A 4,230 sq ft penthouse unit near Marymount MRT station recently fetched an impressive $10.15 million.

As of Dec 30, the Urban Redevelopment Authority (URA) recorded this transaction as the highest of the month in the private property sector.

What makes this $10.15 million deal noteworthy? First of all, the former owner has made roughly a $4.35 million profit out of this penthouse unit in the Rest of Central Region (RCR).

Let's unpack the details of this December's top condo sale and explore its implications for buyers, investors, and the evolving real estate landscape.

What do you get for a $10.15m condo in Bishan?

Suppose you're wondering what kind of property in Bishan with a $10.15 million price tag, it's a sprawling 4,230 sq ft, six-bedroom penthouse at JadeScape along Shunfu Road. Located a five minutes walk from Marymount MRT station, JadeScape has a 99-years lease commencing from 2018.

Completed in 2022, the development has 1,206 units across seven residential towers, including two exclusive penthouses. Residents are very well catered with almost 100 luxurious facilities available in the precinct.

Connectivity is also a standout feature of JadeScape. It sits within walking distance of both Marymount MRT and Upper Thomson MRT stations, providing easy access to the Circle Line and Thomson-East Coast Line.

These transport options ensure swift travel to major destinations like Orchard Road, Marina Bay, and the Central Business District (CBD). For those driving, the nearby Central Expressway (CTE) and Pan-Island Expressway (PIE) enhance accessibility to all corners of Singapore.

The condo’s location also places it at the heart of a vibrant neighbourhood. Shopping, dining, and leisure options abound, with Junction 8, Thomson Plaza, and Bishan-Ang Mo Kio Park nearby. Most importantly, families can take advantage of the excellent schools in the area. If your concern is specifically about the Primary 1 balloting exercise, there are two primary schools within 1 km and six more within 1 to 2 km radius of JadeScape.

Primary schools within 1 km: Ai Tong School and Catholic High School (Primary)

Primary schools within 1 — 2 km: Ang Mo Kio Primary, Kheng Cheng, Kuo Chuan Presbyterian Primary, Marymount Convent, Teck Ghee Primary, and Townsville Primary

JadeScape penthouse: 75% capital gain within 5 years

This 4,230 sq ft penthouse, perched on the 23rd floor, is one of the area's most profitable condo resale transactions and is the biggest gain ever made on a unit at JadeScape. The previous owner initially bought the penthouse unit from the developer in December 2019 for $5.8 million ($1,371 psf).

With this $10.15 million resale which translates to $2,399 psf, they achieved a staggering profit of $4.35 million, reflecting a capital gain of 75 per cent. On an annualised basis, this equates to an impressive 15 per cent return per year, underscoring the lucrative potential of well-located, premium properties in Singapore.

Fun fact — the new sale and resale of this JadeScape penthouse rank among the highest transactions in District 20 over the past five years!

Price trend analysis

This top transaction of the month deserves a closer examination as it reflects the rising prominence of premium properties in the Rest of Central Region (RCR), an area typically overshadowed by the pricier Core Central Region (CCR).

Among the five highest private condo transactions in December, JadeScape stands out as the only development located outside the CCR. While JadeScape has the highest transacted price, Juniper at Ardmore and Marina Bay Residences edged slightly higher in price per square foot, recording $2,815 and $2,660 psf, respectively. This difference is unsurprising, given their prime city-centre locations within the CCR.

JadeScape's performance, however, highlights its strong appeal despite its less central location. The transaction reflects the growing demand for luxury suburban properties that combine exclusivity, excellent connectivity, and attractive investment potential.

Sale transaction trend for JadeScape in Bishan

To gain deeper insights into JadeScape's market performance, we used 99.co Researcher to analyse its price trends over the past five years. This analysis offers a clearer picture of how JadeScape stacks up against the broader price trend for leasehold condominiums in Bishan.

Aside from the headline-grabbing penthouse sale, URA recorded four other transactions at JadeScape in December. This brings the total number of transactions to 79 in 2024, with an average price of $2,172 psf.

In 2024, there were 280 transactions for leasehold condos in Bishan, including new sales, sub-sales, and resales. The average psf is at $1,868. Compared to 2019, the numbers were only at $1,577, reflecting an 18.48 per cent increase over the period.

This is notably lower than JadeScape's robust performance which plays out to a growth of 26.92 per cent within the last five years.

The contrast between Bishan’s overall growth and JadeScape's exceptional trajectory highlights the development’s ability to command higher demand and deliver better returns for its investors. This success reinforces JadeScape’s status as a standout property in Bishan.

JadeScape vs other leasehold condos in District 20

Looking at the broader market, the sales trend reveals that JadeScape also outpaces the overall leasehold condo market in District 20. The average price in District 20 rose by 11.59 per cent, translating to $1,759 psf in 2024. In contrast, JadeScape has delivered a far stronger performance with its 26.92 per cent growth rate.

Other notable projects in District 20 with high transactions over the last five years include AMO Residence and Sky Habitat. AMO Residence, a newer project in Ang Mo Kio slated for Temporary Occupation Permit (TOP) in 2026, achieved a significant transaction of $6,008,000 in July 2022, at $2,406 psf.

Meanwhile, Sky Habitat, which obtained its TOP in 2015, saw a unit sold for $4,530,000 in April 2024, at $1,657 psf. The lower psf for Sky Habitat reflects its older status compared to the other two developments. Like JadeScape, both AMO Residence and Sky Habitat are 99-year leasehold properties.

To compare these three developments, we can examine their performance in 2022 (see Sale Transaction Trend above) when all recorded sales. That year, JadeScape, AMO Residence, and Sky Habitat had average psf prices of $1,932, $2,114, and $1,647, respectively.

By 2024, JadeScape led in price growth with a 12.39 per cent increase, achieving $2,172 psf. AMO Residence, despite its higher psf, recorded a slightly lower growth rate of 11.15 per cent, reaching $2,350 psf. Sky Habitat showed the slowest growth, with a 9.77 per cent increase to $1,807 psf.

These figures underline JadeScape's exceptional market performance. It not only attracts buyers with its strategic location, modern facilities, and upscale living environment but also delivers higher returns compared to similar developments.

JadeScape's sustained growth reflects its value as both a lifestyle choice and an investment opportunity in District 20's competitive property market.

JadeScape property value in the Rest of Central Region (RCR)

To place JadeScape's performance within an even larger landscape, we examined price trends in the Rest of Central Region (RCR). In 2024, the average price for leasehold condominiums in the RCR stands at $2,232 psf, reflecting a five-year growth rate of 26.08 per cent.

While JadeScape's growth rate of 26.92 per cent edges out the regional average by a small margin, it highlights the condominium’s ability to compete strongly with the broader RCR market.

JadeScape: Cash or crash?

JadeScape is undeniably a Cash in every sense. Its $10.15 million penthouse deal this December not only delivered an extraordinary profit for the seller but also highlighted the development’s ability to outperform the broader market landscape.

JadeScape proves to be more than just a standout in Bishan and District 20; it is a formidable contender in the larger RCR market. Its exceptional location near key MRT lines, premium facilities, and consistent price growth make it a rare gem among leasehold condominiums.

Whether you are looking for a prime residential address or a high-yielding investment opportunity, JadeScape ticks all the right boxes.

With its impressive track record and robust market performance, it continues to redefine value in the RCR property market. For buyers and investors, JadeScape sets a benchmark that is hard to ignore.

This article was first published in 99.co.