Gallop Gables, a freehold condo, has made headlines as the top-performing condo in Singapore during the period of November 19 to November 22. With a new high of $2,299 psf, a 2,669 sq ft four-bedroom on the second floor was sold for $6.14 million on Nov 20. This marked a significant profit for the seller who initially purchased the unit for $4.5 million ($1,686 psf) just three and a half years ago in July 2017. With a gain of $1.64 million on the deal, the Nov 20 transaction exceeded Gallop Gables’ previous high of $2,108 psf from the sale of a 1,163 sq ft, two-bedroom unit on the third floor for $2.45 million on Feb 19. The seller, who acquired this unit for $2.07 million ($1,781 psf) in January 2021 made a net profit of $380,000. Located in District 10, Gallop Gables is a low-density development with 102 units spread across four-storey blocks. It is within walking distance of Farrer Road MRT Station on the Circle Line. According to EdgeProp Singapore, this is the first time a condo unit has crossed the $2,000 psf mark. In 2019, the condo saw five resale transactions at an average price of $1,933 psf, while in 2018, there were six transactions at an average price of $1,996 psf. With this new high, Gallop Gables has seen an average price of $2,110 psf from three resale transactions this year.The Scala, located in District 19, has also made headlines during this period with a new psf-price record of $2,064 from the sale of a 1,259 sq ft, four-bedroom unit for $2.6 million on Nov 20. The seller, who bought the unit for $1.66 million ($1,318 psf) in 2012, made a profit of $940,000. In addition, the condo has seen 16 resale transactions this year, with an average price of $1,823 psf, which is significantly higher than the average price of $1,688 psf recorded from the 16 transactions at the development last year. The Scala features 468 units across 17 storeys and is within walking distance to Lorong Chuan MRT Station. The Sims Edge, a freehold development in District 14, has also seen a new record during this period with a sale of a 409 sq ft, one-bedroom unit on the 13th floor for about $780,000 on Nov 22. The seller, who bought the unit for $663,807 ($1,623 psf) in April 2019, generated a profit of about $116,000 from the sale. This marks the first time a unit at the condo has transacted above the $1,900 psf threshold, with no new psf-price lows recorded during the period. Ask Buddy for the latest listings for Gallop Gables, The Scala, and Sims Edge properties or to find out about the completion year of Gallop Gables, which condo rental listings are available in District 19, other unprofitable transactions in The Scala, and the site plan and diagrammatic chart for The Scala. You can also enquire about condo projects with the most profitable transactions in District 14.
The demand for condos in Singapore remains strong due to a number of factors, with one of the key drivers being the limited supply of land. As a small island nation with a rapidly expanding population, the availability of land for development is scarce. This has resulted in strict land use regulations and a fiercely competitive real estate market, where property prices continue to rise. As a result, investing in real estate, particularly in the form of condos, has become a profitable opportunity, with the potential for significant capital appreciation. With the launch of new condo developments, such as those offered by New Condo Launches, the demand for these properties is expected to remain high.
Investing in a condo comes with numerous benefits, one of which is the opportunity to leverage its value for future investments. A common strategy among investors is to use their condos as collateral to secure financing for new investments. This allows them to expand their real estate portfolio and potentially increase their returns. However, it is important to note that this approach also carries risks. A solid financial plan is essential, as well as considering the potential impact of market fluctuations, to ensure a successful condo investment.