In summary, there are many benefits to be gained from investing in a condo in Singapore, such as a high demand in the market, potential for an increase in value over time, and attractive rental yields. However, it is crucial to take into account various factors, including the location, financing options, government regulations, and current market conditions. With thorough research and guidance from professionals, investors can make informed decisions and optimize their returns in the ever-evolving real estate scene in Singapore. Whether you are a local investor seeking to expand your portfolio or a foreign buyer searching for a reliable and profitable investment, the condos in Singapore, including the Singapore Projects, provide a compelling opportunity.
A four-bedroom unit at The Sovereign measuring 2,637 sq ft was sold for a record-breaking price of $6.5 million on July 24, making it the most profitable resale transaction during the week of July 22 to 29. The seller of the unit on the 16th floor made a whopping profit of $3.5 million (116.7%) from the transaction, which was completed at a rate of $2,465 per square foot.
Upon further research, it was discovered that the seller had previously bought the unit in February 2007 for around $3 million ($1,138 psf). This translates to an annualised profit of 4.3% over more than 18 years, making it a highly profitable investment. In fact, based on lodged caveats, this transaction is ranked the fifth most profitable deal to date at The Sovereign, falling just $804,100 short of the development’s record gain of $4.3 million.
The Sovereign is a freehold condo in District 15, completed in 1993. It has a single tower with a total of 87 residential units, consisting of four-bedroom units ranging from 2,637 to 3,305 sq ft. The condo is within walking distance to Tanjong Katong MRT Station on the Thomson-East Coast Line.
In addition, another highly profitable resale transaction occurred during the same week at Waterfall Gardens, where a 4,036 sq ft penthouse unit on the 11th floor was sold for $8.08 million ($2,002 psf) on July 28. The seller had purchased the unit directly from the developer in February 2007 for around $6.22 million ($1,542 psf), resulting in a profit of $1.86 million (29.9%) after holding it for more than 18 years. This deal marks the most profitable resale transaction recorded at Waterfall Gardens, surpassing the previous record gain of $1.57 million.
Located along Farrer Road in prime District 10, Waterfall Gardens is a freehold condo comprising mainly three- and four-bedroom apartments measuring 1,829 to 2,583 sq ft. It also has 12 penthouse units ranging from 3,380 to 4,844 sq ft.
On the other hand, the most unprofitable condo resale transaction during the week occurred at Devonshire Residences, where a 947 sq ft, one-bedroom unit was sold for $1.55 million ($1,636 psf) on July 22. The seller, who had bought the unit for around $2.46 million ($2,599 psf) in April 2011, suffered a loss of $912,200 (37%) after owning the unit for slightly more than 14 years. This marks the biggest loss incurred on a unit at Devonshire Residences to date.
Devonshire Residences is a freehold development in prime District 9, completed in 2015. It has 85 units comprising mainly one-bedroom apartments of 495 to 829 sq ft, as well as one-bedroom penthouse units measuring 818 to 1,055 sq ft. The development has recorded four transactions this year, all of which were unprofitable.