Rewritten:
The Trizon, a prestigious 289-unit condominium located on Ridgewood Close, recorded the most profitable resale transaction of the week, from Feb 25 to March 4. The property, a 5,737 sq ft penthouse on the 23rd floor, was sold for $9.76 million ($1,701 psf) on Feb 27. The seller, who had initially purchased the unit in March 2016 for $6.55 million ($1,142 psf), made a remarkable profit of $3.2 million (49%). This translates to an annualized gain of 4.5% over a period of nine years, making it the second most profitable resale transaction at The Trizon to date.
The highest recorded profit at The Trizon was achieved two years ago when a 7,083 sq ft penthouse was sold for $11 million ($1,553 psf) in August 2023. The seller had bought the unit for $7.1 million ($1,002 psf) in November 2019, earning a record profit of $3.9 million (55%). This equates to an annualized gain of 12% over a period of close to four years.
Situated in prime District 10, The Trizon is a freehold development in close proximity to the Mount Sinai landed enclave and the private residential estates of Pandan Valley and Pine Grove. Nearby private residential developments include Pandan Valley, Pinetree Hill, and Nava Grove, which are new 99-year leasehold projects with 520 and 552 units respectively.
The average resale price at The Trizon, based on resale caveats compiled by EdgeProp Singapore, is approximately $2,017 psf. In comparison, nearby Pandan Valley, a sprawling 605-unit development, has an average price of $1,449 psf while Ridgewood Condo, a 999-year leasehold development with 425 condo units and 38 landed units, commands an average price of $1,728 psf.
Launched for sale in July 2023, Pinetree Hill has recorded average selling prices of $2,550 psf, compared to an average of $2,458 psf since its launch until the end of 2024, based on lodged caveats. The 520-unit development is currently 78% sold. Similarly, the 552-unit Nava Grove, launched in November 2019, is 75% sold with an average selling price of $2,460 psf.
The second most profitable resale transaction during the week was recorded at Haig Court on Feb 27. A 1,442 sq ft three-bedroom unit on the third floor was sold for $2.84 million ($1,968 psf). This unit was previously purchased for just $798,868 ($554 psf) in 2005, earning the seller a profit of $2.04 million (255%). This equates to an annualized gain of 6.8% over a period of 19 years.
Located in District 15, Haig Court is a freehold development completed in 2004 with 360 units. It is centrally located in Marine Parade with easy access to shopping malls such as Katong Shopping Centre, Roxy Square, and I12 Katong. The condo is also near reputable schools like Chung Cheng High School, Tanjong Katong Girls’ School, Tanjong Katong Secondary School, and the Tanjong Katong campus of the Canadian International School. It is next to two new 99-year leasehold private residential projects, Emerald of Katong (846 units) and Tembusu Grand (638 units). Other new projects in the vicinity include The Continuum (816 units), a freehold development on Thiam Siew Avenue, and Grand Dunman (1,008 units), a 99-year leasehold project on Dunman Road.
In 2020, Haig Court had eight resale transactions with profits ranging from $450,000 to $2.06 million. So far in 2021, there have been two resale transactions at the condo, with the most recent sale being a 1,453 sq ft unit that fetched $3.02 million ($2,078 psf) on Jan 17, earning the seller a profit of $2.13 million.
Conversely, the most unprofitable resale transaction during the week occurred at Orchard Scotts, where a 2,228 sq ft unit was sold for $3.78 million ($1,696 sf) on Feb 25. This unit was bought for $4.35 million ($1,955 psf) in 2010, resulting in a loss of $576,000 (13%). This equates to an annualized loss of 1% over 15 years.
According to EdgeProp Singapore’s compilation of resale caveats, prices at Orchard Scotts have been on a decline in recent years. In March 2010, units were typically sold at an average of $2,061 psf, but this has since dropped to $1,747 psf in March 2020. Prices have slightly picked up in recent months, with an average of $1,760 psf last month.
Orchard Scotts is a 99-year leasehold condo located on Anthony Road in prime District 9. Completed in 2008, the development has 387 units comprising two- to five-bedroom units ranging from 936 sq ft to 4,435 sq ft.