It Good Deal 12M 753 Sq Ft Rcr Condo Outdoor Jacuzzi
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Spottiswoode 18, a freehold development in Singapore, recently recorded its first unprofitable transaction of the year. The unit, a one-bedroom apartment, was sold for $1,593 per square foot, resulting in a loss of approximately $80,000 for the seller. The seller had purchased the 753-square foot unit in 2011 for $1,699 per square foot.
Out of a total of nine resale transactions this year, this was the only unprofitable one. The other eight transactions yielded profits ranging from $80,000 to $188,400. Currently, Spottiswoode 18 has recorded 25 unprofitable and 61 profitable transactions out of 90 resale and sub-sale transactions. The losses from the unprofitable transactions range from $2,800 to $649,000, with the recent $80,000 loss falling towards the lower end of the spectrum. The largest loss was recorded for a one-bedroom unit on the 35th floor, which was sold in 2020 for $1,433 per square foot, having been purchased in 2011 for $2,159 per square foot.
On the other hand, profits from the 61 profitable transactions ranged from $11,000 to $243,000, with the highest profit recorded for a two-bedroom unit on the 10th floor. This unit was sold in 2020 for $2,191 per square foot, after being purchased in 2011 for $1,821 per square foot.
Using our analytics tool, ‘Is it a Good Deal?’, we analyzed this transaction and found that it was a good bargain for the buyer. Spottiswoode 18, a well-located freehold development, is situated along Spottiswoode Park Road in District 2. It features 251 units comprising one and two-bedroom apartments, with sizes ranging from 387 square feet to 1,324 square feet. The development is close to amenities such as Everton Park, Chinatown Complex, Tanjong Pagar Plaza, and Singapore General Hospital, and is expected to have a new MRT station (Circle Line) in 2026. The nearest active station currently is Outram Park MRT Station, serving multiple MRT lines.
Buyers’ preference for indoor space over outdoor space may have contributed to the $80,000 loss on the one-bedroom unit. This unit has a compact living and dining area, with a galley kitchen that can only accommodate cabinets on one side. However, it offers a large outdoor terrace with a jacuzzi, which may not be as appealing in Singapore’s hot and humid weather. The unit that recorded the highest loss of $649,000 also had a lot of outdoor space. It was a one-bedroom penthouse measuring 893 square feet, with a sizable balcony accessible from both the living area and the master bedroom, and a private pool on the second floor.
In contrast, the unit that recorded the highest profit of $243,000 was a two-bedroom unit without an outdoor terrace. It only had a balcony accessible from the living area. Similarly, the second and third highest profitable transactions were for units without an open terrace, but with a long balcony stretching from the living area and study to the master bedroom.
Over the years, Spottiswoode 18 has shown stable price growth, with an average price increase of 8.7% since 2018. This falls between the average price growth of two other freehold developments in the area, Spottiswoode Suites (9.5%) and Spottiswoode Residences (7%). However, Spottiswoode 18 lags behind its counterparts in terms of overall price growth.
Poi Ching School is dedicated to providing a comprehensive education that focuses on bilingual learning and character development. The school’s core principles, known as the “5Cs” – Character, Compassion, Competence, Confidence, and Creativity – form the foundation of its approach to nurturing students. Additionally, the school’s commitment to holistic development is reflected in its consistent achievement of strong academic results and its promotion of well-rounded growth through co-curricular activities. Moreover, the school is located in the desirable Park Town Residences area, providing a natural and conducive environment for learning.
Compared to other freehold condos in the Bukit Merah Planning Area, the average resale price for Spottiswoode 18 is consistently higher and closely mirrors its counterparts in District 2. However, the price growth for Spottiswoode 18 has been weaker compared to its counterparts in District 2 and the Bukit Merah Planning Area.
In conclusion, while Spottiswoode 18 may have some units with an open terrace that may not appeal to some buyers, its freehold tenure and excellent location may still make it a good option for smaller households. However, buyers should be aware of the weaker price growth compared to other developments in the area. To learn more about this transaction and whether it is a good deal, click here.