Four-bedder in Grand Duchess at St Patrick’s sold for $2.48 mil profit
/ EdgeProp Singapore |
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The sale of a four-bedroom unit in Grand Duchess at St Patrick’s was the most profitable condo resale transaction during the week of Nov 5 to Nov 12. The 1,916 sq ft unit on the fourth floor changed hands for $3.88 million ($2,025 psf) on Nov 7. The seller had bought the unit from the developer in December 2006 for about $1.4 million ($729 psf). As a result, the seller raked in a profit of $2.48 million after owning the unit for almost 18 years. This works out to a capital gain of 178% for the seller or an annualised profit of 9.9%.
This is the third-highest gain ever made on a resale transaction at the development. The record gain belongs to a unit sold earlier this year. The 3,218 sq ft, four-bedroom apartment fetched $5.53 million ($1,718 psf) on May 20. The seller, who purchased the apartment as a new unit in December 2006 for $1.83 million ($568 psf), reaped a $3.7 million gain on the deal.
The 1,916 sq ft unit at Grand Duchess At St Patrick’s was sold for $3.88 million ($2,025 psf) on Nov 7 (Picture: Samuel Isaac Chua/The Edge Singapore)
Grand Duchess At St Patrick’s is a freehold condo on St Patrick’s Road, off East Coast Road in District 15. The 121-unit development was completed in 2010 and features two pre-war bungalows on the site. Typical units at the development are two- to four-bedders from 1,044 sq ft to 3,907 sq ft. The conservation bungalows were converted into the condo’s clubhouse and a pair of 6,958 sq ft, five-bedroom units.
Apart from the units sold on Nov 7 and May 20, the condo has seen three other resale deals this year, all of which were profitable. The units, sold for between $1,516 psf and $2,177 psf, netted gains ranging from $1 million to $2.02 million.
The second most profitable condo resale transaction during the week was the sale of a 1,496 sq ft, three-bedroom unit at The Marbella. The 21stfloor unit fetched $3.4 million ($2,272 psf) on Nov 11. The seller acquired the unit from the developer in August 2004 for $1.05 million ($704 psf). Thus, the seller netted a profit of $2.35 million or 223% after owning the unit for about 20 years.
This is the sixth-highest profit ever made from a resale transaction at The Marbella. It comes less than two months after another three-bedder measuring 1,582 sq ft at the condo netted a gain of $2.51 million when it sold for $3.65 million ($2,307 psf) on Oct 7. The seller had bought the apartment as a new unit in January 2005 for $1.14 million ($719 psf).
The sale of a 1,496 sq ft unit at The Marbella for $3.4 million ($2,272 psf) on Nov 11 made a gain of $2.35 million (Picture: Samuel Isaac Chua/The Edge Singapore)
The Marbella is a freehold development located on Mount Sinai Rise, off Ulu Pandan Road in District 10. Completed in 2005, it has three blocks between 22 and 24 storeys. It has a total of 239 residences, comprising two- to four-bedroom units between 1,076 sq ft and 4,284 sq ft.
Meanwhile, the sale of a four-bedroom unit spanning 1,959 sq ft at St Regis Residences Singapore was the most unprofitable condo resale deal during the week. The 14th-floor unit changed hands for $5 million ($2,552 psf) on Nov 8. The seller, who bought the apartment as a new unit in May 2007 for $6.5 million ($3,319 psf), incurred a loss of $1.5 million (23.1%) on the deal. The seller had owned the unit for 17½ years.
A 1,959 sq ft unit at St Regis Residences Singapore fetched $5 million ($2,552 psf) on Nov 8, incurring a loss of $1.5 million (Picture: Samuel Isaac Chua/The Edge Singapore)
St Regis Residences Singapore is a 999-year leasehold development on Tanglin Road in prime District 10 that was completed in 2008. When the 173-unit project was launched in 2006, it was the first luxury hotel-branded residence in Singapore with hotel services, including butler service, housekeeping and room service. It is linked to the 299- key St Regis Singapore luxury hotel.
Typical units at St Regis Residences comprise three- and four-bedroom apartments ranging from around 1,500 sq ft to 4,000 sq ft. There are also “sky suites” located on the 20th and 21st floors measuring from around 4,300 sq ft to 6,000 sq ft, along with penthouses on the 22nd and 23rd floors that span around 5,000 sq ft to 7,200 sq ft.
The development has logged 12 other resale deals this year. Available caveats show that three of these were unprofitable transactions. The units, all four-bedders between 2,121 sq ft and 2,595 sq ft, were sold at prices between $2,332 psf and $2,447 psf. The sellers fetched losses between $57,000 and $308,000.
Check out the latest listings for Grand Duchess At St Patrick's, The Marbella, St Regis Residences Singapore, Condominium properties
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