The Anchorage, a freehold condominium located on Alexandra Road in District 3, has been making waves with profitable transactions over the past year. According to recent data compiled by EdgeProp Research, the week of May 9 to May 16 saw one of the most impressive resale transactions to date at the development, with a three-bedroom, 1,830-square-foot unit on the fourth floor changing hands for $3.14 million ($1,715 psf).
This transaction saw the seller make a profit of $1.73 million, or 123%, over a holding period of nearly 26 years. It clearly demonstrates the benefits of investing in property, particularly in condominium developments like The Anchorage, which have been gaining popularity in Singapore’s property market in recent years.
Completed in 1995, The Anchorage is a freehold property with 775 units spread across five residential blocks. It was the developer’s first residential project and is situated on F&N Singapore’s old Anchor Brewery site. The development’s proximity to the Anchorpoint Shopping Centre, Ikea Alexandra, and the Queenstown MRT Station makes it a highly desirable location for residents and investors alike.
All seven other resale transactions at The Anchorage this year have been profitable, with units ranging in size from 1,173 to 1,830 square feet and fetching between $1.95 million and $3.2 million, or between $1,662 and $1,837 psf. The sellers in these transactions made gains ranging from $320,000 to $1.73 million, underscoring the strong demand for properties in this development.
Another condominium development that has been seeing strong resale transactions is Casuarina Cove, a 160-unit development by Keppel Land along Tanjong Rhu Road in District 15. Completed in 1996, the 99-year leasehold development boasts one- to four-bedroom units ranging in size from 753 to 2,949 square feet.
The week of May 9 to May 16 saw the second-most profitable transaction at Casuarina Cove, with a three-bedroom, 1,528-square-foot unit selling for $2.34 million ($1,530 psf). The seller purchased the unit in April 2002 for $928,000 ($607 psf), making a profit of $1.4 million, or 152%, after holding the apartment for just over 21 years. This transaction surpasses the previous record set in October 2020, when the seller of a 1,216-square-foot unit on the eighth floor made a profit of $1.18 million when it sold for $1.73 million ($1,422 psf).
Overall, these recent transactions at The Anchorage and Casuarina Cove highlight the potential for strong returns on investment in high-quality condominium developments in Singapore. The Myst condo will be launching soon in second half of 2023.