Five-bedroom unit at The Sea View reaps $2.48 mil profit
By Valerie Kor
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - The most profitable deal of the week between April 6 and 13 was the sale of a five-bedroom apartment at The Sea View in District 15. The seller bought the 2,809 sq ft unit on the 22nd floor for $2.52 million ($897 psf) in October 2005, and sold it on April 8 for $5 million ($1,780 psf). He therefore netted a 98% profit of $2.48 million, which is annualised at 4.5% over 15½ years.
The Sea View is a freehold condominium developed by Wheelock Properties, with 546 units across six 22-storey buildings. Its location on Amber Road is near Parkway Parade, Katong and beachside amenities at East Coast Park.
The sale is also the most profitable at the development, topping the previous record when another 2,809 sq ft unit was sold for a profit of $1.98 million in January 2018. That seller had bought the unit in October 2005 at $2.52 million ($897 psf) and sold it 12 years later at $4.5 million ($1,602 psf).
The unit at The Sea View was sold on April 8 for $5 million or $1,780 psf (Photo: Samuel Isaac Chua/The Edge Singapore)
The second most profitable transaction of the week was the sale of a 2,110 sq ft, three-bedroom unit at La Suisse, a condominium on Swiss View, off Dunearn Road. The third-floor unit changed hands at $2.62 million ($1,242 psf) on April 12, around 15 years after it was bought for $956,000 ($453 psf). The seller therefore earned a 174% profit of $1.67 million, which is annualised at 7.1%.
La Suisse in District 11 comprises 155 units across five storeys. It is in close proximity to Bukit Timah Nature Reserve and The Grandstand shopping mall. With a tenure of 999 years, it was completed in 1994. The transaction is the second most profitable one at La Suisse. The most profitable transaction is the sale of a 2,099 sq ft unit on the ground floor, which made a profit of $1.68 million in June 2019, or an annualised profit of 8.6% over 13 years.
The third top gain of the week occurred at The Hacienda, another development in District 15. After a holding period of around 14½ years, a 1,894 sq ft unit on the third floor was sold for $2.37 million ($1,251 psf). The unit was purchased in September 2006 for $828,000 ($437 psf). The seller therefore made a 186% profit of $1.54 million, which is annualised at 7.5%.
This transaction made the second highest profit in The Hacienda. The record is maintained by a 3,229 sq ft unit on the ground floor, which was sold for $3.17 million ($982 psf) in August 2017. The seller made a profit of $1.67 million, or an annualised profit of 6.9%, almost 11 years after it was purchased for $1.5 million ($465 psf).
Located off East Coast Road in the Siglap area, The Hacienda is a freehold condominium comprising 109 units in a five-storey block. It was built in 1986 by Assobuild Realty. It will be a 10-minute walk to the upcoming Siglap MRT Station.
A two-bedroom unit at Suites @ Newton was sold on April 6 for $1.06 million ($1,791 psf), incurring a 23% loss (Photo: Samuel Isaac Chua/The Edge Singapore)
On the other hand, the most unprofitable deal occurred at Suites @ Newton, a freehold property along Surrey Road. A two-bedroom unit of 592 sq ft was sold on April 6 for $1.06 million ($1,791 psf), incurring a 23% loss of about $311,000. As the unit was previously bought at $1.35 million ($2,275 psf) in December 2011, the loss is annualised at 2.7% over a nine-year period.
Suites @ Newton is a 67-unit development by Giant Land. The 18-storey building is within walkable distance to United Square Shopping Mall and Novena MRT Station and is also in close proximity to Newton Food Centre.
Check out the latest listings near The Sea View, La Suisse, The Hacienda, Suites @ Newton, Siglap MRT Station, Novena MRT Station
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