The sale of a four-bedroom unit at the Glentrees condominium in District 10 was the most profitable transaction in the week of Feb 27 to March 6. The 3,412 sq ft unit was sold on March 1 for $3.9 million ($1,143 psf). The unit was initially bought for $1.59 million ($466 psf) in 2005. The seller realised a $2.31 million (145%) profit on the sale of the property, which translates into an annual profit of 7% over a holding period of 12.7 years.
It is the most profitable transaction recorded at the condo in six years. In 2012, a 3,132 sq ft four-bedder was sold for a $2.31 million (151%) profit. Profits at Glentrees have ranged from $150,000 to $2.31 million across 13 transactions in the past three years.
The 999-year leasehold Glentrees is located on Mount Sinai Lane between Henry Park Primary School and Eunoia Junior College. The 176- unit condo comprises eight five-storey blocks. The unit mix includes 42 two- and three-storey ground floor units and 42 loft units with roof gardens. Units range from 1,346 to 3,671 sq ft. The condo was developed by CapitaLand and completed in 2005.
Profits at Glentrees have ranged from $150,000 to $2.31 million across 13 transactions in the past three years (Picture: The Edge Singapore)
Also in District 10 is the 33-year-old, freehold condo Astridville, where the sale of a 2,217 sq ft maisonette was one of the most profitable transactions during the week. It was purchased in 2002 for $1.2 million (541 psf) and changed hands for $3.2 million ($1,443 psf) on Feb 28. The seller walked away with a $2 million (167%) profit, or an annual profit of 6% over a 16-year holding period. This is the most profitable transaction recorded at the development, based on the matching of caveats.
The 18-unit condo was completed in 1985 and comprises a mix of three-bedroom units and maisonettes. Earlier this year, a 1,336 sq ft, three-bedroom unit was sold for $3.25 million ($1,336 psf) on Feb 2. It was initially purchased for $2.53 million ($1,040 psf) in 2007. The owner made a $720,000 (28%) profit from the sale.
Another transaction that topped the list was the sale of a 2,476 sq ft unit at Garden Apartment on Orange Grove Road in District 10. It was bought in 1999 for $2.05 million ($828 psf) and was sold for $4.18 million ($1,688 psf) on Feb 28. The seller realised a $2.13 million (104%) profit. The 20-unit Garden Apartment is a freehold condo that was completed in 1984 and is across the road from Shangri-La Hotel.