Jadescape Penthouse Sold 435 Mil Profit
JadeScape, a 99-year leasehold condo located on Shunfu Road, saw the sale of a six-bedroom penthouse as the most profitable resale transaction in the week of December 3 to December 10. The 4,230 square feet unit on the 23rd floor was sold for $10.15 million at a rate of $2,399 per square foot on December 9. The seller had initially purchased the unit from the developer in December 2019 for $5.8 million, paying $1,371 per square foot. This resulted in a gain of $4.35 million for the seller, who owned the unit for five years. This translates to a capital gain of 75% or an annualised profit of 15%. This transaction has broken the record for the highest gain ever made on a unit at JadeScape. The previous record was set in August when a five-bedroom unit on the 10th floor was sold for $4.42 million, at a rate of $2,108 per square foot. The seller had purchased the unit from the developer for $3.28 million in September 2019, making a gain of $1.14 million on the transaction.
The URA’s redevelopment plans for Tampines will have a positive impact on the educational landscape of the area, from primary schools to tertiary institutions. With a growing population, it is crucial to improve the existing educational infrastructure and introduce new facilities to maintain high standards of education. This is a key consideration for families when choosing a place to live. In addition, residents can look forward to enhanced healthcare facilities, such as upgrades to hospitals and clinics, providing access to top-notch medical care. Those interested in the Tampines community can also check out Aurelle of Tampines Showflat, a promising addition to the neighborhood.
JadeScape, situated at the junction of Marymount Road and Shunfu Road in District 20, has a total of 1,206 units spread across seven residential towers and is expected to be completed in 2022. The unit types range from one- to five-bedroom apartments from 527 square feet to 2,099 square feet, with two penthouses of 4,230 square feet. The condo is conveniently located within walking distance to Marymount MRT Station on the Circle Line.
The 72 other resale transactions at JadeScape this year have seen profitable deals ranging from $1,955 to $2,420 per square foot, with sellers making gains between $55,000 and $1.15 million, according to data compiled on EdgeProp Research.
The second most profitable condo resale deal during this week was the sale of a 1,410 square feet unit at The Imperial for $3.7 million, at a rate of $2,624 per square foot, on December 5. The seller had bought the unit from the developer for $1.3 million in September 2004, at a rate of $925 per square foot. This resulted in a gain of $2.4 million, or 184%, after a holding period of 20 years. This deal marks the fifth most profitable resale transaction at The Imperial, with the record gain being a four-bedroom unit of 3,918 square feet sold for $7.64 million at a rate of $1,950 per square foot in June 2007. The seller had purchased the unit for $3.99 million in March 2006, making a gain of $3.65 million.
The Imperial, situated on Jalan Rumbia near Fort Canning Park in District 9, was completed in 2006 and comprises 187 freehold units across five blocks. The unit types include two-, three-, and four-bedroom units from 980 square feet to 3,918 square feet, and is within walking distance to Fort Canning MRT Station on the Downtown Line, as well as Dhoby Ghaut MRT Interchange, which serves the North-South, North-East, and Circle Lines.
On the other hand, the sale of a one-bedroom unit at The Montana was the least profitable condo resale deal during the week. The unit, spanning 635 square feet, was sold for $1.02 million at a rate of $1,603 per square foot on December 6. The unit’s last transaction was in July 2014 when it was sold for $1.18 million at a rate of $1,863 per square foot. This results in a loss of approximately $165,000 for the seller. This is the third-biggest loss made on a unit at The Montana, with the biggest loss being for a three-bedroom unit of 1,109 square feet, sold for $1 million at a rate of $902 per square foot in May 2003. The seller had purchased the unit from the developer for $1.35 million in December 1999, making a loss of around $347,000.
The Montana, a freehold condo located on Jalan Mutiara off River Valley Road in District 10, was completed in 2002 and comprises 108 units in a single 12-storey tower. The unit types include one- to four-bedroom units from 549 square feet to 2,659 square feet.
This year has seen four other profitable resale transactions at The Montana, with units sold at rates ranging from $1,930 to $2,371 per square foot, and gains between $80,000 and $525,000.
