Four-bedder at Scotts Highpark reaps $3.99 mil profit

/ EdgeProp Singapore |

June 1, 2023 11:34 AM SGT

The 4,112 sq ft unit at Scotts Highpark was sold for $12.68 million ($3,084 psf) on May 18.

SINGAPORE (EDGEPROP) - The most profitable resale transaction that occurred during the week of May 16 to 23 was the sale of a 4,112 sq ft unit at Scotts Highpark. The four-bedroom unit on the 24th floor was sold for $12.68 million ($3,084 psf) on May 18. The unit was bought for $8.7 million ($2,114 psf) in January 2007. As a result, the seller earned a profit of $3.99 million (46%), which translates to an annualised profit of 2.3% over more than 16 years.

This is also the most profitable resale transaction at Scotts Highpark to date. It surpasses the previous record from the sale of a 3,466 sq ft unit on the sixth floor that fetched $8.2 million ($2,366 psf) in November 2021. It had been purchased for $5.77 million ($1,666 psf) back in December 2006. Thus, the seller walked away with a profit of $2.42 million (42%), which translates to an annualised gain of 2.4% over 14 years.

Last year, the condo recorded one profitable resale. A 1,776 sq ft three-bedder on the 19th floor was sold for $3.08 million ($1,734 psf) on Sept 29, after it had been purchased for $2.68 million ($1,510 psf) in April 2007. As a result, the seller earned a profit of about $398,000 (15%), which translates to an annualised profit of 0.8% over 15 years.

The 4,112 sq ft unit at Scotts Highpark was sold for $12.68 million ($3,084 psf) on May 18. (Picture: Samuel Isaac Chua/The Edge Singapore)

Scotts Highpark is a freehold condo located between Goldbell Towers and the Sheraton Towers Singapore Hotel on Scotts Road, in prime District 9. The 73-unit development was completed in 2009. It comprises two towers — one 19 storeys high and the other 27 storeys high — with a mix of two- to four-bedroom units that range from 1,141 to 4,112 sq ft and a five-bedroom duplex penthouse of 6,545 sq ft.

The condo is close to Newton MRT Interchange Station on the North-South and Downtown Lines. The condo is also in a prime central location in proximity to the Novena area and the Orchard Road shopping belt. Major roads that serve this area include Dunearn Road, Bukit Timah Road, Scotts Road and Newton Road.

Thus, this is a prime residential neighbourhood with several landed enclaves along nearby Goodwood Hill and Stevens Road, as well as luxury condos along Ardmore Park and Cairnhill Road.

The second most profitable deal during the week was the sale of a 4,058 sq ft unit at Paterson Residence. The four-bedroom unit changed hands for $8.5 million ($2,095 psf) on May 16, after it had been purchased for $6.35 million ($1,565 psf) in May 2018. Thus, the seller raked in a profit of $2.15 million (34%), which translates to an annualised profit of 6% over five years.

A 4,058 sq ft unit at Paterson Residence changed hands for $8.5 million on May 16, at a profit of $2.15 million for the seller. (Picture: Samuel Isaac Chua/The Edge Singapore)

Paterson Residence is a freehold condo on Paterson Road in prime District 9. The 110-unit luxury condo is close to the Orchard Road shopping belt, as well as the Orchard MRT Interchange Station on the North-South and Thomson-East Coast Lines.

This prime residential neighbourhood also includes luxury properties such as The Marq on Paterson Hill, Gramercy Park, OUE Twin Peaks, Boulevard Vue and the upcoming Irwell Hill Residences.

Based on URA caveats, the most profitable transaction at Paterson Residence is the sub-sale of a 4,898 sq ft unit located on the 23rd floor. The unit was sold for $10 million ($2,042 psf) in March 2007. This was less than a year after it had been bought from the developer for $6.38 million ($1,304 psf) in May 2006. Thus, the seller made a record profit of $3.61 million (56%).

Overall, prices at Paterson Residence increased between 2006 and 2017, but have declined since then. The price was $1,665 psf in May 2006 and climbed to a peak of $2,300 psf in May 2017. However, the price slipped to $2,180 psf last month.

On the other hand, the most unprofitable deal during the week involved the sale of an 883 sq ft unit at The Sail @ Marina Bay. The two-bedroom unit on the 54th floor changed hands for $1.63 million ($1,847 psf) on May 18. It had been purchased for $1.82 million ($2,062 psf) in September 2011. As a result, the seller suffered a loss of $190,000 (10%), which translates to an annualised loss of 0.9% over nearly 12 years.

The Sail @ Marina Bay - EDGEPROP SINGAPORE

The seller of a two-bedder at The Sail @ Marina Bay suffered a loss of about $190,000 (10%). (Picture: Samuel Isaac Chua/The Edge Singapore)

There have been 20 resale transactions at The Sail so far this year, and 13 have resulted in unprofitable deals. Losses have ranged from just $1,100 to about $803,000.

The largest loss-making transaction was another 883 sq ft unit on the 46th floor that fetched $2.11 million ($2,392 psf) on Jan 13. Previously, the unit had cost $2.9 million ($3,301 psf) in August 2007. Thus, the seller incurred a loss of about $803,000 (28%), which translates to an annualised loss of 2% over 15 years.

Check out the latest listings near Scotts Highpark, Paterson Residence, The Sail @ Marina Bay, The Marq on Paterson Hill, Gramercy Park, OUE Twin Peaks, Boulevard Vue, Irwell Hill Residences, Newton MRT Interchange Station, Orchard MRT Interchange Station

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