Four-bedroom unit at The Sea View reaps $2.1 mil profit

By Hailey Yu

/ Edgeprop Singapore |

May 6, 2022 11:35 AM SGT

Top Gains and Losses from the week of April 19 to April 26

SINGAPORE (EDGEPROP) - The most profitable resale deal in the week of April 19 to 26 was the sale of a 1,518 sq ft, freehold four-bedroom apartment at The Sea View. It changed hands for $3.3 million ($2,150 psf) on April 21. The fourth-floor apartment was initially purchased for $1.1 million ($735 psf) in November 2006. Thus, the seller reaped a profit of $2.1 million (193%), translating to a 7.2% annualised profit over a period of 15½ years.

The freehold apartment at The Sea View was sold for $3.3 million on April 21 (Credit: Samuel Issac Chua/ The Edge Singapore)

Completed in 2008, the 546-unit freehold condominium is located on Amber Road in prime District 15. When it was first launched in mid-2005, it was the first private condominium by the former Wheelock Properties (renamed Wharf Estates (Singapore) in 2020) that is located outside prime Districts 9, 10 and 11, which was traditionally it’s playing field.

District 15 in the East Coast is considered the next most prestigious neighbourhood outside the traditional prime Districts 9, 10 and 11. East Coast Park is within a short walk or bike ride from The Sea View, and shopping malls in the vicinity include Parkway Parade and I12 Katong. The upcoming Marine Parade MRT Station on the Thomson- East Coast Line is located nearby. The development is located within a 10- to 15-minute drive of the CBD and Changi Airport.

Seaview Price Chart - EDGEPROP SINGAPORE

Prices as The Sea View have been on an upwards trend over the past five years (Source: EdgeProp Research Tools)

According to EdgeProp Market Research, the average price of units sold at The Sea View has increased about 27.5% over the past five years to $2,204 psf in May to date, from $1,729 psf in June 2017 (See Price Trend chart).

The latest transaction at The Sea View is considered the second most profitable deal recorded in the project. The most profitable deal took place in April 2021, when a 2,809 sq ft, five-bedroom unit changed hands for $5 million ($1,780 psf). It had been purchased for half the price - $2.5 million ($897 psf) – in October 2005. This works out to a 98.4% profit, and an annualised gain of 4.5% over 15½ years.

At Meyer Road, another prime District 15 enclave, is the 504-unit condominium, The Makena. The freehold condominium was developed by Hong Leong Holdings and completed in 1998. It is located within walking distance of the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line.

Three-bedroom freehold apartment at Cliveden at Grange made a loss of $2.6 million during the week of April 19 to 26 (Credit: Samuel Issac Chua/ The Edge Singapore)

The latest transaction at The Makena was the sale of a 1,582 sq ft, four-bedroom unit for $2.9 million ($1,839 psf), according to a caveat lodged on April 20. The unit was previously purchased for $1 million ($613 psf) in August 2005. Thus, the seller reaped a capital gain of $1.9 million (200%), equivalent to an annualised profit of 6.8% over a period of 16½ years. This makes it the second most profitable transaction for the week.

This transaction is the most profitable deal recorded at The Makena. The second most profitable transaction occurred in August 2021, with the sale of a 1,636 sq ft, four-bedroom unit for $2.7 million ($1,650 psf). The unit had previously changed hands for $1.2 million ($760 psf) in June 2004, according to URA Realis. The seller therefore made a profit of $1.5 million (117.1%), translating to an annualised profit of 4.5% over 17 years.

On the other hand, the most unprofitable deal for the week in review was for the sale of a 2,153 sq ft, three-bedroom apartment at Cliveden at Grange. The unit fetched $5.7 million ($2,648 psf) in a deal on April 21; and was previously purchased for $8.3 million ($3,875 psf) in August 2007. The $2.6 million (31.7%) loss translated to an annualised loss of 2.6% over more than 14½ years.

Cliveden at Grange was developed by City Developments and completed in 2011. It is located in the prestigious Grange Road neighbourhood.

Check out the latest listings near Cliveden at Grange, The Sea View, The Makena, Marine Parade MRT Station

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