Jadescape Penthouse Sold 435 Mil Profit

is a game changer

A six-bedroom penthouse at JadeScape, a 99-year leasehold condominium located on Shunfu Road, has recently been sold for $10.15 million, the most profitable condo resale deal during the week of December 3 to December 10. The 4,230 sq ft unit on the 23rd floor was sold at the price of $2,399 per square foot on December 9. The seller had originally purchased the unit from the developer in December 2019 at the price of $5.8 million, which translates to $1,371 per square foot. This means that the seller has gained a profit of $4.35 million after owning the unit for five years, resulting in a capital gain of 75% or an annualised profit of 15%.

This transaction marks the biggest gain ever made on a unit at JadeScape, surpassing the previous record set by the sale of a 2,099 sq ft, five-bedroom unit on the 10th floor for $4.42 million ($2,108 psf) on August 12. The seller of this unit had purchased it from the developer in September 2019 for $3.28 million ($1,562 psf), making a profit of $1.14 million on the transaction.

JadeScape is situated at the junction of Marymount Road and Shunfu Road in District 20. It was completed in 2022 and has 1,206 units spread across seven residential towers, including one- to five-bedroom apartments ranging from 527 sq ft to 2,099 sq ft. There are also two penthouses measuring 4,230 sq ft. The condo is within walking distance of Marymount MRT Station on the Circle Line.

According to data compiled by EdgeProp Research, there have been 72 other resale transactions at JadeScape this year, with units sold at prices ranging from $1,955 psf to $2,420 psf. All of these transactions have been profitable for the sellers, with gains ranging from $55,000 to $1.15 million.

The second most profitable condo resale deal this week was the sale of a 1,410 sq ft, three-bedroom unit at The Imperial for $3.7 million ($2,624 psf) on December 5. The seller had purchased the unit from the developer for $1.3 million ($925 psf) in September 2004. As a result, the seller has gained $2.4 million (184%) after owning the unit for 20 years.

This transaction is the fifth most profitable resale deal at The Imperial. The record gain belongs to the sale of a four-bedroom unit measuring 3,918 sq ft for $7.64 million ($1,950 psf) in June 2007. The seller had purchased the unit for $3.99 million ($1,018 psf) in March 2006, resulting in a profit of $3.65 million.

The Imperial is situated on Jalan Rumbia, close to Fort Canning Park in District 9. Completed in 2006, it has 187 freehold units across five blocks. Units include two-, three- and four-bedroom apartments measuring between 980 sq ft and 3,918 sq ft. It is within walking distance of Fort Canning MRT Station on the Downtown Line as well as Dhoby Ghaut MRT Interchange, which serves the North-South, North-East and Circle Lines.

On the other hand, the sale of a one-bedroom unit at The Montana was the least profitable condo resale deal this week. The 635 sq ft unit was sold for $1.02 million ($1,603 psf) on December 6. The unit had previously changed hands in July 2014 for $1.18 million ($1,863 psf), resulting in a loss of approximately $165,000 for the seller.

This is the third-biggest loss recorded at The Montana, with the biggest loss belonging to the sale of a three-bedroom unit measuring 1,109 sq ft for $1 million ($902 psf) in May 2003. The seller had purchased the unit from the developer in December 1999 for $1.35 million ($1,215 psf), resulting in a loss of approximately $347,000.

The Montana is a freehold condo on Jalan Mutiara, located off River Valley Road in District 10. It was completed in 2002 and consists of 108 units in a single 12-storey tower. Units include one- to four-bedroom apartments measuring from 549 sq ft to 2,659 sq ft.

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There have been four other resale transactions at The Montana this year, all of which have been profitable. These units were sold at prices ranging from $1,930 psf to $2,371 psf, with gains ranging from $80,000 to approximately $525,000.