A 3,767-square-foot unit at The Arcadia has set a record for the most profitable resale transaction in the last three weeks of December. Located on the seventh floor, the four-bedroom unit sold for $4.75 million ($1,261 psf) on Dec 10, providing the seller with a whopping profit of $3.25 million (217%). According to property caveats, the unit was purchased in 1998 for $1.5 million ($398 psf), which means the resale generated an annualised profit of 4.5% over a span of 26 years.
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Last year, a total of five units at The Arcadia, ranging from 3,714 sq ft to 3,821 sq ft, were sold for profits that ranged from $60,000 to $3.25 million. The second most profitable transaction in the last three weeks of 2024 was the sale of a 2,077 sq ft unit at Tanglin Hill Meadows on Dec 10. The unit was purchased in 1999 for $1.8 million ($866 psf) and was sold for a handsome profit of $2.7 million (150%), at $4.5 million ($2,166 psf).
Meanwhile, at Seascape, a 2,174 sq ft unit on the seventh floor was sold for a loss of $1.97 million (33%) on Dec 18. The unit was purchased in 2011 for $5.95 million ($2,736 psf) and was sold for $3.98 million ($1,830 psf), resulting in an annualised loss of 2.5% over a period of 13 years.
The Arcadia, located in prime District 11, is a 99-year leasehold condo with 164 units. Completed in 1983, the development has about 54 years remaining on its land tenure. It is surrounded by landed estates and Good Class Bungalows, as well as top schools such as Raffles Girls Primary School, Hwa Chong Institution and National Junior College.
Over at Tanglin Hill Meadows, a freehold condo in prime District 10 with only 20 units, the seller of a 2,077 sq ft unit netted a profit of $2.7 million (150%) when it was sold on Dec 10. The previous record for the most profitable transaction at the development was set in 2010, when a 2,002 sq ft unit was sold for $3.73 million ($1,863 psf), providing the seller with a profit of $2.28 million (157%).
On the other hand, the seller of a 2,174 sq ft unit at Seascape incurred a loss of $1.97 million (33%) when the unit was sold on Dec 18. (Picture: Samuel Isaac Chua/)
Seascape, a 99-year leasehold condo in Sentosa Cove, proved to be less than profitable for its sellers last year. Of the three resale transactions at the development, all resulted in losses ranging from $1.75 million to $2.53 million. The most significant loss was recorded in August, when a 2,680 sq ft unit was sold for $4.5 million ($1,679 psf), incurring a loss of $2.53 million.
Completed in 2012, Seascape comprises 151 units, all of which face the South China Sea. The eight-storey development offers three- to four-bedroom units spanning 2,164 sq ft to 4,069 sq ft. There are also penthouses of 3,380 sq ft to 4,252 sq ft and sky villas that span 6,631 sq ft to 9,666 sq ft.
Overall, the prime District 11 continues to be a sought-after location for property investments, with profitable resale transactions at The Arcadia and Tanglin Hill Medows. However, buyers should take note of the potential losses at Seascape due to its limited land tenure and possibly oversupplied market for luxury condos in Sentosa Cove.