million, a portfolio of four retail units for $50.8 million, and individual retail units for $26.2 million.…

Brand New Land, in collaboration with Tellus Design and luxury kitchen specialist Arclinea Singapore, has brought their vision of combining Good Class Bungalow (GCB) elements with accessible luxury into reality with their latest collection of semi-detached homes in Bukit Timah and Upper Bukit Timah.

This collaboration was made possible due to the longstanding relationship between Brand New Land and Pau Loh, managing director of Tellus Design, who has over three decades of experience in designing GCBs. The result is a collection of four semi-detached homes, each with unique elements inspired by best practices of GCB homes.

When it comes to investing in real estate, the location is a crucial factor to consider, especially in Singapore. Condos that are centrally located or close to important amenities like schools, shopping malls, and public transportation hubs tend to have a higher appreciation in value. Prime areas in Singapore such as Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown growth in property values. The close proximity to reputable schools and educational institutions also makes condos in these areas highly sought-after by families, making them an even more attractive investment choice. Therefore, it is important for investors to keep Singapore Condo in mind when considering real estate investments in the country.

Dubbed “The Great Trees Collection”, the homes at 23 & 23A Maple Avenue have a generous frontage of over 24m, while the homes at 25 & 25A Jalan Selanting boast serene views of Bukit Timah Nature Reserve. Ranging in land size from 2,790 to 3,130 sq ft, each home comes equipped with a lift, swimming pool, and gourmet kitchen provisions.

In line with Brand New Land’s philosophy of creating value for their clients, the homes have been priced within the bank valuation range, providing good upside for buyers.

The homes incorporate several GCB design elements, including dedicated zones for different functions, such as receiving guests, dining, gourmet cooking, and different entertainment spaces for larger or smaller groups. This allows for intimacy and privacy within the same roof.

The semi-detached homes also feature “ceremonial entrances”, with lush greenery, the calming sounds of water, and warm façade materials to create a seamless transition from outside to home. The homes also follow Loh’s signature style, with wide overhanging eaves and deep recesses to provide shelter and cool the interiors. Horizontal design elements, such as the wraparound golden sand façade treatment and horizontal planters, add to the homes’ spacious and luxurious aesthetic.

Inside, the homes feature a rich palette of wood-grain finishes, precious marble, and German bath fittings, exuding a sophisticated aura. Arclinea Singapore has also collaborated with the project to create gourmet kitchen experiences, with a special edge brought in by their predominantly GCB clientele.

“This collaboration has allowed us to bring the best GCB design principles into our semi-detached homes,” says Alvina Teh, Co-Founder and Director of Brand New Land Group. “We are grateful to have worked with Pau Loh, a skilled and steady architect, to bring our vision to life. We are excited for the future these homes will create for the families who live in them.”

To view these homes, interested buyers can call 8893 7602. For more information and updates on upcoming launches, visit the Brand New Land website and follow them on Instagram, Facebook, YouTube, and LinkedIn. If you are interested in working with the group or have land with redevelopment potential, you can also email them at comehome@brandnewland.com.sg.…

An HDB shophouse at 214 Serangoon Avenue 4 with a leasehold of 99 years will be offered at SRI’s upcoming auction on Feb 26. The two-storey shophouse, which includes living quarters on the second floor, has a total floor area of approximately 1,668 sq ft. It has been listed with a guide price of $1.98 million, equivalent to $1,187 psf on the floor area.

This is the second time the property will be on auction as it was previously listed last month with a higher guide price of $2.08 million but did not find a buyer. According to Jansen Kee, assistant manager of auctions at SRI, the shophouse is in a prime location in front of a bus stop, providing it with excellent visibility from the road.

The property is currently tenanted and generating a gross rental yield of about 6.2% based on the guide price, says Kee. He also mentions that the shophouse will be sold with its existing lease, which expires in 2026. This will immediately provide the new owner with a steady rental income.

Kee points out that the listed guide price for this HDB shophouse is one of the lowest in the area, making it an attractive investment opportunity for both investors and owner-occupiers. Records from URA show that the most recent commercial shophouse transaction in Serangoon was the sale of a 999-year leasehold shophouse on Lichfield Road. The two-storey property had a land area of 2,319 sq ft and sold for $4 million ($1,725 psf) in November 2024.

The shophouse up for auction is located within a cluster of HDB flats bordering the Serangoon Gardens landed residential estate. It is directly across the road from Serangoon Swimming Complex and Serangoon Sports Centre, bringing in consistent foot traffic to the area. There is also a carpark behind the shophouse. Interested buyers can check out the latest listings for Serangoon Garden Estate properties on Buddy. Some of the features of this area that buyers may want to consider are:

– Buyer profile: According to data from Buddy’s AI technology, the top three buyer profiles for Serangoon Garden Estate are young couples, HDB upgraders, and families.

