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Investing in a Singapore Condo has emerged as a top pick for both domestic and international investors, thanks to the country’s strong economy, stable political climate, and excellent quality of life. With a thriving real estate market, there is no shortage of opportunities in Singapore, but condos are particularly attractive due to their convenience, amenities, and potential for high returns. In this article, we will delve into the advantages, considerations, and steps involved in investing in a condo in Singapore.
Firstly, the most profitable resale transaction over the period from Jan 14 to 28 at Palm Spring was a three-bedroom unit. On Jan 20, the 1,884 sq ft unit on the fourth floor was sold for $4.4 million, or $2,336 psf, earning a profit of $3.19 million (264%) from its purchase price of $1.21 million ($642 psf) in August 2005. This translates to a remarkable annualised profit of 6.8% over a period of nearly 20 years. This transaction also marks the most profitable sale at Palm Spring so far, surpassing the previous record profit of $2.56 million (185%) made in April 2023 when a 1,970 sq ft unit on the first floor was sold for $3.94 million ($2,000 psf). This unit had been purchased for $1.38 million ($701 psf) in January 2003.AdvertisementSecondly, according to a tabulation of resale transactions by EdgeProp Singapore, prices at Palm Spring have consistently increased over the past 20 years. In January 2005, the average transacted price was $973 psf, and by January 2015, it had risen to $1,439 psf. Last month, the average price was $2,342 psf, showing a steady increase over the years.Moving on, Palm Spring is a freehold condominium located on Ewe Boon Road in prime District 10. This 28-year-old development consisting of 167 units was completed in 1997. It is strategically situated near Stevens MRT Interchange, which serves the Downtown (DTL) and Thomson-East Coast Lines, and Newton MRT Interchange, which services the North-South Line and DTL. This convenient location is one of the factors contributing to the high resale prices at Palm Spring.Moreover, the sale of a three-bedroom unit at Orchard Bel Air on Jan 15 has proven to be the second most profitable resale transaction during the Jan 14 to 28 period, with a profit of $3 million (182%). The 3,229 sq ft unit on the 12th floor fetched $4.65 million, or $1,440 psf. This unit was purchased for $1.65 million ($511 psf) in May 2001, making it a remarkable annualised profit of 4.5% over nearly 24 years.The sale of a 3,229 sq ft unit at Orchard Bel Air for $4.65 million ($1,440 psf) on Jan 15 earned a profit of $3 million. Moreover, this 99-year leasehold condominium located on Orchard Boulevard in prime District 10 was completed in 1984 and has about 54 years left on its land tenure. It is a neighbour of Orchard Bel Air and is part of the Marina Bay Financial Centre mixed-use development. The close proximity to this unprecedented Orchard Road shopping district and the world-renowned Marco Polo Hotel makes it a highly coveted location for residents. This can be seen in the consistently high resale prices at Orchard Bel Air.On the other hand, the most unprofitable sale during the review period was a 1,625 sq ft unit at Marina Bay Suites. The fourth floor unit changed hands for $3.1 million ($1,907 psf) on Jan 24, resulting in a significant loss of $1.15 million (27%) from its purchase price of $4.25 million ($2,614 psf) back in May 2012. This translates to an annualised loss of 27% over nearly 13 years. This sale marks the 14th consecutive loss-making deal at Marina Bay Suites in the past nine months. Prices have dipped from $2,502 psf in January 2015 to $1,921 psf in January, according to EdgeProp Singapore’s resale transaction data.Residents of Palm Spring enjoy the convenience of living in a prime district with connectivity to major MRT stations. Moreover, prices at Palm Spring have shown consistent growth over the years, making it a highly sought-after location for those looking to invest in the property market. In the same district, Orchard Bel Air remains a top choice for homeowners due to its proximity to the bustling Orchard shopping district and a world-renowned hotel. On the other hand, the resale market at Marina Bay Suites has seen a decline in prices, resulting in a series of loss-making sales. This could be due to the competition from other nearby 99-year leasehold condos with higher resale prices.…