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|March 20,2024Condo In Marine Parade Booked Gains Of More Than $1.2 Million On Average In February
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A city fringe condo project in Marine Parade – The Sea View – chalked up average resale gains of more than $1.2 million across four resale transactions in February. The top 10 most profitable projects in the month of February were varied, with projects located around the island, based on caveats analysed by PropNex Research.
First, some details about the methodology which entails a comparison of sales caveats. The gains garnered for the units were derived by matching the condo resale transactions in February with their previous purchase prices according to caveats lodged. The average profit was subsequently computed on a project basis. To minimise sampling errors, resale condominium projects that posted fewer than four transactions during the month are excluded from the study.
Fringe Condos top list of most profitable projects in February
Amidst a slowdown in developers’ sales, transactions in the resale market also remained tepid in February, with less than 700 condo units being resold during the month – as more buyers take their time to assess the market and gain more clarity before purchasing a property. In February, the top 10 most profitable projects had average profits ranging from $474,000 to $1,272,000. By a ranking of the average profit, the top three projects are in the Rest of Central Region (RCR), seven out of the top 10 projects are in the Outside Central Region (OCR), while only one project is located in the Core Central Region (CCR).
Top 10 Resale Condo projects^ in terms of average gross profit*
Project Name | No. of transactions | Average | Average Gains (%)# | Year completed | Region |
THE SEA VIEW | 4 | $1,271,625 | 6.8% | 2008 | RCR |
THE INTERLACE | 4 | $994,550 | 3.8% | 2013 | RCR |
SIMSVILLE | 5 | $870,618 | 4.5% | 1998 | RCR |
RIO VISTA | 5 | $729,872 | 3.9% |
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