The sale of a unit at Casabella, a freehold condo along Duchess Avenue was the most profitable resale transaction on record for the week of April 25 to May 2. At 1,292 sq ft it fetched a whopping $2.66 million ($2,059 psf) on April 27. The unit had been purchased from the developer back in August 2005 for $975,000 ($755 psf). A considerable $1.69 million (173%) gain was made in a nearly 18-year span giving the seller a new psf-price high for the development.

CapitaLand noted that the development, with a gross floor area of around 18,500 sqm, will be constructed into stylish residential units, retail and dining outlets, and JCube Residence Jurong East facilities.

The 40-storey development will also make room for numerous public amenities, such as a community club, medical suites, childcare centre and a hawker centre. Construction is estimated to be completed in 2024, CapitaLand revealed in a media statement. To make room for these changes, CapitaLand will be retiring the site’s existing leisure amenities and activities. CLD expects to submit the full application for the development in the second half of 2021, followed by appeal and construction commencement.

This marked the third most profitable resale transaction at Casabella, with the first most profitable transaction being recorded in July 2019. A 3,079 sq ft unit was sold for $3.41 million ($1,108 psf) netting the seller a gross profit of $1.79 million at the time. Second was a 3,552 sq ft unit in April 2018 when it was sold for $4 million ($1,126 psf) making the seller a gain of $1.72 million.

The Suites At Central, a condo along Devonshire Road in District 9 saw the second most profitable condo resale transaction during the week in question. A 1,442 sq ft unit on the 28th floor was sold for $3.75 million ($2,600 psf) on April 26. With it being acquired by the seller from the developer nearly 17 years ago at an initial cost of $2.13 million ($1,474 psf), a gross profit of $1.62 million or 76% was made. This was the first resale unit to have changed hands at The Suites At Central this year.

It was also the second-biggest gain made at the 157-unit freehold development. The most profitable transaction there was the sale of a 1,572 sq ft unit on the 19th floor in August 2007, when it was sold for $3.81 million ($2,426 psf) for a total profit of $1.65 million.

The most unprofitable condo resale transaction during this week was the sale of a three-bedroom loft unit at Jardin, a freehold apartment on Dunearn Road. The 1,701 sq ft unit sold for $3.05 million ($1,793 psf) on April 26 while it had been bought in April 2012 for $3.24 million ($1,902 psf), resulting in a loss of $185,000 or 6% accrued over an 11-year holding period. This was only the second transaction at Jardin in 2021 with the first being the sale of a 1,098 sq ft unit for $2.02 million ($1,840 psf)on March 10 which netted a profit of $232,000.

Jardin is a 140-unit freehold condo by Far East Organization located at Baxter Road. It was completed in 2012 and houses a mix of two- to four-bedroom apartments ranging from 958 to 1,894 sq ft.