SINGAPORE (EDGEPROP) - The sale of a 2,088 sq ft, four-bedroom unit at Duches​s Crest was the most profitable resale transaction during the week of Aug 23 to 30. The fourth-floor unit was sold for $3.45 million ($1,652 psf) on Aug 24. The unit was purchased for $1.8 million ($865 psf) back in July 2009. Thus, the seller earned a profit of $1.64 million (91%), which translates to an annualised profit of 5.1% over 13 years.

Duchess Crest is a 99-year leasehold condominium along Duchess Avenue, off Bukit Timah Road in prime District 10. The 251-unit development was completed in 1998. The condo comprises nine 4-storey residential blocks with a mix of two- to four-bedroom units that range from 936 to 4,263 sq ft.

The development is notable for its close proximity to several schools in the area. In particular, Duchess Crest is right beside Hwa Chong Institution. Other nearby schools include Raffles Girls’ Primary School, Nanyang Primary School, Nanyang Girls’ High School and National Junior College. The condo is also close to Tan Kah Kee MRT Station on the Downtown Line.

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The resale transaction at Duchess Crest is the second most profitable sale that has been recorded so far at the condo. The record is currently held by a 1,711 sq ft four-bedder that fetched $2.58 million ($1,507 psf) in July last year. That unit had been bought for $920,518 ($538 psf) in December 2005. As a result, that seller walked away with a record $1.66 million (180%) profit, which translates to an annualised profit of 6.8% over 15 years.

Compared to the surrounding properties, Duchess Crest commands one of the lowest average selling prices in the area. According to data compiled by EdgeProp, the condo has an average asking price of $1,645 psf. The only development in the area with a lower average selling price — $1,574 psf — is Corona Ville, a freehold development on Jalan Haji Alias.

Units at nearby developments such as the 999-year leasehold Duchess Residences and freehold Casabella are selling for about $1,714 and 1,991 psf, respectively.

The second most profitable deal during the week was the sale of a 1,658 sq ft, three-bedroom unit at The Chuan, a 999-year leasehold development along Lorong Chuan in District 19. The unit changed hands for $3.1 million ($1,870 psf) on Aug 24. It was bought for $1.55 million ($935 psf) in July 2008. Thus, the seller made a $1.55 million profit (100%), which translates to an annualised profit of 5% over 14 years.

The most profitable resale recorded so far at The Chuan involved the sale of a 2,594 sq ft, five-bedroom unit for $3.6 million ($1,388 psf) in November 2020. The unit was bought for $1.73 million ($667 psf) in May 2006. Thus, the seller earned a record $1.87 million (108%) profit, which is an annualised profit of 5.2% over 14 years.

Meanwhile, the most unprofitable resale transaction during the week in review occurred at Seascape, a luxury development in Sentosa Cove. A 2,164 sq ft, three-bedroom unit changed hands for $4.28 million ($1,978 psf) on Aug 24. But the unit had previously fetched $5.93 million ($2,738 psf) in April 2010. This means that the seller suffered a $1.64 million (28%) loss on the resale, which translates to an annualised loss of 2.6% over more than 12 years.

Read also: Sentosa Cove boomlet rocked by property cooling measures

Seascape is one of three 99-year leasehold condos located along Cove Way in the exclusive Sentosa Cove residential enclave. The other developments are Cape Royale and Marina Collection.

The 151-unit Seascape comprises two 8-storey residential blocks with a mix of three- and four-bedroom units of 2,164 to 4,069 sq ft, and eight penthouse units of 3,380 to 4,252 sq ft. The entire development was completed in 2011.

Over the last two years, Seascape has recorded a string of unprofitable resale transactions, based on URA caveats. The development has seen at least six resale transactions since January 2021, and all have resulted in losses.

So far, the most unprofitable deal during this 20-month period involved a 2,852 sq ft, four-bedroom unit that was sold for $5.5 million ($1,928 psf) in July 2021. The unit had previously fetched $8.18 million ($2,867 psf) in October 2012. Thus, the seller suffered a $2.68 million (33%) loss on the transaction, which translates to an annualised loss of 4.4% over a holding period of nearly nine years.

An analysis of the resale transaction at Seascape by EdgeProp shows that the average selling price at the development has been falling from about $2,977 psf in March 2010, hitting a low of $1,825 in August 2018. However, prices there have climbed gradually in recent months; last month, the average price was $2,121 psf.

Check out the latest listings near Duchess Crest, The Chuan, Seascape, Tan Kah Kee MRT Station, Raffles Girls’ Primary School, Nanyang Primary School, Nanyang Girls’ High School, National Junior College

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