Resale condo unit nets $3.1 mil profit at Palm Spring in prime District 10
The gain signals strong long-term value retention for spacious freehold District 10 homes, potentially reinforcing seller confidence, although annualised returns were a moderate 5.9%.
A Palm Spring three-bedroom unit sold for $4.25 million on Aug 14, generating a $3.1 million profit after nearly 23 years.
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A three-bedder at Palm Spring, a freehold condo on Ewe Boon Road in prime District 10, was the most profitable resale condo transaction during the week of Aug 11 to 18.
The 1,884 sq ft unit on the third floor changed hands for $4.25 million ($2,256 psf) on Aug 14. It had been purchased in 2003 for $1.15 million ($611 psf). That works out to a profit of $3.1 million, or 5.9% when annualised over a holding period of nearly 23 years.
This ranks as the second most profitable resale at Palm Spring to date. Its biggest gain stands at $3.19 million, when another three-bedder of the same size was sold for $4.4 million last January. The seller had bought the apartment for $1.21 million in 2005.
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This year, Palm Spring has recorded four other resale deals that were all in the black, going by caveats lodged. These units raked in profits of $1.36 million to $2.38 million.
Completed in 1997, the 167-unit Palm Spring offers spacious two- to four-bedroom layouts, sized between 947 and 3,014 sq ft.
The freehold development sits within the Tanglin Planning Area, off Bukit Timah Road, Balmoral Road and Stevens Road. In the vicinity are several schools, including Anglo-Chinese School (Primary), Anglo-Chinese School (Barker Road), Singapore Chinese Girls’ Primary School and St Joseph’s Institution.
As for amenities nearby, Palm Spring is a 13-minute walk to Balmoral Plaza shopping mall, while Tanglin Mall and the Orchard Road retail belt are about an eight-minute drive away.
Second on the list of the week’s most profitable condo resales was a unit at One Amber, in the East Coast in District 15.
The seller of the four-bedroom apartment garnered a gain of $2.06 million, or 4.2% on an annualised basis over a holding period of almost 17 years.
Read also: Seller of five-bedder at Leedon Residence reaps $3.75 mil profit
The 1,701 sq ft unit on the 13th floor was sold for around $4.09 million ($2,404 psf) on Aug 11. It had been purchased in 2009 for about $2.02 million ($1,190 psf).
Still, this is not the most profitable resale at One Amber so far. A deal this February raked in the development’s largest gain, when the sale of a four-bedder reaped a $2.47 million profit. The owner had bought it for $1.3 million back in 2009 before selling it for $3.77 million this year.
One Amber has recorded eight other caveated resale transactions this year, all of which were profitable. These units were priced between $2.22 million and $3.5 million, netting profits ranging from $380,000 to $1.91 million.
Completed in 2010, One Amber is a freehold condo comprising four 23-storey towers, totalling 562 units. It has a mix of one- to four-bedders spanning 570 to 3,100 sq ft, alongside four-bedroom penthouses measuring from 2,659 to 3,541 sq ft.
Located along Amber Gardens off Mountbatten Road, the condo is a 10-minute walk to Tanjong Katong MRT Station. Malls nearby include Katong Shopping Centre, Katong V and Parkway Parade.
Meanwhile, the steepest loss among condo resales during the period in review came from a two-bedder at Skyline @ Orchard Boulevard, a freehold luxury boutique apartment along Angullia Park in District 9.
Read also: Seller at The Morningside in District 9 reaps $3.54 mil profit
The owner incurred a loss of more than $1.78 million, which translates to 1.9% when annualised over 16 years.
They had bought the 1,744 sq ft, two-bedroom unit from the developer for $6.58 million ($3,776 psf) in 2010, and resold it for $4.8 million ($2,753 psf) on Aug 13.
This marks the first unprofitable resale transaction at the development to date, based on caveat data. The 40-unit project, completed in 2015, has recorded only five caveated resales since 2010.
Skyline @ Orchard Boulevard offers 33 storeys of large-format residences, each with a spacious balcony overlooking Orchard Road. They include two- to four-bedders, as well as a triplex penthouse measuring 9,494 sq ft with two private lifts.
The development is a few minutes’ walk to Ion Orchard and Wheelock Place.