– Price trend: The price trend chart on Buddy shows an increasing trend for Serangoon Garden Estate properties in the last five years.

– Rental yield: The rental yield for Serangoon Garden Estate is around 2.9%, based on data from Buddy’s AI technology.

– Completion year: Most properties in Serangoon Garden Estate were completed in the 1980s and 1990s, with recent developments in the last 10 years.

One of the main benefits of Singapore condo investments is the potential for capital appreciation. Singapore’s prime location as a global business hub, combined with its robust economic fundamentals, leads to a consistent demand for real estate. Throughout the years, property values in Singapore have displayed a reliable upward trend, particularly for condos in sought-after locations. As a result, investors who enter the market at the opportune moment and retain their properties for an extended period can reap significant gains in their capital. With Singapore Condos as a solid investment option, individuals can take advantage of the city-state’s thriving property market.

Overall, the HDB shophouse at 214 Serangoon Avenue 4 offers a good value proposition for buyers, with its strategic location, existing lease, and potential for rental income. Interested buyers can consider this property as a viable investment opportunity in the desirable Serangoon Garden Estate.…

A luxurious four-bedroom duplex apartment is now available for sale at the prestigious freehold condo, 3 Orchard By-The-Park. The property is currently being marketed through an expression of interest exercise (EOI), with a guide price of $15.8 million. According to the marketing agent, Huttons Asia, the unit offers a generous floor area of over 3,800 sq ft, translating to approximately $4,158 psf.

Investing in a condominium in Singapore is currently a highly profitable opportunity, offering various advantages to potential investors. The high demand for these properties makes them a valuable asset, with the potential for increased value and attractive rental income. However, it is crucial to carefully consider several factors before making any investment decisions, such as the location, financing options, government regulations, and market conditions. Taking these elements into account will ensure that investors can make well-informed choices in Singapore’s ever-changing real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign investor seeking a stable and lucrative opportunity, the current condo market in Singapore is an attractive prospect. Moreover, with the availability of New Condo Launches, investors now have even more promising options to explore for their investments. By conducting thorough research and seeking guidance from industry experts, investors can make smart decisions and maximize their profits in this thriving market. Therefore, if you are interested in investing in Singapore’s real estate, it is highly recommended to consider the benefits of New Condo Launches and make well-informed decisions for your investments. By adding New Condo Launches to the rewritten paragraph, it emphasizes the significance of this opportunity and encourages potential investors to explore it further.

The unit boasts a soaring ceiling height of 4m and comes with a private lift. Additionally, three of the four bedrooms have en-suite bathrooms. The unit underwent a major renovation just three years ago, with a cost of over $700,000, notes Huttons.

Designed by renowned Italian architect Antonia Citterio, 3 Orchard By-The-Park is a luxurious development that was completed in 2017. The property consists of three 25-storey towers, housing a total of 77 units. These units range from two- to four-bedrooms, spanning from 1,066 sq ft to 3,800 sq ft. The development also offers penthouses with a generous size of 6,555 sq ft to 6,900 sq ft.

Situated on Orchard Boulevard, 3 Orchard By-The-Park enjoys a prime location that is within close proximity to the bustling Orchard Road shopping belt. Families with school-going children will also appreciate its close proximity to reputable schools such as Anglo-Chinese School (Junior), Anglo-Chinese School (Primary), ISS International School (Elementary & Middle school Campus) and Singapore Chinese Girls’ School (Primary). For those who use public transportation, the Orchard Boulevard MRT Station (Thomson-East Coast Line) is just a short distance away.

The EOI for this unit will close on March 5 at 4pm. Interested buyers can also explore other available listings for 3 Orchard By-the-Park or compare prices with other condominium properties in the same district. The latest price trend chart for the property is also available. Buyers can also check the rental yield for 3 Orchard By-the-Park or compare its average PSF with other luxury condo projects in District 10.

In other news, an individual charged with money laundering is facing an additional seven charges for spending lavishly on luxury goods, rental of bungalow, and luxury condos. Meanwhile, the ticket sizes for condos in the Core Central Region (CCR) have dropped by 20% in just five months. Additionally, the last tower of 3 Orchard By-the-Park was recently launched, with four units sold at a range of $3,850 psf to $4,100 psf.…

According to Huttons Asia’s latest quarterly research report on the shophouse market, the market has remained quiet in 2024 with only 84 caveated transactions recorded. This number is below the annual average of 200 shophouse deals recorded between 1995 and 2023.

Senior Director of Data Analytics at Huttons Asia, Lee Sze Teck, notes that while some buyers did not lodge a caveat, the number of shophouse deals in 2024 is likely the lowest since 1998.

