Palm Spring saw the most profitable resale transaction in the period of Jan 14 to 28, while Marina Bay Suites saw the most unprofitable resale transaction. The three-bedroom unit at Palm Spring sold for $4.4 million, marking a 264% profit from its purchase price in 2005. On the other hand, the 1,625 sq ft unit at Marina Bay Suites was sold at a loss of $1.15 million. This marked the latest unprofitable transaction in a streak of 14 consecutive loss-making deals at the 99-year leasehold condo. Meanwhile, a four-bedroom unit at Orchard Bel Air also saw a significant profit of $3 million when it was sold for $4.65 million. This marked a 182% profit from its purchase price in 2001. Overall, condominium prices at Palm Spring have consistently increased over the past 20 years, with the average transacted price reaching $2,342 psf in January 2021. Conversely, Marina Bay Suites has seen a decline in average selling prices, falling from $2,502 psf in January 2015 to $1,921 psf in January 2021.
Singapore has become a top choice for condo investment, but potential investors should also consider the government’s property cooling measures. In order to regulate the real estate market and prevent speculative buying, the Singaporean government has implemented various measures over the years. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may affect the short-term profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a secure investment environment. For more information on condo investment opportunities in Singapore, check out projects available at Singapore Projects.