THE sale of a 3,057 square foot (sq ft) unit at The Ritz-Carlton Residences Singapore, Cairnhill was the most profitable resale deal in absolute terms in the first quarter of 2024, giving the seller a tidy S$4.9 million gain.

According to data crunched for The Business Times by real estate consultancy Cushman & Wakefield, the 33rd floor unit at the freehold luxury development in District 9 was sold for S$16.5 million or S$5,397 per square foot (psf) in January. That was the first time since June 2023 that prices in the prime residential market crossed the S$5,000 psf mark, BT had earlier reported.

The seller reaped a gain of S$4.9 million or 42 per cent over the initial purchase price of S$11.6 million (S$3,795 psf).