A four-bedder at Honolulu Tower — a freehold boutique development along Bukit Timah Road in District 10 — took the top spot among profitable condo resale transactions from May 17 to 26.

The 5,823 sq ft unit on the 13th floor changed hands for $14.2 million ($2,438 psf) on May 21.

It had previously been purchased in November 2009 for $7 million. The seller therefore made a $7.2 million (102.9%) profit, or an annualised gain of 4.4% over 16½ years.

This marks the most profitable deal to date at the development. It surpasses the previous record set in 2019, when a 5,823 sq ft, four-bedroom unit on the 12th floor fetched $9.1 million. That seller netted a $5.6 million gain, as they had forked out $3.5 million for the apartment in October 2001.

Read also: Four-bedder at Nassim Park Residences garners $2.95 mil profit

Completed in 1985, Honolulu Tower comprises 30 units in a 16-storey tower. The units come in four- and five-bedroom configurations ranging from 5,823 to 10,312 sq ft. The development is a 12-minute walk to Stevens MRT station and Raffles Town Club. Schools nearby include Singapore Chinese Girls’ School, St. Joseph’s Institution (SJI) and Anglo-Chinese School (Barker Road).

The second most profitable condo resale deal for the week was recorded at Garden Apartments, a freehold development along Orange Grove Road, also in District 10.

A 2,476 sq ft, three-bedroom unit on the fourth floor was sold for $5.85 million, or $2,363 psf, on May 22. The seller had bought it for about $1.85 million in April 2002. This reflects a gain of $4 million (216.2%), or 4.9% on an annualised basis over around 24 years.

The transaction stands as Garden Apartments’ most profitable resale deal on record. It overtakes a 2011 transaction that previously topped the list with a $3.6 million profit, when a 3,606 sq ft, four-bedroom unit on the fourth floor was sold for $6.3 million. The seller in that transaction had originally purchased the unit in December 2005 for $2.7 million.

In the last three years, besides the May 22 deal, there has only been one other resale transaction at the development. It occurred in 2023 when a 2,476 sq ft three-bedder on the second floor changed hands for $5.2 million, after it was initially bought in August 1999 for $2.2 million. The seller garnered a profit of $3 million.

Completed in 1984, Garden Apartments has just 20 units, sized between 2,476 and 3,606 sq ft. It is located on the fringe of a landed residential enclave, and about a five-minute drive to the Orchard Road shopping belt.

Read also: Seller at Ardmore Park scores $3.55 mil profit

On the other hand, Soleil @ Sinaran in Novena recorded the most unprofitable condo resale transaction for the week. A 4,715 sq ft five-bedder on the 35th floor fetched $8 million, or $1.697 psf, on May 21. This meant the seller incurred a loss of $1.5 million (15.8%), or 1.4% on an annualised basis across roughly 12 years. The seller had purchased the property for $9.5 million in March 2014.

However, it is not the development’s steepest loss on record. The worst performance was when a 4,930 sq ft five-bedder on the 36th floor was sold for $7.5 million in 2020. The owner had purchased it from the developer for $9.8 million in June 2011. The owner therefore suffered a loss of $2.3 million.

Soleil @ Sinaran is a 99-year leasehold development with 417 units across twin 36-storey towers. The condo has one- to four-bedroom apartments, along with five-bedroom penthouses, ranging from 495 to 4,930 sq ft. It is next to Novena Square, which is connected to Novena MRT Station on the North-South Line. Also in the vicinity are SJI Junior, Tan Tock Seng Hospital, and United Square Shopping Mall.

Apart from the May 21 transaction, there have been two other resales at Soleil @ Sinaran this year, both of which were in the black. These units — two-bedders measuring 958 and 1,098 sq ft — were sold for $2 million and $2.6 million, resulting in profits of $300,000 and $1.2 million, respectively.

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