Seller at Marine Parade condo Haig Court scores $2.3 mil profit
The 266.4% gain signals substantial long-term value growth at the freehold Marine Parade condominium, although prime luxury resale outcomes remain uneven.
A 1,453 sq ft Haig Court unit sold for around $3.15 million on July 8, generating a $2.29 million profit after almost 22 years.
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Topping the list of profitable condo resale transactions over the week of July 7 to 14 was the sale of a three-bedder at Haig Court, a freehold condo in Marine Parade.
The 1,453 sq ft unit on the sixth floor changed hands on July 8 for around $3.15 million, or $2,168 psf. It was previously purchased in October 2004 for $859,656 ($592 psf). Hence, the seller raked in a profit of about $2.29 million (266.4%), or 6.2% on an annualised basis over a holding period of almost 22 years.
This marks the fifth-most profitable deal at the development, going by caveats lodged. The all-time high remains the $2.93 million profit involving a 4,037 sq ft, four-bedroom unit. The seller had bought it in October 2005 for $1.87 million, before selling it for $4.8 million in November 2007.
Read also: Record $5.4 mil profit from four-bedder at The Peak condo in District 5
Completed in 2004, Haig Court is a 360-unit development on Haig Road in District 15. Housed within four residential blocks, two- to five-bedders make up its unit mix. Retail and dining options at The Odeon Katong and Katong Shopping Centre are about a six-minute walk away.
Apart from the July 8 deal, Haig Court has recorded four other resale transactions this year — two of which were profitable. The units were sold for $2.17 million and $3.25 million, garnering profits of $908,000 and $1.7 million, respectively.
Coming in second on the gains’ table in the latest week in review was a three-bedroom unit at freehold condo One Jervois in prime District 10.
On July 7, the 1,496 sq ft unit on the sixth floor was sold for $3.7 million, scoring a profit of about $2.14 million (136.9%). The owner had originally purchased it for around $1.56 million in June 2006. That translates to an annualised gain of 4.4% across slightly over 20 years.
This is also One Jervois’ most profitable transaction to date, edging out the previous record of $2.11 million set in February 2014. That came from the $4.6 million sale of a 2,777 sq ft four-bedder, which the seller had previously bought for $2.49 million in June 2006.
Located along Jervois Close in prime District 10, One Jervois comprises 275 units. The development is within 1km of Alexandra Primary School and Zhangde Primary School, with River Valley Primary School and CHIJ St Theresa's Convent located within 2km.
Read also: Sale of four-bedder at Leonie Gardens condo rakes in profit of $2.93 mil
At the other end of the spectrum, the steepest loss among this week’s most unprofitable condo resales came from District 9 condo Grange Infinite.
On the 12th floor, a 2,088 sq ft three-bedder — initially purchased in September 2007 for $6.68 million — fetched $5.58 million on July 7. The sale yielded a difference of $1.1 million (16.5%), representing an annualised loss of 1% over nearly 19 years.
Despite the seven-figure loss, it is not the most unprofitable resale deal at Grange Infinite. The record remains with a 2,702 sq ft, three-bedroom unit that was purchased from the developer in 2009 for $9.19 million and later resold in December 2016 for $6.05 million, resulting in a $3.14 million loss.
Grange Infinite is a freehold luxury condo on Grange Road, completed in 2011. It houses 68 units within a single 36-storey residential block, with three- and four-bedders of 2,088 to 2,702 sq ft.