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Four-bedder at The Peak rakes in $3.6 mil profit

/ EdgeProp Singapore |

December 9, 2022 11:00 AM SGT

SINGAPORE (EDGEPROP) - The sale of a four-bedroom unit at The Peak, located on Pepys Road in District 5, was the most profitable transaction recorded in the week of Nov 22 to 29. The 4,359 sq ft unit on the third floor fetched $5.6 million or $1,285 psf on Nov 29. The seller had purchased the unit for $2 million ($459 psf) in December 2003. This means they reaped a profit of $3.6 million or 180%, over a holding period of 19 years.

The Peak is a freehold condominium next to Kent Ridge Park that was completed in 1988. The boutique development has just 21 units spread across three low-rise blocks. The 21 units are all four-bedders, ranging from 4,349 to 5,543 sq ft.

The 4,359 sq ft unit at The Peak was sold for $5.6 million or $1,285 psf on Nov 29 (Picture: Albert Chua/The Edge Singapore)

The unit sold on Nov 29 is the first apartment at The Peak to change hands since February 2020 when a 5,500 sq ft unit was sold for $6.8 million ($1,236 psf). The Nov 29 transaction also marks the second most profitable sale at the development, based on data compiled by the EdgeProp Research tool. The most profitable transaction occurred in September 2013, when a 5,500 sq ft unit was sold for $9 million ($1,636 psf). The seller, who had bought the unit for $5 million ($909 psf) in February 2007, raked in a profit of $4 million.

The second most profitable transaction during the week in review took place at Four Seasons Park. A 2,260 sq ft, four-bedroom unit on the ninth floor was sold for $7.16 million ($3,168 psf) on Nov 23, with the seller netting a gain of $3.51 million (96.2%). They had purchased the unit for $3.65 million ($1,615 psf) in April 2000 and held the apartment for close to 23 years.

The sale is the most profitable transaction to occur at the development this year, although some past transactions have netted higher gains. The most profitable resale transaction at Four Seasons Park took place in December 2019, when a 6,157 sq ft unit was sold for $17.88 million ($2,904 psf). The seller, who had bought the unit for $9 million ($1,462 psf) in June 2002, made a profit of $8.88 million.

The seller of a four-bedroom unit at Four Seasons Park raked in a $3.51 million profit after it fetched $7.16 The 4,359 sq ft unit at The Peak was sold for $5.6 million or $1,285 psf on Nov 29 million ($3,168 psf) on Nov 23 (Picture: The Edge Singapore)

Completed in 1994, Four Seasons Park is located on Cuscaden Walk, near the Orchard Road shopping belt in District 10. The freehold development has 202 units, with sizes starting from 2,153 sq ft. It is a five-minute walk to Orchard MRT Station on the North-South Line.

Meanwhile, the most unprofitable transaction recorded during the week was the sale of a 2,045 sq ft unit at Marina Bay Suites. The four-bedroom apartment changed hands for $3.808 million ($1,862 psf) on Nov 25. It was purchased by the seller in May 2010 for $5.304 million ($2,593 psf). Thus, the seller suffered a loss of $1.5 million, or 28.2% over a holding period of 12½ years.

The development has seen a few resale transactions that have occurred below the purchase price this year, according to data compiled by the EdgeProp Research tool. These include the most unprofitable transaction recorded at Marina Bay Suites, which was on Aug 16 when a 2,691 sq ft unit was sold for $5 million ($1,858 psf). The seller, who had bought the unit for $8.25 million ($3,066 psf) in December 2013, suffered a loss of $3.25 million.

The seller of a four-bedroom unit at Marina Bay Suites suffered a loss of $1.5 million on Nov 25 (Picture: Samuel Isaac Chua/The Edge Singapore)

Marina Bay Suites is a 99-year leasehold development on Central Boulevard in the Marina Bay financial district. It was completed in 2013 and has 221 units. Typical residences comprise three- and four-bedroom units ranging from 1,572 to 2,691 sq ft.

Check out the latest listings near The Peak, Four Seasons Park, Marina Bay Suites

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