>

First sub-sale at Boulevard 88 rakes in $3.1 mil profit

/ EdgeProp Singapore |

January 27, 2022 7:10 AM SGT

The sub-sale of a four-bedroom unit at Boulevard 88 marks the first resale transaction at the luxury condo, close to three years after it was launched for sale in March 2019.

SINGAPORE (EDGEPROP) - A 2,777 sq ft, four-bedroom unit at Boulevard 88 changed hands in a sub-sale for $12.50 million on Jan 12. It marks the first sub-sale at the 154-unit luxury project since it was launched in March 2019.

The unit was originally purchased for $9.38 million ($3,378 psf) from the developer in June 2019. Thus the seller made a $3.12 million gain or a 33% upside from the sale. This translated to an annualised gross profit of 11.7% over just 2 1/2 years. This makes it the second most profitable resale transaction during the week of Jan 11 to 18.

The 154-unit Boulevard 88 is a freehold luxury project along Orchard Boulevard in prime District 10. Designed by world-renowned architect Moshe Safdie, Boulevard 88 comprises two 28-storey towers. The condo sits above the Singapore Edition Hotel conceived by American hotelier Ian Schrager and Marriott International.

The sub-sale of a four-bedroom unit at Boulevard 88 marks the first resale transaction at the luxury condo, close to three years after it was launched for sale in March 2019. (Picture: CDL)

The sub-sale marks the highest psf price achieved for a typical apartment at Boulevard 88. Previously, a 1,776 sq ft unit was sold for $7.14 million ($4,022 psf) on Oct 27 last year and the psf price was the highest recorded at the development. The four penthouse units were all sold in 2019 for between $28 million ($4,927 psf) and $31 million ($5,125 psf).

Meanwhile, the most profitable resale transaction during the week was the transaction for a 3,778 sq ft, four-bedroom unit at Beverly Hill on Jan 17. The 20th-floor unit was sold for $9.3 million ($2,462 psf) and it had been bought for $4.99 million ($1,323 psf) in October 2006. As a result, the seller raked in a profit of $4.3 million (86%), which translates to an annualised profit of 4.2% over 15 years.

Beverly Hill is a freehold condominium on Grange Road in prime District 10. The condo’s central location means it is close to the Orchard Road shopping belt and the River Valley Road area. It is surrounded by other luxury condos along Grange Road and Orchard Boulevard, as well as the Chatsworth Park Good Class Bungalow area.

A 3,778 sq ft unit at Beverly Hill was sold for $9.3 million ($2,462 psf) on Jan 17, at a $4.3 million profit. (Picture: Samuel Isaac Chua/The Edge Singapore)

Beverly Hill consists of a 23-storey residential block with 86 units. There are four-bedroom unit types that range from 3,509 sq ft to 3,778 sq ft, as well as a pair of 7,556 sq ft penthouses.

Four units changed hands at Beverly Hill last year and the deals were all profitable, with gains ranging from to $1.2 million to $4.2 million. The most profitable transaction involved another four-bedroom unit on the eighth floor that fetched $8.16 million ($2,160 psf) on March 3, 2021. That unit had previously fetched $3.95 million ($1,045 psf) in April 2000. Thus, the seller made a profit of $4.2 million, which translates to an annualised profit of 3.5% over 21 years.

On the other hand, the most unprofitable deal of the week was for a 1,119 sq ft unit at Mi Casa which changed hands for $1.09 million ($983 psf) on Jan 17. The two-bedroom unit previously fetched $1.19 million ($1,072 psf) in July 2013. Thus, the seller suffered a loss of about $100,000 (8%), which translates to an annualised loss of 1% over 8½ years.

Mi Casa is a 99-year leasehold condo along Choa Chu Kang Avenue 3 in District 23. The 457-unit development was completed in 2013 by Far East Organization. There are a mix of two- to four-bedroom units of 1,020 to 2,316 sq ft. (Discover insightful data of any Singapore condominium with our condo directory)