{"id":36965,"date":"2020-09-23T15:45:38","date_gmt":"2020-09-23T07:45:38","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=36965"},"modified":"2022-06-13T17:26:13","modified_gmt":"2022-06-13T09:26:13","slug":"aljunied-penrose-condo-property-demand-analysis","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/aljunied-penrose-condo-property-demand-analysis\/","title":{"rendered":"Proof of profit for Aljunied’s condos could drive Penrose demand: Analysis"},"content":{"rendered":"
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When it comes to Singaporeans buying property, it’s not only investors who care about capital appreciation. Even own-stay buyers want the assurance that their property asset can rise in value to serve their asset progression objectives. So, when we found proof of profit for condos in the Aljunied area, we expect that will piqued the already elevated buyer interest for the soon-to-launch Penrose<\/a>.<\/p>\n

First, let’s take a look at how much the area’s property values has risen in recent months.<\/p>\n

Aljunied sets the stage for condo profits in 2020<\/h2>\n

In 2020, resale transactions for recently completed 99-year leasehold condos in Aljunied gave Singaporeans a taste of what’s in store if they were to buy into the area.<\/p>\n

Tre Residences<\/a>, one such condo in the Aljunied area, saw its first resale transaction in April this year.<\/p>\n

Located on the ninth floor, the unit transacted was a 700 square feet (sq ft), 2-bedroom + study apartment. The price was $1,200,000, which translates to $1,714 per square foot (psf).<\/p>\n

The seller had bought the unit from the developer in March 2017 for a price of $1,003,000.<\/p>\n

So, in just over three years time, the seller reaped a handsome profit of $197,000\u2014about 19.6%.<\/strong><\/p>\n

This is a lot more than the 10% gain in value that property agents claim new launch condo units can attain upon completion, if purchased early on in the launch phase.<\/p>\n

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