JUST SOLD: Marine Parade bungalow sold for $30 mil
By Tan Chee Yuen
/ The Edge Property |
A detached house on Wilkinson Road in Marine Parade was sold for $30 million or $1,136 psf, according to a caveat lodged on July 28. It is the most expensive residential transaction apart from Good Class Bungalows this year.
The bungalow sitting on a 26,404 sq ft site, was purchased in October 2005 at $9 million ($341 psf on a land area). This translates to a capital gain of $21 million or an annualised gain of 11.8%. Thus the deal also marked the most profitable deal this year. Trailing behind was a bungalow on Peirce Road which fetched $14.5 million profit in February.
The profitability computed is based on caveat data matching and excludes all fees and duties, as well as any construction and renovation costs.
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