Four-bedder at Boonview turns in $2.57 mil profit
By Nicholas Lam
/ EdgeProp Singapore |
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A 2,368 sq ft, three-bedroom penthouse on the 20th floor of Boonview was sold for $3.83 million ($1,617 psf), according to a caveat lodged on Feb 7. The unit was purchased from the developer for $1.26 million ($532 psf) in July 2004. As a result, the resale raked in a profit of $2.57 million (204%), which translates to an annualised profit of 5.8% over almost 20 years. The sale is the most profitable condo resale transaction for the week of Feb 6 to 13.
The transaction also sets two new records at Boonview: It is the most expensive unit to be transacted at the development by absolute price, as well as the most profitable resale transaction to date. Prior to this, the highest price for a unit sold at Boonview was for a 1,182 sq ft, three-bedroom unit which fetched $2.8 million in October 2012. The previous record for profit margin was set by a 1,292 sq ft, three-bedroom unit that was sold for $2.09 million in January 2022. The seller made a gain of $1.39 million from the sale.
Boonview is a 120-unit development located on Marymount Terrace in Bishan, District 20. The freehold development was completed in 2003.
The three-bedroom penthouse at Boonview was sold for $3.83 million ($1,617 psf) on Feb 7, according to URA caveats (Photo: Google Street View)
Units at Boonview are a mix of one-bedders with sizes of 646 and 700 sq ft, and three-bedders from 1,292 to 1,518 sq ft. There are only two penthouses at Boonview: Both have three bedrooms and are situated on the 20th floor (the topmost level) and 2,368 sq ft in size.
The development is about a five-minute walk to the Marymount MRT Station on the Circle Line, situated 405m away according to EdgeProp’s LandLens. The condo also sits within 1km of several schools like Raffles Institution (Secondary and Junior College), Catholic High School (Primary and Secondary Sections), and Whitley Secondary School.
Boonview sees a relatively low volume of resale transactions, with only 10 units changing hands in the past five years. Notably, all these transactions have been profitable, with the sellers netting gains ranging from $45,000 to $2.57 million.
The second most profitable resale transaction during the week in review was the sale of a three-bedroom unit at Tiara measuring 1,346 sq ft on Feb 7. The 24th-floor unit was sold for $3.28 million ($2,438 psf). The seller bought the unit for $1.2 million ($892 psf) in July 2001. Thus, the seller earned a profit of $2.08 million (173%), which translates to an annualised profit of 4.6% over 22½ years.
A 24th-floor unit at freehold condo Tiara was sold at a profit of $2.08 million (Photo: Google Street View)
This is the second most profitable resale transaction at Tiara to date. The record-holder sold their 1,507 sq ft, three-bedroom unit for $3.3 million in September 2022, netting a profit of $2.12 million. This translates to an annualised profit 5.2% over the 20 years it was held for.
Tiara is a 35-storey freehold condo on Kim Seng Walk in District 9. The 264-unit development was completed in 1995 with a mix of twoand three-bedroom units measuring between 893 and 1,561 sq ft.
The development is less than 500m from the Great World MRT Station on the Thomson-East Coast Line. Other nearby amenities include Zion Riverside Food Centre and Great World City shopping mall. Alexandra Primary School and River Valley Primary School are both within a 1km radius.
The most unprofitable transaction of the week was the sale of a 1,281 sq ft, one-bedroom unit at The Rochester Residences. The ninth-floor unit was sold on Feb 6 for $1.545 million ($1,206 psf) and had been purchased for $1.819 million ($1,420 psf) back in 2007. This resulted in a loss of about $274,000 (15%) after 16½ years.
Incidentally, a neighbouring unit on the same floor was sold two days later on Feb 8, based on caveats lodged. The apartment is also a one-bedroom, 1,281 sq ft unit. It fetched $1.6 million ($1,249 psf), netting the seller a profit of about $447,100. It was bought for $1,152,900 ($900 psf) back in June 2009.
The Rochester Residences is located along Rochester Drive in onenorth. The 366-unit development consists of one- to four-bedroom units ranging from 840 to 5,210 sq ft in size.
A ninth-floor unit at The Rochester Residences was sold for $1.545 million, resulting in a loss of about $274,000 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The 99-year leasehold condo was completed in 2011. It is part of a mixed-use development that includes Rochester Mall and Citadines Connect Rochester (formerly Park Avenue Rochester) serviced apartments. It is within walking distance of the Buona Vista MRT Interchange Station (for the East-West and Circle Lines).
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