Four-bedroom unit at Beverly Hill sold for $5.5 mil profit
/ EdgeProp Singapore |
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The sale of a four-bedroom apartment at Beverly Hill was the most profitable condo resale transaction during the week of July 9 to 16, based on caveats lodged with URA. The 3,778 sq ft unit on the fifth floor changed hands for $9.15 million ($2,422 psf) on July 15. The seller had bought it in August 1996 for $3.68 million ($974 psf). As a result, they raked in a profit of $5.47 million, which works out to a gain of 149% for the seller after owning it for 28 years.
This is the second most profitable resale transaction ever registered at Beverly Hill. The record belongs to the sale of a duplex penthouse measuring 7,556 sq ft in July 2023. The seller, who purchased it in January 2007 for $11 million ($1,456 psf), sold the apartment for $18 million ($2,382 psf), netting themselves a gain of $7 million (64%) after a holding period of 16½ years.
The 3,778 sq ft unit at Beverly Hill changed hands for $9.15 million ($2,422 psf) on July 15 (Picture: Samuel Isaac Chua/The Edge Singapore)
Located on Grange Road in District 10, Beverly Hill is a boutique condo built in 1983 with a total of 86 units housed in a 23-storey block. There are only four-bedroom units available in the condo, ranging in size from 3,369 to 3,778 sq ft, in addition to two penthouses of 7,556 sq ft each.
Besides the unit sold on July 15, only one other unit at Beverly Hill has changed hands to date this year. A 3,778 sq ft apartment on the 11th floor fetched $9.2 million ($2,435 psf) on April 5.
Sommerville Park saw the second most profitable condo resale deal during the week in review. A 1,948 sq ft, three-bedroom unit on the second floor was sold for $3.95 million ($2,027 psf) on July 11. It was purchased by the seller for $1.16 million ($595 psf) in April 2006. Hence, they clocked a profit of $2.79 million, having held the unit for more than 18 years. This translates to a capital gain of 241% for the seller.
This is the third-highest gain recorded to date on a resale unit at Sommerville Park. The most profitable resale deal occurred in May 2018, when a strata landed property spanning 3,294 sq ft at the development was sold for $5.05 million ($1,533 psf). The seller, who bought the property in September 2003 for $1.48 million ($449 psf), walked away with a $3.57 million profit.
A 1,948 sq ft unit at Sommerville Park fetched $3.95 million ($2,027 psf) on July 11, netting a gain of $2.79 million (Picture: The Edge Singapore)
Sommerville Park is a freehold development on Farrer Drive in prime District 10. Occupying a sprawling 855,571 sq ft site, it comprises 396 condo units and 57 strata landed houses. Condo units are housed in four tower blocks and range from one- to three-bedders, while landed units comprise a mix of townhouses and two-storey maisonettes.
Besides the unit sold on July 11, Sommerville Park has seen eight other apartments change hands to date this year. Based on available caveats, two of the transactions were profitable. On Jan 11, a 2,680 sq ft unit was sold for $5.41 million ($2,017 psf), with the seller making a gain of $1.41 million. On March 8, a 1,302 sq ft unit fetched $2.45 million ($1,880 psf), with the seller netting a profit of $1.54 million.
Meanwhile, the most unprofitable condo resale deal during the week in review was the sale of a four-bedroom-plus-study unit at Orchard Scotts. The 2,497 sq ft unit on the 15th floor fetched $3.9 million ($1,562 psf) on July 9. It had last transacted in July 2009 at $5.54 million ($2,220 psf), which means the seller incurred a loss of $1.64 million (30%) after owning the unit for 15 years.
A 2,497 sq ft unit at Orchard Scotts incurred a $1.64 million loss when it was sold for $3.9 million ($1,562 psf) on July 9 (Picture: Samuel Isaac Chua/The Edge Singapore)
Orchard Scotts is a 99-year leasehold development on Anthony Road, off Clemenceau Avenue North in prime District 9. Completed in 2008, the 387-unit development has two- to five-bedroom apartments of 936 to 4,435 sq ft.
The July 9 transaction marks the first unprofitable resale deal logged at the condo in almost a year. The last resale transaction that occurred below purchase price was the sale of a 2,282 sq ft unit for $3.78 million ($1,656 psf) on Aug 7, 2023. The seller, who bought the unit in March 2010 for $4.61 million ($2,019 psf), made a loss of about $827,000.
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