Four-bedder at Holt Residences sold for $2.2 mil profit
/ EdgeProp Singapore |
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The sale of a four-bedroom apartment measuring 2,056 sq ft at Holt Residences was the most profitable condo resale transaction during the week of July 23 to 30. The fifth-floor unit changed hands for $3.94 million ($1,916 psf) on July 25. The seller had bought the unit in September 2006 for $1.73 million ($840 psf). As a result, they reaped a profit of $2.21 million, which reflects a capital gain of 128% for the seller after owning it for nearly 18 years.
This marks a new record profit for a resale unit at Holt Residences, based on caveats lodged. It surpasses the previous top gain of $1.85 million made from the sale of a 2,067 sq ft, four-bedroom unit for $3.55 million ($1,718 psf) in July 2021. The seller had purchased the unit in August 2006 for $1.7 million ($823 psf).
The 2,056 sq ft unit at Holt Residences changed hands for $3.94 million ($1,916 psf) on July 25 (Picture: Google Maps)
Holt Residences is a freehold condo on Holt Road, off River Valley Road in prime District 10. Completed in 2000, the boutique development has 46 units comprising entirely four-bedders between 2,056 and 2,896 sq ft. It is one of four condos that line Holt Road, close to the High Commission of Malaysia. Valley Point shopping mall is also nearby.
The unit sold on July 25 is the first to change hands at Holt Residences in almost two years. The last resale transaction was the sale of a 2,056 sq ft unit for $4.1 million ($1,994 psf) in September 2022. The seller, who bought the unit in January 2018 for $3.2 million ($1,556 psf), made a gain of $900,000 on the deal.
The second-highest profit from a condo resale transaction during the week was the sale of a four-bedroom unit at City Square Residences. The 1,496 sq ft unit on the fifth floor fetched $2.9 million ($1,938 psf) on July 26. The seller, who acquired the unit from the developer in June 2005 for about $970,000 ($648 psf), walked away with a $1.93 million gain. This translates to a capital gain of 199% for the seller after a holding period of about 19 years.
This is the most profitable resale deal that has occurred to date at City Square Residences. It beats the previous record of $1.89 million from the sale of a 1,216 sq ft, three-bedroom unit on Jan 5. The seller had purchased the unit from the developer in May 2005 for about $669,000 ($550 psf) and subsequently sold it for $2.56 million ($2,105 psf).
The sale of a 1,496 sq ft unit at City Square Residences for $2.9 million ($1,938 psf) on July 26 netted a gain of $1.93 million (Picture: The Edge Singapore)
City Square Residences is a 910-unit condo on Kitchener Link, next to City Square Mall in District 8. It is a short walk away from Farrer Park MRT Station (on the North East Line), which is connected to the mall. Completed in 2009, the freehold project comprises six blocks of residences spanning between 28 and 30 storeys.
Units at City Square Residences include one-bedroom apartments of 570 to 850 sq ft; two-bedroom apartments of 840 to 1,302 sq ft; three-bedroom units of 1,195 to 1,830 sq ft; and four-bedroom units of 1,496 to 1,518 sq ft.
Meanwhile, Duchess Residences saw the most unprofitable condo resale transaction during the week in review. This comes with the sale of a duplex penthouse spanning 2,756 sq ft for $4.78 million ($1,735 psf) on July 26. The seller bought the four-bedroom unit in July 2007 for $5.38 million ($1,951 psf). As such, they incurred a loss of $595,000 (11.1%) after owning the unit for 17 years.
A penthouse spanning 2,756 sq ft at Duchess Residences fetched $4.78 million ($1,735 psf) on July 26, incurring a loss of $595,000 (Picture: The Edge Singapore)
Duchess Residences is a 999-year leasehold condo on Duchess Avenue, off Bukit Timah Road in District 10. The 120-unit development was completed in 2011 and has a mix of three-bedders from 1,464 to 1,604 sq ft; four-bedders of 1,873 to 2,465 sq ft; and four-bedroom maisonettes of 2,971 to 3,444 sq ft. There are also four- and five-bedroom penthouses of 2,745 to 4,101 sq ft.
Apart from the unit that changed hands on July 26, Duchess Residences has seen two other resale transactions this year, both of which were profitable. On Feb 26, a 1,485 sq ft unit was sold for $3.15 million ($2,121 psf). The seller, who bought the unit in September 2016 for $2.41 million ($1,621 psf), made a gain of $742,000. On May 3, a 1,604 sq ft unit fetched $3.45 million ($2,151 psf). The seller, who purchased the unit in October 2007 for $3.21 million ($2,000 psf), netted a profit of $242,000.
Check out the latest listings for Holt Residences, City Square Residences, Duchess Residences properties
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