The most profitable transaction from Sept 18 to 25 was the sale of a 1,970 sq ft unit at Orchard Towers on Claymore Drive in prime District 9. The three-bedroom unit on the 16th floor was sold on Sept 20 for $2.8 million ($1,421 psf). The seller bought it for $1.05 million ($531 psf) in October 2005. This translates into a profit of $1.76 million (168%), or an annualised profit of 8% over a 13-year holding period.
Two other units at the 43-year-old development have been sold so far this year. Both are similar-sized three-bedroom units. A unit on the 18th floor fetched $2.48 million ($1,259 psf) in March; another on the 19th floor changed hands for $2.6 million ($1,320 psf) in May.
The seller of a unit at the 43-year-old Orchard Towers made a $1.76 million profit on Sept 20 (Picture: The Edge Singapore)
According to URA caveats, the most profitable transaction ever recorded at the freehold development was the sale of a three-bedroom unit on the 16th floor in November 2007. The seller bought the unit for $1.09 million ($553 psf) in November 2005, and parted with it for $3.23 million ($1,640 psf). The seller thus walked away with a $2.14 million profit.
The second most profitable sale during the week in review was at the Rochelle at Newton, located on Keng Lee Road off Newton Road. A 1,701 sq ft unit on the fifth floor changed hands for $2.48 million ($1,458 psf) when it was sold on Sept 21. The unit had been bought from the developer for $1.58 million ($926 psf) in June 2009, when the prime District 11 development was launched. The seller made $905,000 (57%), or an annualised profit of 5% over the nine-year holding period.
A 1,701 sq ft unit on the fifth floor at Rochelle at Newton changed hands for $2.48 million ($1,458 psf) when it was sold on Sept 21. (Picture: Samuel Issac Chua/The Edge Singapore)
It is the most profitable transaction at the 129-unit condominium so far this year, which has seen five profitable transactions. The profits have ranged from $48,000 to $905,000. So far, the most profitable deal at Rochelle at Newton was the sale of a 2,164 sq ft unit on the first floor. The three-bedroom-plus-study unit fetched $3.3 million ($1,525 psf) in March 2014. The previous owner bought it for $1.85 million ($855 psf) in Aug 2009, and walked away with a $1.45 million (78%) profit. This represents an annualised profit of 13.5% over a 4.5-year holding period.
Rochelle at Newton is a 99-year leasehold condo developed by Sim Lian Group and completed in 2012.
Meanwhile, the most unprofitable transaction during the week was the sale of a 667 sq ft unit at the luxury condo Espada, located on Saint Thomas Walk in prime District 9. The two-bedroom unit on the 15th floor changed hands for $1.52 million ($2,278 psf) when it was sold on Sept 20. It was bought from the developer for $1.79 million ($2,686 psf) in June 2013. The seller incurred a loss of 15%, or $272,737 and an annualised loss of 3% over a five-year holding period.
The seller of a unit at luxury condo Espada incurred a $272,737 loss.
This is also the most unprofitable sale so far at the 232-unit condo, where losses have ranged from $4,433 to $272,737, according to URA caveats. The second most unprofitable transaction at the condo this year was the sale of a 646 sq ft unit on the fourth floor that changed hands in January. The one-bedroom-plus-study unit was bought for $1.49 million ($2,319 psf) in December 2010, but subsequently fetched $1.35 million ($2,090 psf) on the secondary market. The seller incurred a $147,686 loss.