Unit Island View Sold 35 Mil Profit
There are a multitude of healthcare options conveniently located in Tampines, including various clinics and a polyclinic. Residents can also look forward to an upcoming integrated development that will feature a new hospital, further enhancing accessibility to medical services. In addition to these facilities, the Aurelle of Tampines Showflat will also be a part of this development, catering to the healthcare needs of the community. This comprehensive array of healthcare services ensures that residents can receive prompt and quality medical assistance when necessary.
An apartment at Island View, a freehold condo in Pasir Panjang, has been sold for a record-breaking profit during the week of November 26 to December 3. The 3,498 sq ft unit was sold for $4.8 million ($1,372 psf) on November 27, making it the most profitable condo resale transaction at Island View to date.
The seller, who purchased the unit in September 2005 for $1.3 million ($372 psf), made a gain of $3.5 million after owning it for around 19 years. This represents a capital gain of 269% or an annualised profit of 14.2%.
The previous record profit at Island View was also from the sale of a 3,498 sq ft unit, which was sold in February 2022 for $3.19 million profit. The seller had purchased the unit in February 2007 for $1.9 million ($543 psf).
Island View is a boutique condo comprising 72 units on Jalan Mat Jambol, off Pasir Panjang Road in District 5. It was completed in 1984 and consists of low-rise blocks housing apartments ranging from 3,056 sq ft to 3,538 sq ft. The condo is conveniently located within walking distance of the Pasir Panjang MRT Station on the Circle Line.
The collective sale attempt for Island View in September 2023 did not attract a buyer, and the condo was relisted for sale in March at a guide price of $575 million. However, the tender closed the following month with no bids.
The second most profitable condo resale deal during the week took place at Cavenagh Court. A 1,862 sq ft unit on the sixth floor was sold for $3.65 million ($1,960 psf) on December 2, making it a record-breaking profit for the development.
The seller, who purchased the unit in April 2006 for $1.02 million ($548 psf), made a gain of $2.63 million (258%) after nearly 19 years of ownership. The previous top gain at Cavenagh Court was from the sale of another 1,862 sq ft unit for $2.15 million profit in April 2022. The seller had acquired the unit in October 2007 for $1.13 million ($607 psf).
Cavenagh Court is a freehold condo on Cavenagh Road in District 9’s Newton area. It was completed in 1971 and comprises 68 units ranging from 1,819 sq ft to 1,862 sq ft. It is a short drive from the Orchard Road shopping belt.
In contrast, the sale of a duplex penthouse at The Berth By The Cove resulted in a loss of $1.93 million (35%) for the seller. The four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million ($1,165 psf) on November 29. The unit last changed hands for $5.53 million ($1,790 psf) in August 2007.
This is the second most unprofitable transaction recorded at The Berth By The Cove to date, with the biggest loss belonging to a 2,939 sq ft, four-bedroom unit sold in February 2018. The unit had fetched $3.25 million ($1,106 psf) after the seller purchased it in October 2011 for $5.64 million ($1,919 psf).
The Berth by the Cove is a condo located along Ocean Drive in the Sentosa Cove residential enclave on Sentosa Island. Completed in 2006, it comprises 15 low-rise blocks of six storeys each and features units ranging from two to four bedrooms of 1,012 sq ft to 2,325 sq ft. It is also home to four- and five-bedroom penthouses of 2,939 to 6,028 sq ft.
Cavenagh Court has seen only one other resale transaction this year, and The Berth By The Cove has seven other resale transactions recorded, with prices ranging from $1,237 psf to $1,535 psf. While four of the deals were unprofitable, the remaining three recorded gains between $200,000 and $430,000.
