JUST SOLD: Four-bedder at The Sovereign condo sold for $3.4 mil profit
By Tan Chee Yuen
/ The Edge Property |
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A 3,305 sq ft unit at The Sovereign condominium was sold in July 2015 for a profit of $3.4 million, according to recent caveats lodged with the URA. This translates to a profit margin of 157% or annualized return of 9.6%. The seller had purchased the property back in April 2005 for $2.2 million ($651 psf) and resold it for $5.5 million ($1,672 psf) this year.
The Sovereign is a freehold condominium along Meyer Road, across the renowned East Coast Park. It comprises 87 dwellings ranging from 2,637 sq ft to 3,305 sq ft. Units on high-floor offer scenic view of East Coast Park and the sea. The project was developed by Thakral Land Pte Ltd and completed in 1993.
The subject development
The Sovereign is within 10 minutes’ drive to the CBD via East Coast Parkway. It is also well-connected via public transport with bus networks to the CBD, Orchard Road shopping belt, City Hall and Suntec City and Tampines Regional Centre. The development is also within walking distance from the upcoming Amber MRT station along the Thomson-East Coast Line (TEL).
The subject development is within 2 km from popular primary schools such as Kong Hwa School, Haig Girls’ School and Tanjong Katong Primary School. There are also two shopping malls — 112 Katong and Parkway Parade – within 3 km radius.
Besides the July 2015 transaction, the latest transaction recorded for the subject property was in 2014 for a 3,305 sq ft unit which changed hands for $6,000,000 ($1,816 psf).
Based on rental contracts for the past six months, the average monthly rent for the subject property was $9,117 or $3.3 psf pm, translating into a rental yield of 2.3%.
Editor: To real estate agents – if you have concluded an interesting deal recently, we would love to hear from you! Contact us at propertyeditor.sg@bizedge.com
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