SINGAPORE (EDGEPROP) - The sale of a four-bedroom unit at Kovan Residences was the most profitable condo resale transaction recorded during the week of Nov 28 to Dec 5, based on caveats lodged with URA. The 1,765 sq ft unit on the 12th floor fetched $2.97 million ($1,682 psf) on Nov 29.
The unit was purchased by the seller from the developer in April 2009 for $1.22 million ($693 psf). This means the seller netted a gain of $1.75 million, which translates to an annualised profit of 143% over a holding period of over 14½ years.
This is the most profitable resale transaction achieved to date at Kovan Residences. It beats the previous high recorded in April 2022, when the seller of a 1,765 sq ft unit made a profit of $1.27 million as it fetched $2.47 million ($1,399 psf).
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The 1,765 sq ft unit at Kovan Residences fetched $2.97 million ($1,682 psf) on Nov 29 (Picture: Albert Chua/The Edge Singapore)
Kovan Residences is a 99-year leasehold condo on Kovan Road, just a short walk away from Kovan MRT Station and Heartland Mall Kovan. Completed in 2011, it has eight blocks housing a total of 521 homes. Units comprise two-bedders from 883 sq ft; three-bedders from 1,259 sq ft; and four-bedders from 1,765 sq ft. There are also penthouses of between 2,400 and 4,747 sq ft.
The second most profitable condo resale transaction during the week in review took place at The Sail @ Marina Bay. A 2,045 sq ft, four-bedroom apartment on the 46th floor changed hands for $4.5 million ($2,200 psf) on Dec 4. The seller purchased the unit from the developer in November 2005 for $3.07 million ($1,501 psf). Hence, the seller raked in a profit of $1.43 million (47%) over a holding period of slightly over 18 years.
The seller of a unit at The Sail @ Marina Bay netted a gain of $1.43 The 1,765 sq ft unit at Kovan Residences fetched $2.97 million ($1,682 psf) on Nov 29 million when it was sold for $4.5 million ($2,200 psf) on Dec 4 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Sail @ Marina Bay is a 99-year leasehold luxury condo located on Marina Boulevard in District 1. The 1,111-unit condo was completed in 2008 and comprises two towers — the 70-storey Tower 1 and 63-storey Tower 2. Units consist of studios to four-bedders ranging from 592 to 2,185 sq ft. There are also penthouse units ranging from 3,391 to 6,297 sq ft.
The condo has seen 50 resale transactions to date this year, based on caveats lodged. Data compiled on EdgeProp Research shows that 24 of them have been profitable. The sellers of the units, measuring between 614 and 2,045 sq ft, made gains ranging from $50,000 up to $1.5 million.
On the other hand, Hilltops saw the least profitable transaction during the week in review. On Dec 1, a 1,550 sq ft unit on the fifth floor changed hands for $4.5 million ($2,903 psf). The seller purchased the three-bedroom unit for $5.15 million ($3,323 psf) in December 2013. Thus, the seller made a loss of $650,000 (13%) after owning the unit for just under 10 years.
This is the third most unprofitable transaction at Hilltops. The most unprofitable transaction occurred in September 2016, when the seller of a 1,550 sq ft unit suffered a loss of $1.79 million after it fetched $3.75 million ($2,419 psf).
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A 1,550 sq ft unit at Hilltops changed hands for $4.5 million ($2,903 psf) on Dec 1, with the seller making a loss of $650,000 (Picture: Samuel Isaac Chua/The Edge Singapore)
Hilltops is a freehold condo at Carnhill Circle in District 9. The 241-unit development was completed in 2011 and consists of two-, three-, four- and five-bedders measuring between 807 and 5,317 sq ft. There are also penthouses of between 6,372 and 8,385 sq ft. The development is within walking distance of Orchard Road.
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