Resale three-bedder at Botanic Gardens Mansion posts record $2.97 mil profit

The most profitable resale transaction during the week of Jan 7–14 was the sale of a three-bedroom unit at Botanic Gardens Mansion that fetched $3.7 million ($2,109 psf) when it was sold on Jan 8.

The 1,755 sq ft unit on the second floor had previously changed hands for $730,080 ($416 psf) when it was purchased in January 1999. Thus, the seller raked in a profit of $2.97 million (407%) when the unit was sold earlier this month. This translates to an annualised profit of about 6.5% over 26 years.

The sale also propels this transaction to the top of the profitable resale list at Botanic Gardens Mansion. It overtakes the previous record of $2.39 million (177%) when a 1,755 sq ft unit on the fourth floor was sold for $3.74 million ($2,132 psf) on July 17 last year. That unit had been bought for $1.35 million ($769 psf) in February 2007.

A tabulation of resale caveats at Botanic Gardens Mansion by EdgeProp Singapore indicates that the freehold development has consistently seen positive price growth. Based on resale caveats, the prevailing average selling price at the condominium is about $2,079 psf. This is higher than the average price of $1,829 psf in January 2020 and higher than the average price of $1,134 psf back in January 2010.

A three-bedroom unit at Botanic Gardens Mansion fetched $3.7 million ($2,109 psf) when it was sold on Jan 8

Botanic Gardens Mansion is a 112-unit development on Taman Serasi, off Cluny Road, in prime District 10. The condo is located in one of Singapore’s most exclusive private residential enclaves, and it is next to Gleneagles Hospital and Medical Centre, the Singapore Botanic Gardens and Napier MRT Station on the Thomson-East Coast Line (TEL).

Meanwhile, the second-most profitable transaction during the week occurred at Boonview, a freehold development on Marymount Terrace in District 20. A 1,292 sq ft unit was sold for $2.42 million ($1,874 psf) on Jan 9, after the unit had been purchased for $763,572 ($591 psf) in April 2006. As a result, the seller reaped a profit of $1.66 million (217%) which translates to an annualised profit of about 6.4% over nearly 19 years.

There were four resale transactions at Boonview last year, ranging from the sale of a 2,368 sq ft unit for $3.83 million ($1,617 psf) on Feb 7 to the sale of a 1,292 sq ft unit for $2.13 million ($1,645 psf) on July 30.

The most profitable resale transaction to date at Boonview involved the sale of the 2,368 sq ft unit that changed hands in February last year. After the unit fetched $3.83 million, the seller walked away with a record profit of $2.57 million (204%), which translates to an annualised profit of about 5.7% over 20 years.

Boonview is a 120-unit freehold development on Marymount Terrace. (Map: EdgeProp Singapore)

A tabulation of resale caveats at Boonview indicates that the average price at the condo is $1,693 psf. A neighbouring freehold development, the 176-unit Tresalveo, commands a higher resale price of $1,912 psf. Boonview is a 120-unit development in Marymount and is close to Marymount MRT Station on the Circle Line as well as Bishan Interchange on the Circle and North-South Line.

On the other hand, the sale of a 1,238 sq ft unit at Beaufort on Nassim was the most unprofitable sale during the week in review. The two-bedroom unit on the second floor transacted for $3.3 million ($2,666 psf) when it was sold on Jan 9. The unit had been bought for $3.73 million ($3,012 psf) back in March 2007. Thus, the seller incurred a loss of $428,400 (11.5%) which translates to an annualised loss of 0.7% over nearly 18 years.

Based on lodged resale caveats, Beaufort on Nassim has recorded 12 resale transactions, all of which were unprofitable. Losses ranged from $17,000 to $1.46 million.

The sale of a 1,238 sq ft unit at Beaufort on Nassim incurred a loss of $428,400 when it was sold on Jan 9, (Picture: Samuel Isaac Chua/The Edge Singapore)

The most unprofitable sale to date at Beaufort on Nassim involved a 2,002 sq ft unit on the second floor, which was sold for $4.9 million ($2,447 psf) in February 2018. This unit had been purchased for $6.36 million ($3,178 psf) in May 2007. As a result, this led to a record loss of $1.46 million (23%) and an annualised loss of 2.6% over 10 years.

Beaufort on Nassim is a boutique 30-unit condo on Nassim Road in prime District 10. Nearby developments include luxury and ultra-luxury projects such as Les Maisons Nassim, Nassim Park Residences, Nassim Jade and 1 Nassim, and serviced apartments like Treetops Executive Residences and Shangri-La Apartments.

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