Four-bedder at Windy Heights sold for $2.1 mil profit
/ EdgeProp Singapore |
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The sale of a 2,476 sq ft, four-bedroom unit at Windy Heights was the most profitable condo resale transaction during the week of June 25 to July 2. Located on the ninth floor, the unit fetched $3.3 million ($1,333 psf) on July 1. The seller had purchased it in August 1997 for $1.16 million ($469 psf). As a result, they made a profit of $2.14 million, which works out to a capital gain of 185% for the seller after owning the unit for nearly 27 years.
This is the second-most profitable deal ever logged at Windy Heights, based on available caveats. The record belongs to a four-bedroom, 4,973 sq ft unit that changed hands for $3.9 million ($784 psf) in October 2015. The unit had been previously transacted at $1.32 million ($265 psf) in June 2000. Hence, the seller netted a gain of $2.58 million.
The 2,476 sq ft unit at Windy Heights fetched $3.3 million ($1,333 psf) on July 1 (Picture: Google Maps)
Windy Heights is a freehold development located on Jalan Daud in District 14’s Kembangan area. Built in 1983, it has 200 residences and two commercial units. Apartments comprise four-bedders of 2,476 sq ft and penthouses of 4,962 to 4,973 sq ft.
Owners at Windy Heights have made two collective sale attempts, the latest one being in August 2018. The development was put up on the market with a reserve price of $806.2 million but did not find a buyer.
RiverGate saw the second most profitable condo resale transaction during the week in review. This comes with the sale of a four-bedroom unit measuring 2,077 sq ft unit on the 37th floor for $6.24 million ($3,003 psf) on June 28. The seller had bought it in a sub-sale for $4.32 million ($2,080 psf) in November 2007, which means they made a profit of $1.92 million on the deal. This translates to a capital gain of 44% for the seller, who owned the unit for about 16½ years.
A 2,077 sq ft unit at RiverGate was sold for $6.24 million ($3,003 psf) on June 28, netting a $1.92 million gain (Picture: Samuel Isaac Chua/The Edge Singapore)
Located in District 9, RiverGate is a freehold project that 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 unit sold on June 28 is the sixth resale transaction RiverGate has logged so far this year. The five units that changed hands earlier were profitable. The units, measuring from 1,549 to 1,798 sq ft, fetched between $4.19 million and $5.05 million, or between $2,700 and $2,809 psf. The sellers made gains ranging from $1.4 million to $2.43 million.
On the other hand, the sale of a 1,098 sq ft, two-bedroom unit at One Shenton was the most unprofitable condo resale transaction during the week in review. The 35th-floor unit fetched $1.95 million ($1,776 psf) on June 28. The seller had bought the unit from the developer for $2.29 million ($2,085 psf) in January 2007. As such, they made a loss of about $339,000 (15%) after owning the unit for about 18 years.
The sale of a 1,098 sq ft unit at One Shenton for $1.95 million ($1,776 psf) on June 28 incurred a loss of about $339,000 (Picture: Samuel Isaac Chua/The Edge Singapore)
One Shenton is a 99-year leasehold condo located at Shenton Way in the CBD. Comprising 50-storey twin towers, the condo was completed in 2011 with a total of 341 residences. These include one-bedders of 517 to 1,001 sq ft; two-bedders of 904 to 1,227 sq ft; three-bedders of 1,485 to 1,604 sq ft; and four-bedders of 1,787 to 2,271 sq ft. There are also four-bedroom duplex units of 5,242 to 6,082 sq ft; and three duplex penthouses which span 6,674 to 9,085 sq ft.
Besides the unit sold on June 28, 15 other units at One Shenton have changed hands to date this year, with caveats showing that four were unprofitable. The units, measuring between 829 and 872 sq ft, incurred losses ranging between $100,000 and $320,000.
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