SINGAPORE: A homeowner has more than doubled their money after selling a three-bedroom unit at Treasure at Tampines for S$1.92 million in mid-August, making a gross profit of S$1.085 million in slightly over two years. This means a resale profit of about S$519,000 a year, far above the typical annual returns seen in Singapore’s private condo market.
The resale was also the project’s highest capital gain recorded since it obtained its Temporary Occupation Permit (TOP) in 2023, according to property portal 99.co.
However, since the unit was sold slightly over two years after purchase, the sale was still subject to a 4% Seller’s Stamp Duty (SSD), reducing the seller’s gain.
The 99-year leasehold project along Tampines Street 11 was developed by Sim Lian Group and has about 92 years left on its lease that began in 2018.
Before the unit hit TOP, the seller bought the unit in July 2023 through a sub-sale for only S$835,000, or S$808 psf—nearly half price as the Treasure at Tampines sub-sales that year averaged S$1,642 psf.
The 2023 seller, however, suffered a significant loss of S$464,000 as the unit was originally purchased in 2019 for S$1.299 million while exiting at S$835,000—one of only two unprofitable sub-sales in the project in 2023. The other was a lower S$90,000 loss from a three-bedder that was sold just eight months after the launch, though 198 other sub-sales were profitable, with gains of up to S$676,000.
Notably, the 1,033-sq-ft unit on the development’s sixth floor was sold for S$1,859 per square foot (psf), about 5.6% higher than the project’s average of S$1,761 psf.
In June, three other 1,033-sq-ft units were sold between S$1.9 million and S$1.93 million. Earlier this year, a fourth-floor unit also went for S$1.8 million in March, while another same unit fetched S$1.68 million in September last year.
Other three-bedroom condo resales across Tampines average S$1,470 psf, which means the buyer paid about 26.5% more for the unit.
So far this year, Treasure at Tampines has seen 124 profitable resale transactions. In 2024, the development had over 200 profitable deals.
Last month, a homeowner from Clementi also likely doubled their money after selling a five-room flat—the most expensive Housing & Development Board (HDB) resale in Clementi. /TISG
