Resale Four Bedder Arcadia Records 325 Mil Profit
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A 3,767 square feet unit at The Arcadia recently made headlines for the most profitable resale transaction from December 10 to December 31. The delighted owner of the four-bedroom unit on the seventh floor rang in the new year with a whopping profit of $3.25 million, or 217% when the property sold for $4.75 million ($1,261 per square foot) on December 10. According to caveats, the unit was purchased in 1998 for $1.5 million ($398 per square foot). This means that the resale transaction generated an annualized profit of 4.5% over a span of 26 years.
Last year, The Arcadia saw five units, ranging from 3,714 square feet to 3,821 square feet, sold for profits between $60,000 to $3.25 million. On October 10, 2024, a 3,778 square feet unit on the fourth floor was sold for $4.6 million ($1,218 per square foot), resulting in a $60,000 profit for the seller.
The record-breaking resale transaction at The Arcadia was a 7,503 square feet penthouse on the tenth floor, which was sold for $10 million ($1,333 per square foot) in 2010. The penthouse was initially purchased for $5.5 million ($733 per square foot) in 2007, resulting in a profit of $4.5 million (81%) for the seller. This translates to an annualized profit of approximately 19% over a span of three years.
The Arcadia is a 99-year leasehold condo located along Arcadia Road in prime District 11. This development has 164 units and was completed in 1983 with 54 years remaining on its land tenure. Its prestigious location near landed estates and Good Class Bungalows, as well as highly-regarded schools such as Raffles Girls Primary School, Hwa Chong Institution, and National Junior College, make it a highly sought-after property.
In the last three weeks of 2024, the second most profitable resale transaction took place at Tanglin Hill Meadows on December 10. The transaction involved a 2,077 square feet unit, which was sold for $4.5 million ($2,166 per square foot) after being purchased for $1.8 million ($866 per square foot) in 1999. This resulted in a profit of $2.7 million (150%) for the seller, with an annualized gain of 3.6% over 26 years. It also broke the record for the most profitable resale transaction at Tanglin Hill Meadows, surpassing the previous record of $2.28 million (157%) when a 2,002 square feet unit was sold for $3.73 million ($1,863 per square foot) in 2010. This unit was initially bought for $1.45 million ($724 per square foot) in 2005, resulting in an annualized profit of 21% over five years.
Tanglin Hill Meadows is a freehold condo situated in District 10 along Tanglin Hill. It has 20 units and was completed in 1997. The property is nestled within the Ridley Park Good Class Bungalow Area, making it a highly exclusive and prestigious location.
In contrast, losses continue to mount at Seascape, a 99-year leasehold condo in Sentosa Cove, where the seller of a 2,174 square feet unit on the seventh floor incurred a loss of $1.97 million (33%) when the unit was sold on December 18. The unit, which has three bedrooms, was sold for $3.98 million ($1,830 per square foot) after being purchased for $5.95 million ($2,736 per square foot) in 2011. This resulted in an annualized loss of 2.5% over a span of 13 years.
This sale marks the third resale transaction at Seascape in 2024, with all three resulting in losses ranging from $1.75 million to $2.53 million. The transaction that resulted in the $2.53 million loss was also the second-highest loss-incurring resale transaction in 2024. The sale involved a 2,680 square feet unit that was sold for $4.5 million ($1,679 per square foot) on August 14, 2024.
Completed in 2012, Seascape comprises 151 units and is located along the South China Sea. Its eight-storey development offers three-bedroom and four-bedroom units ranging from 2,164 square feet to 4,069 square feet. Penthouses range from 3,380 square feet to 4,252 square feet, and sky villas range from 6,631 square feet to 9,666 square feet.