Penthouse at Parc Palais sold for $2.9 mil profit

The sale of a five-bedroom, duplex penthouse at freehold condo Parc Palais was the most profitable condo resale transaction during the period of Oct 22 to Nov 5. The 2,799 sq ft unit on the ninth floor changed hands for $4.1 million ($1,465 psf) on Oct 22. The seller had bought the unit in May 2002 for $1.2 million ($429 psf). As a result, the seller netted a gain of $2.9 million on the deal, which reflects a capital gain of 242% or an annualised profit of 11% over a holding period of nearly 22½ years. Based on available caveats, this is the biggest gain ever made on a unit at Parc Palais. It surpasses the previous record profit of $1.59 million made from the sale of a 1,485 sq ft, three-bedroom unit for $2.7 million ($1,818 psf) on July 25. The seller had purchased the unit from the developer in August 1996 for $1.11 million ($750 psf). Parc Palais is a freehold condo on Hume Avenue, off Hillview Avenue, in District 21. Completed in 1999, it has 517 units spread across six blocks. Units range from two- to five-bedders of 958 sq ft to 2,799 sq ft. The condo is located close to The Rail Mall as well as several parks and nature reserves, including the Rail Corridor, Bukit Timah Nature Reserve, and Dairy Farm Nature Park. Hillview MRT Station (Downtown Line) is also within walking distance. Read also: The Collective at One Sophia sets average price of $2,750 psf and moves 35 units after brief five-day preview Advertisement Advertisement Apart from the units sold on Oct 22 and July 25, Parc Palais has seen 10 other resale transactions this year, with the units sold at $1,492 psf to $1,734 psf. Based on available caveats, the deals were all profitable, with the sellers making gains ranging from $767,000 to $1.19 million. The sale of a triplex penthouse at Park Infinia At Wee Nam was the second most profitable condo resale transaction during the period in review. The 2,756 sq ft, three-bedroom unit on the 29th floor was sold for $5 million ($1,814 psf) on Oct 30. The seller, who acquired the unit from the developer in September 2005 for $2.22 million ($804 psf), made a gain of $2.78 million (126%) after owning the unit for around 19 years. This marks a new record gain for a unit at Park Infinia At Wee Nam. The previous record was set in May 2021, when a 3,283 sq ft, four-bedroom penthouse sold for $6.5 million ($1,980 spf). The seller had bought the unit through a subsale transaction in January 2007 for $3.94 million ($1,200 psf). Park Infinia At Wee Nam is a condo on Lincoln Road, off Keng Lee Road, in prime District 11. The freehold development was completed in 2008 and has 486 units. Apartments comprise one- to four-bedders between 560 sq ft and 2,002 sq ft. There are also duplex and triplex penthouses of 1,916 sq ft to 3,315 sq ft. Besides the unit sold on Oct 30, the development has seen eight other resale transactions, all of which have been profitable. The units, which fetched prices between $2,298 psf and $2,574 psf, netted profits ranging from $1 million to $1.5 million. Meanwhile, the most unprofitable condo resale deal during the period in review took place at Marina Bay Residences. A two-bedroom unit spanning 1,055 sq ft was sold for $2.42 million ($2,294 psf) on Oct 23. The unit last changed hands through a sub-sale transaction in April 2010 for $2.86 million ($2,708 psf). Thus, the seller incurred a loss of about $437,000 (15.3%) after owning the unit for 14½ years. Read also: Is it a Good Deal?: A freehold four-bedder in D10 sold for $2,810 psf, seller made $2.6 million Advertisement Advertisement Located in District 1, Marina Bay Residences is a 99-year leasehold development completed in 2010. It has 428 units ranging from oneto four-bedroom apartments of 710 sq ft to 2,379 sq ft. There are also nine simplex and duplex penthouse units of 3,606 sq ft to 4,672 sq ft, as well as a sole triplex penthouse unit measuring 11,011 sq ft, which comes with a roof terrace and private pool. Marina Bay Residences has seen 23 other resale transactions to date this year. Available caveats show that eight of these occurred below the purchase price. The units, which were sold at prices between $2,060 psf to $2,282 psf, made losses ranging from $70,000 to $1.25 million. Check out the latest listings for Parc Palais, Park Infinia At Wee Nam, Marina Bay Residences, Condominium properties Ask Buddy Compare price trend of Condo new sale vs EC new sale Compare price trend of New sale condo vs Resale condo How much is the rental yield for Marina Bay Residences? Total number of units in Park Infinia At Wee Nam Are there unprofitable transactions in Parc Palais? Compare price trend of Condo new sale vs EC new sale Compare price trend of New sale condo vs Resale condo How much is the rental yield for Marina Bay Residences? Total number of units in Park Infinia At Wee Nam Are there unprofitable transactions in Parc Palais?