Three-bedder at The Atria At Meyer sold at $2.3 mil profit

SINGAPORE (EDGEPROP) - The sale of a three-bedroom-plus-study apartment at The Atria At Meyer was the most profitable condo resale transaction recorded during the Dec 15 to 26, 2023 period. The 1,475 sq ft unit on the 11th floor changed hands for $3.18 million ($2,156 psf) on Dec 26 last year. It was purchased by the seller in April 2005 for $930,000 ($631 psf). This means that the seller made a gross profit of $2.25 million or 242% upon selling the unit, which they had held for almost 19 years.

This marks the most profitable resale transaction recorded at The Atria At Meyer, based on caveats lodged. It beats the previous record gain of $1.78 million netted by the seller of another 1,475 sq ft, three-bedroom-plus-study unit in July 2023. The unit was purchased by the seller for $1.18 million ($800 psf) in July 1999. It was sold for $2.96 million ($2,007 psf), after the seller had held the unit for about 24 years.

The unit at The Atria At Meyer changed hands for $3.18 million ($2,156 sq ft) on Dec 26 last year (Photo: Samuel Isaac Chua/EdgeProp Singapore).

The Atria At Meyer is a freehold condo located along Meyer Road in Marine Parade, District 15, and faces East Coast Park and the sea. It was completed in 1996 and houses 158 units. These range from two- to four-bedroom units measuring from 1,044 to 2,949 sq ft.

The second most profitable transaction during the period in review was the sale of a 1,593 sq ft, three-bedroom unit at Flame Tree Park condo. On Dec 22, 2023, the unit was sold for $2.82 million, or $1,770 psf. The seller bought the unit in August 1997 for $980,000 ($615 psf). Hence, they netted a gain of $1.84 million (188%) after holding the unit for over 26 years.

A three-bedder at Flame Tree Park was sold for $2.82 million, or $1,770 psf, on Dec 22 (Photo: Samuel Isaac Chua/EdgeProp Singapore).

The sale is the condo’s most profitable transaction. It beats the previous most profitable sale of a three-bedroom unit occupying 1,593 sq ft. The unit was sold for $2.2 million ($1,381 psf) in August 2018. The seller had bought the unit for $620,000 ($389 psf) in October 1998. Thus, they netted a profit of $1.58 million after holding the unit for 20 years.

Flame Tree Park is a freehold condo located along Sin Ming Avenue in Bishan, District 20. It was completed in 1989 and consists of 160 units. The 28-storey development is accessible through Bright Hill and Sin Ming MRT Stations. It sits opposite MacRitchie Treetop Walk, and is near Thomson Plaza and the retail outlets along Upper Thomson Road.

On the other hand, the biggest loss during the period in review was incurred by a seller at Cliveden At Grange. A 2,842 sq ft four-bedder on the 22nd floor of the condo was sold for $5.05 million ($1,777 psf) on Dec 19, 2023. It was previously purchased for $12.05 million ($4,242 psf) in November 2007. The seller therefore incurred a loss of about $7 million (–58%) over slightly more than 16 years.

The seller of a four-bedroom unit at Cliveden At Grange suffered a loss of about $7 million on Dec 19 (Photo: Samuel Isaac Chua/EdgeProp Singapore).

This sale also marks the condo’s new record-low psf price.

The loss from the sale beats the condo’s previous record loss of $2.64 million after a 2,153 sq ft, three-bedroom unit on the 22nd floor was sold for $5.7 million ($2,648 psf) in April 2022. The seller had bought the unit in August 2007 for $8.3 million. This means that they suffered a loss of $2.64 million, after holding the unit for almost 15 years.

Cliveden At Grange is a freehold condo along River Valley, in District 10. It is accessible through Orchard Boulevard and Orchard MRT Stations. The 110-unit condo was completed in 2011. It houses a mix of three- to five-bedroom apartments occupying 2,153 to 6,028 sq ft.