Four-bedder at RiverGate reaps $1.93 mil profit

/ EdgeProp Singapore |

February 17, 2023 9:00 AM SGT

SINGAPORE (EDGEPROP) - The most profitable condominium resale transaction recorded during the week of Jan 31 to Feb 7 was the sale of a 2,077 sq ft, four-bedroom unit at RiverGate on Jan 31. The unit at the freehold development on Robertson Quay was sold for $6.23 million or $2,999 psf. It had been purchased for $4.3 million ($2,070 psf) in September 2012. This means the seller raked in a gain of $1.93 million (44.9%) over a holding period of nearly 10½ years.

RiverGate has seen 19 transactions since the start of last year, all of which have been profitable, based on caveats lodged. The most profitable transaction in the last year was the sale of a 2,739 sq ft unit in June 2022. The unit, which had been purchased for $2.64 million ($1,394 psf) in June 2009, was sold for $5.19 million ($2,739 psf). This means the seller netted a gain of $2.55 million on the transaction.

The most profitable transaction recorded at RiverGate was the sale of a four-bedroom unit in September 2021. The 3,100 sq ft unit changed hands for $7.28 million ($2,348 psf). It was purchased for $3.46 million ($1,115 psf) in June 2005. Hence, the seller clocked a profit of $3.82 million.

The seller of the four-bedder at RiverGate netted a 44.9% profit after it was sold for $6.23 million on Jan 31 (Picture: Samuel Isaac Chua/The Edge Singapore)

Located in District 9, RiverGate is a project by CapitaLand and Hwa Hong Corp which was completed in 2009. It has 545 units across three 43-storey blocks. Units comprise a mix of two- to four-bedroom apartments measuring between 1,023 and 3,918 sq ft.

The second most profitable transaction of the week occurred at Draycott Eight, when a four-bedroom penthouse unit was sold for $8.68 million ($2,162 psf) on Feb 1. The seller had bought the 4,015 sq ft unit in August 2017 for $7.22 million ($1,799 psf). This translates to a profit of $1.46 million (20.2%) over a holding period of 5½ years.

This is the first unit to change hands at Draycott Eight this year. Last year, there were six resale transactions at the development, of which five were profitable. The units sold were priced from $2.36 million to $6.68 million, or between $1,755 and $2,307 on a psf basis. The sellers netted gains ranging between $100,000 and $1.5 million.

On Feb 1, a 4,015 sq ft penthouse unit at Draycott Eight was sold for $8.68 million, with the seller raking in a gain of $1.46 million (Picture: Samuel Isaac Chua/The Edge Singapore)

Draycott Eight is a 99-year leasehold project by Wing Tai Holdings which was completed in 2005. The development comprises three 24-storey blocks that house a total of 136 units. Apartments are made up of two- and four-bedroom units from 1,173 sq ft to 3,348 sq ft. There are also four-bedroom penthouses starting from 4,015 sq ft.

Meanwhile, the most unprofitable transaction during the period in review was the sale of a three-bedder at Marina Bay Suites on Feb 1. The 1,604 sq ft unit on the 25th floor changed hands for $2.81 million ($1,752 psf). It was purchased from the developer for $3.4 million ($2,122 psf) in December 2009, which means the seller suffered a loss of $593,000 (17.4%) over a holding period of 13 years.

The transaction came just a few days after another three-bedder measuring 1,625 sq ft on the 33rd floor was sold for $3.28 million ($2,018 psf) on Jan 27. The unit was purchased for $3.79 million ($2,329 psf) in October 2011. Thus, the seller was hit with a loss of about $505,000 (13%).

The seller of a three-bedder at Marina Bay Suites suffered a loss of $593,000 when it changed hands for $2.81 million on Feb 1 (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. The 66-storey residential tower was a joint-venture project between Keppel Land, Cheung Kong Holdings and Hongkong Land. Completed in 2013, it has 221 units. Typical residences are three- and four-bedroom units ranging from 1,572 to 2,691 sq ft.

The development has seen several resale transactions that have occurred below the purchase price in the last year, according to data compiled by EdgeProp Research. In 2022, all 11 resale transactions at Marina Bay Suites were unprofitable. Units were sold between $2.85 million and $5.65 million, or from $1,765 to $2,108 on a psf basis. The respective sellers incurred losses of between $7,000 and $3.25 million.

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