Four-bedder at The Peak sold for $4 mil profit

The sale of a four-bedroom unit at The Peak was the most profitable condo resale transaction during the week of April 2 to 9. The 5,522 sq ft apartment changed hands for $8.3 million ($1,503 psf) on April 4. The seller had bought the unit in November 2006 for $4.3 million ($779 psf). This means they reaped a profit of $4 million on the sale, which works out to a capital gain of 93% after owning the unit for nearly 17½ years.

Data compiled by EdgeProp Research indicates the unit is tied for first place in terms of the most profitable resale transactions that have occurred to date at The Peak. The other unit, a four-bedder spanning 5,500 sq ft, also fetched a gain of $4 million when it was sold in September 2013 for $9 million ($1,636 psf).

The 5,522 sq ft apartment at The Peak changed hands for $8.3 million ($1,503 psf) on April 4 (Picture: Albert Chua/The Edge Singapore)

The Peak is a freehold condo on Pepys Road in District 5 which was completed in 1988. The boutique development has just 21 units spread across low-rise blocks overlooking Kent Ridge Park. Apartments at The Peak are all four-bedders, ranging from 4,349 to 5,543 sq ft.

The second most profitable condo resale transaction during the week in review was the sale of a four-bedroom unit at Sky@Eleven. The 2,713 sq ft unit was sold for $6.48 million ($2,389 psf) on April 4. The seller, who purchased the apartment from the developer in March 2007 for $2.8 million ($1,031 psf), netted a gain of $3.68 million (132%) after holding the unit for just over 17 years.

This marks a new record profit for resale transactions at Sky@Eleven. It surpasses the previous record profit of $2.6 million clocked from the sale of a 2,713 sq ft unit for $5.3 million ($1,954 psf) in December 2021. That unit was acquired by the seller in March 2007 for $2.7 million ($996 psf).

The unit sold on April 4 also represents a new psf-price high for Sky@Eleven, beating the previous high of $2,198 psf upon the sale of a 2,821 sq ft unit for $6.2 million on Jan 24.

The sale of a 2,713 sq ft unit at Sky@Eleven for $6.48 million ($2,389 psf) on April 4 netted a gain of $3.68 million (Picture: Samuel Isaac Chua/The Edge Singapore)

Located on Thomson Lane, off Thomson Road in District 11, Sky@Eleven is a freehold condo completed in 2010. The 273-unit development has three- and four-bedroom units of 1,851 to 2,820 sq ft, and penthouses of 4,844 to 5,597 sq ft.

Meanwhile, The Sail @ Marina Bay saw the least profitable condo resale transaction during the week in review. This comes with the sale of a 1,184 sq ft, three-bedroom unit on the 62nd floor for $2.6 million ($2,196 psf) on April 5. The seller bought the unit in May 2011 for $3.14 million ($2,650 psf). As such, they suffered a loss of about $538,000 (17%) after owning the unit for just under 13 years.

A 1,184 sq ft unit at The Sail @ Marina Bay fetched $2.6 million ($2,196 psf) on April 5, resulting in a loss of about $538,000 (Picture: 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 development was completed in 2008 and has two towers — the 70-storey Tower 1 and 63-storey Tower 2. Units consist of studios measuring from 592 to 818 sq ft; two-bedders of 883 to 1,356 sq ft; three-bedders of 1,184 to 2,002 sq ft; and four-bedders from 1,776 to 2,185 sq ft. There are also penthouses sized from 3,391 to 6,297 sq ft.

The condo sees a high volume of resale transactions. Year-to-date, 12 other units at The Sail @ Marina Bay have changed hands besides the unit sold on April 5. Of these 12 transactions, three were unprofitable, with the sellers making losses from around $42,000 to $60,000. On the flip side, nine transactions occurred above the purchase price, with the sellers netting gains from $9,000 to about $730,000.

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