The total value of the 84 caveated shophouse transactions in 2024 was $683.6 million, a significant decrease of 38.9% from the previous year’s deal value of $1.1 billion.

However, Lee points out that there were several “substantial” shophouse deals that were not caveated last year, including properties on Amoy Street, Neil Road, North Bridge Road, and Telok Ayer Street, which he estimates were sold for more than $200 million.

The largest shophouse deal in 2024 was the Paragon REIT’s sale of The Rail Mall in June for a whopping $78.5 million. According to Lee, this is likely the largest shophouse deal on record, surpassing the previous record of $74.8 million paid for a row of shophouses along Jalan Sultan in March 2022.

The Rail Mall shophouses were valued at $62 million as of December 2023, which means the seller made an estimated gain of around $16.5 million on the sale.

In 2024, most of the shophouse deals were for smaller quantums. More than half of the caveated deals were valued between $5 million to $15 million.

Additionally, nearly half of the shophouse transactions in 2024 took place in District 8, which Lee attributes to its appealing city-fringe location and lower prices compared to Districts 1 and 2.

Meanwhile, shophouse rents islandwide declined for the second consecutive quarter, with a 2.6% quarter-on-quarter decrease to $6.47 per square foot per month in 4Q2024. However, for the entire year, shophouse rents increased by 1.7%.

In conclusion, while the shophouse market has been relatively subdued in 2024, there were still a significant number of deals, with some non-caveated transactions amounting to substantial amounts. The decrease in rents could make shophouses a more appealing option for investors looking for potential bargains.

One crucial factor to consider when investing in condos in Singapore is the government’s property cooling measures. In recent years, the Singaporean government has implemented several measures to prevent speculative buying and maintain a steady real estate market. Among these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign investors and those purchasing multiple properties. Although these measures may affect the initial profitability of condo investments, they also contribute to the overall stability of the market, making it a more secure investment environment for buyers. Additionally, investing in condominiums in Singapore offers long-term benefits in terms of stability, thanks to these government initiatives.…

CBRE released their Singapore Market Outlook 2025 report on Jan 23, which stated that the real estate market may experience divergent outcomes in the next 12 months due to uncertain macroeconomic conditions.

On one hand, easing inflation and interest rates are expected to provide some relief for the property market in 2025. However, Moray Armstrong, managing director of advisory services at CBRE, warns that slowing economic growth could negatively impact property demand. The Ministry of Trade and Industry projects Singapore’s GDP growth to be between 1% and 3% in 2025, lower than the 4% growth seen in 2024.

Armstrong also points out that other factors such as ongoing geopolitical tensions, a new US administration with a nationalistic economic agenda, and the release of the URA Master Plan 2025 could affect the market. Despite these uncertainties, there are still opportunities for those who can capitalize on emerging trends.

CBRE’s head of research for Singapore and Southeast Asia, Tricia Song, shares the same optimism, noting that the limited new supply and stable demand will continue to support the property market. She predicts that the Singapore real estate market will remain stable and resilient, making it an attractive option for investors.

The report also reveals that developer sales volume in Q4 2024 tripled to 3,511 units, with prices rising by 2.3%. While there were speculations of possible cooling measures, CBRE believes this is unlikely unless prices increase significantly in the coming quarters.

Developers are expected to launch around 12,000 to 14,000 new units this year, almost double the 6,647 units launched in 2024. CBRE forecasts 7,000 to 8,000 units to be sold in 2025, resulting in a price growth of 3% to 6%. Rental rates are also expected to grow by 1% to 3%.

The report also highlights the limited supply in the prime office and retail sectors, which will support rental rates. The office market saw a slower growth of 0.4% in core CBD (Grade A) rents in 2024, while retail rental growth was 2%.

However, with economic growth expected to slow in 2025, the office leasing market may remain muted due to uncertainties. But a limited supply of new offices in the next three years and a flight to quality by occupiers will support rental growth of around 2%.

The expected supply of new retail space will also drop in 2025, which will help support rental growth of 2% to 3%. In the industrial sector, prime logistics rents are projected to remain steady as demand from occupiers has been subdued, but supply is expected to increase in 2025.

Investing in a condo in Singapore comes with numerous benefits, among which is the potential for significant capital appreciation. As a leading global business hub with a robust economy, Singapore offers constant demand for real estate. Its property prices have also displayed a steady upward trend over the years, with prime locations experiencing substantial appreciation. For investors, timing is crucial, as buying into the market at the right time and holding onto the property for the long term can result in considerable capital gains. This is especially true for Singapore projects, located in prime areas, that have consistently shown impressive appreciation.

