Four-bedder at Parvis sold for $1.9 mil profit
/ EdgeProp Singapore |
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The sale of a four-bedroom unit measuring 2,013 sq ft at Parvis was the most profitable condo resale transaction during the week of March 26 to April 2. The 10th-floor unit changed hands for $4.85 million ($2,409 psf) on April 1. The seller had bought the unit in November 2009 for $2.99 million ($1,485 psf). Therefore, they made a gain of $1.86 million on the transaction, which works out to a capital gain of 62% after holding the unit for nearly 14½ years.
This is the second most profitable resale transaction ever recorded at Parvis. Data compiled on EdgeProp Research shows that the top profit came from the sale of a 2,605 sq ft unit for $5.4 million ($2,073 psf) in November 2022. The seller, who purchased the unit from the developer in December 2009 for $3.2 million ($1,230 psf), made a profit of about $2.2 million on the sale.
The 2,013 sq ft unit at Parvis changed hands for $4.85 million ($2,409 psf) on April 1 (Picture: Samuel Isaac Chua/The Edge Singapore)
Parvis is a freehold condo located on Holland Hill in prime District 10. Completed in 2012, the 12-storey development houses 248 units. Apartments comprise a mix of two-bedroom units of 990 sq ft to 1,442 sq ft along with threeand four-bedders from 1,701 sq ft to 2,605 sq ft. There are also three- and four-bedroom penthouses between 2,293 sq ft and 3,229 sq ft. The condo is a five-minute walk to Holland Village MRT Station on the Circle Line.
The second most profitable condo resale transaction during the week was the sale of a three-bedroom apartment at Cote D’Azur. The 1,270 sq ft unit on the third floor fetched $2.55 million ($2,008 psf) on March 27. It was purchased by the seller for $950,000 ($748 psf) back in April 2007. This means that they raked in a gain of $1.6 million (168%) on the unit, which they held for just under 17 years.
This is the third-highest gain made by a resale transaction at Cote D’Azur to date. The record belongs to the sale of a penthouse spanning 3,412 sq ft that sold for $4.8 million in September 2021. The seller netted a gain of $2.72 million on the sale, having acquired the unit in April 2006 for $2.08 million ($610 psf).
A 1,270 sq ft unit at Cote D’Azur fetched $2.55 million ($2,008 psf) on March 27, netting a profit of $1.6 million (Picture: Samuel Isaac Chua/The Edge Singapore)
Situated along Marine Parade Road in District 15, Cote D’Azur is a 612-unit condo completed in 2004. The 99-year leasehold development is located next to the Parkway Parade shopping mall and sits within a row of condos overlooking East Coast Park. It is a five-minute walk away from the Marine Parade MRT Station on the Thomson-East Coast Line which is slated to open in June. Units at the development include one-bedders from 840 sq ft, two-bedders from 1,109 sq ft, three-bedders from 1,270 sq ft, and four-bedders from 1,539 sq ft. There are also penthouses between 2,045 sq ft and 3,552 sq ft.
On the other hand, the sale of a one-bedroom unit at V On Shenton was the least profitable condo resale transaction during the week in review. The 474 sq ft unit on the 16th floor changed hands for $949,000 ($2,002 psf) on March 26. The seller bought the unit for $1.03 million ($2,181 psf) in September 2021. Hence, they made a loss of $85,000 (8.2%) after owning the unit for roughly 11½ years.
The unit is the second resale transaction recorded so far this year at V On Shenton. Before that, a 1,755 sq ft unit on the 44th floor was sold for $3.39 million ($1,932 psf) on Feb 21. The seller, who bought the unit in January 2021 for $3.62 million ($2,064 psf), made a loss of about $230,000.
A 474 sq ft unit at V On Shenton made a loss of $85,000 after it was sold for $948,000 ($2,002 psf) on March 26 (Picture: Samuel Isaac Chua/The Edge Singapore)
V On Shenton is a 99-year leasehold condo on Shenton Way in District 1. The 54-storey residential tower is part of a mixed-use development that includes the 23-storey office tower UIC Building. The development, which was completed in 2017, has direct underground access that links it to Shenton Way MRT Station (Thomson-East Coast Line), Downtown MRT Station (Downtown Line) and the Marina Bay Link Mall.
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