Seller of four-bedder at Equatorial Apartments rakes in $3.4 mil profit

SINGAPORE (EDGEPROP) - The sale of a four-bedroom unit at Equatorial Apartments was the most profitable condo resale transaction during the week of Aug 1 to 8, based on caveats lodged with URA. The 2,497 sq ft apartment changed hands for $4.55 million ($1,822 psf) on Aug 3. It had been purchased by the seller in October 2003 for $1.14 million ($456 psf), which means they made a profit of $3.41 million. This works out to a capital gain of 300% over a holding period of nearly 20 years.

This is the most profitable transaction recorded to date at Equatorial Apartments, based on data compiled by EdgeProp Singapore. It beats the previous record established in May 2007, when a 5,382 sq ft penthouse was sold at $5.1 million ($948 psf), leading to a profit of $2.95 million. The unit sold on Aug 3 also marks a new psf-price high for the development, surpassing the previous high of $1,782 psf logged in February when a 2,497 sq ft unit was sold for $4.45 million.

The 2,497 sq ft unit at Equatorial Apartments changed hands for $4.55 million ($1,822 psf) on Aug 3 (Picture: Google Maps)

Located on Meyer Road in District 15, Equatorial Apartments is a freehold boutique condo built in 1981 with a total of 61 units housed in a 16-storey block. Typical units comprise four-bedroom apartments ranging from 2,411 to 2,497 sq ft. There are also penthouses of between 2,691 and 5,565 sq ft.

Teresa Ville saw the second most profitable transaction during the week in review when a 1,981 sq ft unit was sold for $3.15 million ($1,590 psf) on Aug 8. The three-bedroom unit was purchased in June 1998 for $1.005 million ($507 psf). Hence, the seller made a profit of $2.155 million (213%) after holding the unit for slightly over 25 years.

This the second most profitable transaction registered at Teresa Ville to date. The most profitable transaction at the development occurred earlier this year, when a 1,981 sq ft, three-bedroom apartment was sold for $3.28 million ($1,656 psf) on March 20. The seller, who had purchased the unit in April 2006 for $960,000 ($485 psf), netted a gain of $2.32 million or 242%.

The seller of a unit at Teresa Ville made a gain of $2.15 million when the 1,981 sq ft apartment fetched $3.15 million ($1,590 psf) on Aug 8 (Picture: The Edge Singapore)

Teresa Ville is a 264-unit freehold development located along Lower Delta Road in District 4. Completed in 1986, the development comprises three blocks housing a mix of two-, three- and four-bedroom units measuring between 1,356 and 3,972 sq ft.

Meanwhile, the sale of a four-bedroom-plus-study apartment at Orchard Scotts was the most unprofitable transaction during the week in review. The 2,282 sq ft unit on the fourth floor changed hands for $3.78 million ($1,656 psf) on Aug 7. It had been purchased in March 2010 for $4.61 million ($2,019 psf). Thus, the seller made a loss of about $826,700 or 18% over a holding period of nearly 13½ years.

This is the second unit at Orchard Scotts to change hands this year, based on caveats lodged. Prior to this, a 2,099 sq ft unit was sold for $3.85 million ($1,834 psf) on May 30. The seller had bought the unit in August 2012 for $4.1 million ($1,953 psf). This means they netted a loss of $250,000 on the sale.

The seller of a 2,282 sq ft unit at Orchard Scotts made a loss of about $826,700 when the unit was sold for $3.78 million ($1,656 psf) on Aug 7 (Picture: Samuel Isaac Chua/The Edge Singapore)

Orchard Scotts is a 99-year leasehold development on Anthony Road, off Clemenceau Avenue North in prime District 9. Developed by Far East Organization, it was completed in 2008. The 387-unit development has two- to five-bedroom apartments of 936 to 4,435 sq ft.

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