CBRE also predicts that real estate investment volume in Singapore will continue to grow, with investors showing interest in the industrial and logistics sector, followed by residential and office properties. The expected growth is 10% year-on-year, but this could change depending on macroeconomic factors.

Overall, despite uncertainties, the report concludes that the Singapore real estate market will remain stable and resilient, making it a popular choice for investors globally.…

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The sale of a three-bedroom unit at Palm Spring has made history as the most profitable resale transaction between Jan 14 and 28. According to records, the 1,884 sq ft unit on the fourth floor was sold for $4.4 million ($2,336 psf) on Jan 20. The seller had originally purchased the unit for $1.21 million ($642 psf) in August 2005, making a profit of $3.19 million (264%) on the sale. This translates to an annualised profit of 6.8% over a period of almost 20 years.

This sale has also set a new record for the highest profit attained in a resale transaction at Palm Spring, surpassing the previous record of $2.56 million (185%) for a 1,970 sq ft unit on the first floor, which was sold for $3.94 million ($2,000 psf) in April 2023. The unit was initially bought for $1.38 million ($701 psf) in January 2003.

Palm Spring, a freehold condominium located in the prestigious District 10, has consistently seen an upward trend in prices over the past 20 years. According to data from EdgeProp Singapore, the average transacted price in January was around $2,342 psf, a significant increase from $1,439 psf in January 2015. In January 2005, the average price was only $973 psf.

Interestingly, last year saw two units at Palm Spring being sold. In September, a 947 sq ft unit changed hands for $2.19 million ($2,312 psf), resulting in a profit of $990,000. In October, a 1,496 sq ft unit was sold for $3.36 million ($2,246 psf), making a profit of $2.24 million.

The pressing demand for condominiums in Singapore can be attributed to the country’s limited land supply. As a small island nation experiencing rapid population growth, Singapore struggles with a scarcity of available land for development. As a result, strict land use policies have been implemented, creating a highly competitive real estate market where property values continue to rise. This makes investing in real estate, particularly in Singapore condos, an attractive opportunity for potential investors, as the potential for capital appreciation is high.

Palm Spring, which boasts 167 units and was completed in 1997, is situated on Ewe Boon Road and is just a stone’s throw away from Stevens MRT Interchange on the Downtown (DTL) and Thomson-East Coast Lines, as well as Newton MRT Interchange on the North-South Line and DTL.

Apart from this record-breaking sale at Palm Spring, the second most profitable resale transaction during the same period was the sale of a four-bedroom unit at Orchard Bel Air. This transaction resulted in a profit of $3 million (182%) when the 3,229 sq ft unit on the 12th floor was sold on Jan 15 for $4.65 million ($1,440 psf). The unit was bought for $1.65 million ($511 psf) in May 2001, translating to an annualised profit of 4.5% over a span of almost 24 years.

The most profitable resale transaction at Orchard Bel Air, however, is still held by a 6,512 sq ft penthouse unit on the 25th floor that was sold for $8.3 million ($1,275 psf) in January 2013. The unit was originally bought for $3.83 million ($588 psf) in March 2006.

Orchard Bel Air, a 99-year leasehold condominium situated on Orchard Boulevard in prime District 10, was completed in 1984 and has approximately 54 years left on its land tenure. Right next to it is a government land sale (GLS) site on Orchard Boulevard that was awarded to a UOL-SingLand joint venture in February 2021 for $428.28 million or $1,617 psf per plot ratio.

On the other hand, the most unprofitable transaction during the period in review occurred at Marina Bay Suites, where the sale of a 1,625 sq ft unit on the 58th floor resulted in a loss of $1.15 million (27%) when it was sold on Jan 24 for $3.1 million ($1,907 psf). The unit had previously been sold for $4.25 million ($2,614 psf) in May 2012, resulting in an annualised loss of 27% over a period of close to 13 years.

This transaction is the latest in a series of unprofitable deals at Marina Bay Suites, with 14 consecutive loss-making transactions reported in the past nine months. Losses during this period ranged from $40,000 to $2.5 million.

Marina Bay Suites is a 99-year leasehold condominium that is part of the six-tower Marina Bay Financial Centre mixed-use development located at Central Boulevard and Marina Boulevard. This 221-unit development, consisting of a 66-storey residential tower with a mix of three- and four-bedroom units, was completed in 2010.

A comparison of resale prices by EdgeProp Singapore shows that the average selling price at Marina Bay Suites has been on a declining trend, falling from $2,502 psf in January 2015 to $1,921 psf as of January 2023. Surrounding 99-year leasehold condominiums command higher resale prices, such as The Sail @ Marina Bay ($2,047 psf), Marina Bay Residences ($2,242 psf), Marina One ($2,103 psf), and V on Shenton ($2,027 psf).…