Penthouse at Duo Residences rakes in $2.1 mil profit
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The most profitable transaction recorded during the week of Sept 20 to 27 was for a penthouse unit at Duo Residences. The seller reaped a profit of $2.14 million on the 4,392 sq ft apartment when it was sold for $11.48 million ($2,613 psf) on Sept 20. The apartment had been purchased for $9.34 million ($2,127 psf) in November 2016. This means the seller made a 23% gain over a period of nearly six years.
The sale marks the most profitable resale transaction recorded for Duo Residences, based on data compiled by the EdgeProp Research tool. It also marks the highest psf price recorded for a resale transaction at the development, based on caveats lodged.
The penthouse at DUO Residences was sold for $11.48 million ($2,613 psf) on Sept 20 (Picture: Samuel Isaac Chua/The Edge Singapore)
Duo Residences is the 49-storey residential tower at the Duo integrated development, located in the Ophir-Rochor corridor within the Bugis area. Developed by M+S — a joint venture between Malaysian and Singapore sovereign wealth funds Khazanah Nasional and Temasek Holdings — it was completed in 2017.
Besides the residences, Duo includes a 39-storey Grade-A office tower and the 342-room hotel, Andaz Singapore. The 99-year leasehold development is directly connected to Bugis MRT Interchange Station on the Downtown and EastWest Lines.
There are 660 residential units at Duo Residences, ranging from studios that start at 420 sq ft to four-bedroom units from 1,927 sq ft. There are also six penthouses that range from 2,390 to 4,392 sq ft.
The second most profitable transaction for the week was for a three-bedder at Tiara, which was sold for $3.3 million ($2,190 psf) on Sept 26. The seller had purchased the 1,507 sq ft unit on the 13th floor for $1.18 million ($786 psf) in May 2002, which means they netted a $2.12 million (178%) gain over a 20½-year holding period.
Tiara is a freehold condominium located along Kim Seng Walk in District 9’s River Valley area. Completed in 1995, it has 264 units comprising two- and three-bedders with sizes ranging from 893 to 1,561 sq ft. Apart from the unit transacted on Sept 26, only one other apartment at Tiara has changed hands to date this year. A three-bedroom unit on the 35th floor was sold for $3.3 million ($2,190 psf) on May 17.
The development is located across the road from the Great World mixed-use development that includes a six-storey shopping mall, two 18-storey office towers and a 35-storey serviced apartment tower. Great World MRT Station on the Downtown Line is within walking distance of Tiara.
The most unprofitable transaction for the week occurred at The Greenwich, where a 603 sq ft one-bedroom unit on the second floor was sold for $720,000 ($1,194 psf) on Sept 26. The unit was purchased for $879,920 ($1,460 psf) in April 2012, which means the seller saw a loss of almost $160,000 on the sale, or an 18% loss over a 10½- year period.
The Greenwich, by Far East Organization, is a 319-unit development located at the corner of Seletar Road and Yio Chu Kang Road in District 28. The 99-year leasehold development was completed in 2014 and is connected to Greenwich V, a shopping hub with eateries and a supermarket.
The seller of a unit at The Greenwich suffered a loss of almost $160,000 (18%) when it was sold for $720,000 ($1,194 psf) on Sept 26 (Picture: Samuel Isaac Chua/The Edge Singapore)
The development has seen 23 other resale units transacted to date this year, with units priced from $668,000 to $1.65 million on an absolute basis, or between $1,065 and $1,304 on a psf basis. Out of the 23 resale transactions this year, 14 were sold below their respective purchase prices, with the sellers suffering losses ranging from $4,000 to $144,999.
Check out the latest listings near Duo Residences, Tiara, The Greenwich, Bugis MRT Interchange Station, Great World MRT Station
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