Record $5.4 mil profit from four-bedder at The Peak condo in District 5

At the top of the list of profitable condo resale transactions for the week of June 30 to July 7 is The Peak, a freehold condo in Pasir Panjang.

A 5,522 sq ft four-bedder on the second floor changed hands for $8.5 million, or $1,539 psf, on July 3. The owner previously purchased the unit in February 2005 for $3.1 million, or $561 psf.

The transaction works out to a profit of $5.4 million (174.2%), or an annualised gain of 4.8% over 21½ years.

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This is the most profitable deal at the development to date, surpassing the sale two years ago of a similarly sized four-bedroom apartment for $8.3 million. That seller garnered a then-record profit of $4 million, having bought the unit in 2006 for $4.3 million.

Completed in 1988, The Peak is a low-rise boutique condo on Pepys Road in District 5. It features 20 units spread across four four-storey blocks. These come exclusively in four-bedroom layouts sized between 4,349 and 5,543 sq ft.

Second on the list of profitable condo resale deals for the week in review is a transaction at Viva, a freehold development along Suffolk Walk.

On July 1, a 1,959 sq ft, four-bedroom unit on the sixth floor was sold for $5.39 million. It was purchased from the developer in August 2009 for $2.83 million. Thus, the seller raked in a profit of $2.56 million (90.7%), or a 3.9% gain annualised over nearly 17 years.

The most lucrative transaction at the development, however, remains a June deal in which a 2,486 sq ft four-bedder fetched $7 million, clinching a profit of $3.04 million. The same unit was acquired for $3.96 million in 2009.

Situated in District 11, the 235-unit Viva was completed in 2012. It comprises two- to four-bedroom units ranging from 1,323 to 1,991 sq ft. There are also four- to five-bedroom Sky Suites spanning 2,486 to 3,810 sq ft, and five-bedroom duplex penthouses of up to 6,339 sq ft.

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Based on caveats lodged, there have been resale deals for two other units at Viva this year. These units, which fetched $2.88 million and $3.75 million, netted profits of $1.09 million and $1.24 million, respectively.

Meanwhile, Belle Vue Residences in River Valley recorded the week’s most unprofitable condo resale deal.

On July 3, a 2,304 sq ft, four bedroom-plus-study unit changed hands for $5.1 million ($2,214 psf). The seller, who had bought it in 2012 for $6.72 million ($2,917 psf), incurred a loss of $1.62 million (24.1%), or a 1.9% annualised loss over a holding period of more than 14 years.

This deal represents the fifth-most unprofitable transaction at the condo so far. The steepest loss had come from the sale of a 3,552 sq ft three-bedder for $4.7 million in 2022. It was purchased in 2012 for $7.4 million, which means the seller was $2.7 million in the red from the sale.

Sitting on Oxley Walk in prime District 9, Belle Vue Residences is a freehold condo completed in 2010. The condo houses 176 units in its 10 five-storey blocks. They come in three- to four-bedroom configurations alongside five-bedroom penthouses, measuring from 1,561 to 5,005 sq ft.

According to EdgeProp Research data, Belle Vue Residences has seen nine resale deals this year — three of which were in the red. Excluding the transaction on July 3, the other two transactions involved three-bedders that were sold for $4.15 million and $3.8 million. The sellers incurred losses of $512,000 and $900,000, respectively.

Read also: Duplex penthouse at Nassim Park Residences sold for $4.15 mil profit