Four-bedroom unit at The Sovereign sold for $2.7 mil profit
/ EdgeProp Singapore |
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The sale of a four-bedroom unit at The Sovereign was the most profitable condo resale transaction during the week of Sept 10 to 17. The 2,637 sq ft unit on the ninth floor changed hands for $6.2 million ($2,351 psf) on Sept 10. The seller had purchased it in May 2016 for $3.5 million ($1,327 psf). As a result, the seller reaped a profit of $2.7 million, representing a capital gain of 77%, after owning the unit for slightly over eight years.
The unit was the second resale deal The Sovereign has seen this year. In June, a 3,305 sq ft unit on the 15th floor changed hands for $8.6 million ($2,602 psf). The seller, who bought the unit in February 2010 for $4.6 million ($1,392 psf), made a gain of $4 million on the deal, which is the highest profit ever recorded for a unit at The Sovereign.
The 2,637 sq ft unit at The Sovereign changed hands for $6.2 million ($2,351 psf) on Sept 10 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Sovereign is a condo on Meyer Road in District 15 that was built in 1993. The freehold development comprises a single residential tower housing 87 residences, namely four-bedders of 2,637 to 3,305 sq ft. It is within walking distance of Tanjong Katong MRT Station on the Thomson-East Coast Line.
A 3,003 sq ft unit at Maple Woods fetched $5 million ($1,665 psf) on Sept 10, netting a gain of $2.6 million (Picture: Samuel Isaac Chua/The Edge Singapore)
Maple Woods saw the second most profitable condo resale deal during the week when a 3,003 sq ft, four-bedroom unit on the eighth floor fetched $5 million ($1,665 psf) on Sept 10. The seller had acquired the unit from the developer in September 1998 for about $2.4 million ($798 psf). Thus, the seller netted a gain of $2.6 million (109%) after holding the unit for 26 years.
This is the third most profitable resale transaction logged at Maple Woods, based on available caveats. Another unit at the development — a three-bedder measuring 1,787 sq ft on the second floor — also changed hands on Sept 10, fetching a price of $3.82 million ($2,138 psf). The seller, who had purchased the unit in March 2007 for $1.35 million ($756 psf), raked in a profit of $2.47 million, making it the fourth most profitable resale deal at the condo.
Maple Woods is a freehold condo located on Bukit Timah Road in prime District 10. Built in 1997, it has 697 residences comprising two- to four-bedders of 850 to 3,003 sq ft. It is a five-minute walk from King Albert Park MRT Station on the Downtown Line and is also close to Methodist Girls’ School and the Rail Corridor.
Meanwhile, the most unprofitable condo resale transaction during the week occurred at The Orchard Residences. This comes with the sale of a 2,852 sq ft, four-bedroom unit for $10.25 million ($3,593 psf) on Sept 10. The seller, who bought the unit from the developer in May 2010 for $12 million ($4,207 psf), walked away with a loss of $1.75 million (15%), having owned the unit for about 14 years.
This is the sixth biggest loss incurred on a unit at The Orchard Residences. The record belongs to a 2,852 sq ft, four-bedroom unit that was sold for $9.68 million ($3,394 psf) in July 2020. The seller had bought the unit from the developer in October 2007 for just under $13 million ($4,557 psf), which means the seller made a loss of $3.32 million on the deal.
The sale of a 2,852 sq ft unit at The Orchard Residences for $10.25 million ($3,593 psf) on Sept 10 incurred a loss of $1.75 million (Picture: Samuel Isaac Chua/The Edge Singapore)
The Orchard Residences is a 175-unit luxury condo on Orchard Road. It is the residential component of Ion Orchard, which also includes the Ion Orchard shopping mall that is linked to Orchard MRT Interchange Station (North-South and Thomson-East Coast Lines). The development was completed in 2010, with typical units consisting of three- to four-bedders of 1,808 to 2,852 sq ft.
The development has seen two other units change hands to date this year. On Feb 28, a 2,174 sq ft unit on the 18th floor fetched $6.9 million ($3,173 psf). The seller, who bought the apartment as a new unit in July 2009 for $6.06 million ($2,788 psf), made a profit of about $839,000.
On the other hand, another 2,174 sq ft unit that changed hands on May 14 incurred a loss of around $911,000 when it was sold for $5.69 million ($2,616 psf). The seller had purchased the unit in October 2010 for $6.6 million ($3,035 psf).
Check out the latest listings for Maple Woods, The Orchard Residences, The Sovereign, Condominium properties
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