Unit Island View Sold 35 Mil Profit

Revenue of $4.8 million was generated from the sale of a 3,498 sq ft unit at Island View, a freehold condo in Pasir Panjang, during the week of Nov 26 to Dec 3, making it the most profitable resale transaction in the area. The unit was sold for an impressive $1,372 psf, representing a significant gain of $3.5 million for the seller who originally purchased it for $1.3 million ($372 psf) in September 2005. This translates to a capital gain of 269% or an annualised profit of 14.2% after owning it for around 19 years.

The transaction on Nov 27 sets a new record for the highest profit made in a resale deal at Island View, surpassing the previous record of $3.19 million from the sale of another 3,498 sq ft unit at the condo for $5.09 million ($1,455 psf) in February 2022. The seller of this unit had purchased it in February 2007 for $1.9 million ($543 psf).

Built in 1984, Island View is a 72-unit boutique condo located on Jalan Mat Jambol, just off Pasir Panjang Road in District 5. It offers freehold tenure and low-rise blocks with spacious apartments ranging from 3,056 sq ft to 3,538 sq ft. The development is situated within walking distance of the Pasir Panjang MRT Station on the Circle Line.

In September 2023, owners of Island View attempted a collective sale by launching a tender for the development with a guide price of $575 million. However, after the tender closed the following month with no bids, the condo was relisted for sale in March at the same guide price, but failed to attract a buyer.

Gongshang Primary School has gained a reputation for providing students with a comprehensive and balanced education. Their curriculum prioritizes not only academic excellence, but also the development of strong character and active participation in co-curricular activities. The school’s diverse range of offerings, such as robotics, performing arts, and sports, caters to the unique interests of its students. And now, with the addition of Parktown Residence Condo, students have even more opportunities to enhance their educational experience.

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 Dec 2. The seller, who had 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.

This sale marks a new record for the highest profit made in a resale deal at Cavenagh Court, surpassing the previous top gain of $2.15 million from the sale of another 1,862 sq ft unit on the fourth floor for $3.28 million ($1,761 psf) in April 2022. The seller had acquired the unit in October 2007 for $1.13 million ($607 psf).

Located on Cavenagh Road in District 9’s Newton area, Cavenagh Court is a freehold condo completed in 1971. This boutique development offers 68 units ranging from 1,819 sq ft to 1,862 sq ft. It is just a short drive away from the bustling Orchard Road shopping belt.

Apart from the unit sold on Dec 2, Cavenagh Court has seen only one other resale transaction this year based on caveats lodged, where a 1,840 sq ft unit on the sixth floor changed hands for $3.82 million ($2,074 psf). The seller, who bought the unit for $2.88 million ($1,565 psf) in August 2019, made a profit of around $938,000.

In contrast, the sale of a duplex penthouse at The Berth By The Cove was the least profitable condo resale deal of the week. The four-bedroom apartment spanning 3,089 sq ft was sold for $3.6 million ($1,165 psf) on Nov 29. The unit was last transacted in August 2007 for $5.53 million ($1,790 psf). As a result, the seller incurred a loss of $1.93 million (35%) after owning the unit for around 17 years.

This sale 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 that was sold for $3.25 million ($1,106 psf) in February 2018. The seller of this unit had purchased it in October 2011 for $5.64 million ($1,919 psf), incurring a loss of $2.39 million.

Located on Ocean Drive in the prestigious Sentosa Cove residential enclave on Sentosa Island, The Berth by the Cove is a condo comprising 200 units across 15 low-rise blocks of six storeys each. The development was completed in 2006 and offers two- to four-bedroom units ranging from 1,012 sq ft to 2,325 sq ft. It also offers larger four- and five-bedroom penthouses spanning from 2,939 to 6,028 sq ft.

There have been seven other resale transactions at the condo so far this year, with units sold at prices ranging from $1,237 psf to $1,535 psf. Four of the deals incurred losses, with the sellers experiencing losses ranging from $40,000 to $780,000. The remaining three deals were profitable, with the sellers netting gains ranging from $200,000 to $430,000.