SINGAPORE (EDGEPROP) - The sale of a three-bedroom unit at The Morningside was the most profitable condo resale transaction during the week of Nov 14 to 21, based on caveats lodged with URA. The 2,411 sq ft unit changed hands for $5.2 million ($2,157 psf) on Nov 16. The unit was purchased in November 2002 for about $1.57 million ($649 psf), which means the owner made a profit of $3.64 million. This works out to a capital gain of 232% over a holding period of 21 years.
This is the most profitable resale transaction that has taken place at The Morningside to date. It surpasses the previous record set in May 2007 when a 2,411 sq ft unit fetched $3.6 million ($1,493 psf). The seller had purchased the unit for $1.53 million ($635 psf) in February 1999, meaning they made a gain of $2.07 million.
The 2,411 sq ft unit at The Morningside changed hands for $5.2 million ($2,157 psf) on Nov 16 (Picture: Google Maps)
The Morningside is a freehold apartment on Jalan Kuala, off River Valley Road in District 9. The 79- unit condo was completed in 1992. Units comprise three- and four-bedders between 1,270 and 3,520 sq ft. Besides the unit sold on Nov 16, there has been only one other resale transaction at The Morningside to date this year. In April, a 3,520 sq ft unit fetched about $6.3 million ($1,784 psf).
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The second most profitable condo resale transaction during the week in review was the sale of a three-bedroom apartment at Duet. The 1,744 sq ft unit on the 10th floor was sold for $3.68 million ($2,110 psf) on Nov 20. The seller had bought the unit from the developer for $1.36 million ($780 psf) in February 2005. Hence, they netted a gain of $2.3 million or 170% over a holding period of nearly 19 years.
This is the most profitable resale transaction recorded at Duet, based on caveats lodged. It surpasses the previous most profitable transaction – the sale of a 1,744 sq ft unit for $2.8 million ($1,606 psf) in October 2019. The seller had purchased the unit from the developer for $1.42 million ($814 psf), meaning they made a profit of around $1.4 million.
The seller of a unit at Duet made a gain of $2.32 million after the 1,744 sq ft unit sold for $3.68 million ($2,110 psf) on Nov 20 (Picture: Google Maps)
Located on Holland Road in prime District 10, Duet is a freehold condo built in 2005. It has just 42 units spread across two 12-storey towers. Units include three- and four-bedders between 1,701 and 3,541 sq ft.
On the other hand, the most unprofitable transaction during the week in review took place at Reflections at Keppel Bay. A two-bedder measuring 1,130 sq ft changed hands for $1.93 million ($1,710 psf) on Nov 14. It was purchased by the seller for $2.32 million ($2,055 psf) in July 2010. Thus, they made a loss of about $390,000 or 17% after holding the unit for 16 years.
A 1,130 sq ft unit at Reflections at Keppel Bay fetched $1.93 million ($1,710 psf) on Nov 14, netting the seller a $390,400 loss (Picture: Samuel Isaac Chua/The Edge Singapore)
Reflections at Keppel Bay is a 1,129-unit waterfront luxury development in prime District 9. The 99-year leasehold condo has six residential towers of between 24 and 41 storeys and 11 low-rise villa apartment blocks. Units include one- to four-bedders between 732 sq ft and 2,874 sq ft. There are also penthouses between 3,488 sq ft and 12,900 sq ft.
The condo has seen 47 resale transactions so far this year. Data compiled by EdgeProp Research shows that Reflections at Keppel Bay has seen 21 unprofitable transactions to date this year based on caveats lodged. The units, measuring between 893 sq ft and 3,391 sq ft, were sold at losses of between $4,200 and $1.6 million.
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Check out the latest listings for The Morningside, Duet, Reflections At Keppel Bay properties