Penthouse at Veranda sold for $1.67 mil profit
/ EdgeProp Singapore |
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The sale of a three-bedroom penthouse at boutique condo Veranda was the most profitable condo resale transaction during the week of April 30 to May 7. The 2,486 sq ft apartment on the fifth floor changed hands for $2.88 million ($1,158 psf) on April 30. The seller, who purchased the unit for $1.22 million ($489 psf) in March 2008, reaped a profit of $1.67 million on the deal. This works out to a capital gain of 137% for the seller after owning the unit for slightly over 16 years.
The sale on April 30 was brokered by Aaron Ban, division director at ERA Realty Network. This is the most profitable transaction that has ever taken place at Veranda, based on caveats lodged. It surpasses the previous record profit of $1.23 million netted by the seller of a 1,281 sq ft, three-bedroom unit in November 2022. The unit had fetched $1.88 million ($1,468 psf), while the seller had purchased it in January 2014 for $650,000 ($507 psf).
The 2,486 sq ft penthouse at Veranda changed hands for $2.88 million ($1,158 psf) on April 30 (Picture: Samuel Isaac Chua/ The Edge Singapore)
Veranda is a 24-unit development on Lorong K Telok Kurau — a street that stretches between Telok Kurau Road and Still Road — close to the Joo Chiat area in District 15. Completed in 2004, the freehold apartment comprises a five-storey block housing twoand three-bedders between 1,087 and 1,421 sq ft. There are also penthouses of 2,099 to 2,691 sq ft.
The second most profitable condo resale transaction during the week in review was the sale of a 1,432 sq ft, three-bedroom unit at Thomson 800. The apartment fetched $2.62 million ($1,832 psf) on April 30. The seller bought the unit from the developer in January 1999 for about $958,000 ($669 psf). Hence, they made a gain of $1.66 million (174%) after holding the unit for more than 25 years.
This is the fifth most profitable condo resale transaction Thomson 800 has seen to date. The biggest resale profit transacted at the condo came with the sale of a 3,757 sq ft unit for $4.83 million ($1,285 psf) in July 2022. The seller bought the unit for $2.93 million ($781 psf) in January 2000, which means they raked in a profit of $1.89 million on the sale.
A 1,432 sq ft unit at Thomson 800 fetched $2.62 million ($1,832 psf) on April 30, netting the seller a $1.66 million gain (Picture: The Edge Singapore)
Thomson 800 is a freehold condo on Thomson Road in District 11. The 390-unit development was completed in 1999 and consists of three 20-storey towers. Units comprise predominantly three-bedders of 1,281 to 1,808 sq ft. There are also four-bedroom simplex and duplex penthouses spanning 3,757 to 5,823 sq ft.
Besides the April 30 transaction, the condo has seen three other units change hands to date this year, all of which were profitable deals. On Jan 2, a 1,625 sq ft unit was sold for $2.8 million ($1,723 psf), with the seller netting a profit of $1.61 million, having bought the unit in April 2002 for $1.19 million ($730 psf). On Jan 29, another 1,625 sq ft apartment fetched $3 million ($1,851 psf), with the seller, who purchased the unit in February 1999 for $1.22 million ($750 psf), clocking a gain of $1.79 million.
On April 8, another 1,625 sq ft unit changed hands for $3.05 million ($1,877 psf). The seller bought the unit for $2 million ($1,230 psf) in June 2016. Hence, they made a profit of $1.05 million.
On the other hand, the least profitable condo resale transaction during the week in review occurred at Marina Bay Residences. This comes with the sale of a one-bedroom unit measuring 732 sq ft for $1.5 million ($2,049 psf) on May 2. It was acquired by the seller in February 2012 for $1.57 million ($2,145 psf). As such, they made a loss of $70,000 (4.5%) after holding the unit for over 12 years.
The sale of a 732 sq ft unit at Marina Bay Residences for $1.5 million ($2,049 psf) on May 2 made a loss of $70,000 (Picture: Samuel Isaac Chua/The Edge Singapore)
Marina Bay Residences is a 99-year leasehold condo located on Marina Boulevard in District 1’s Marina Bay area. Completed in 2010, it is part of the wider Marina Bay Financial Centre mixed-use development which also includes offices and retail space. Marina Bay Residences has 428 units comprising one- to four-bedroom apartments of 710 to 2,379 sq ft. There are also nine penthouse units of 3,606 to 4,672 sq ft, and a triplex penthouse unit measuring 11,011 sq ft that comes with a roof terrace and private pool.
Based on caveats lodged, the condo has seen 11 resale transactions so far this year. Of these deals, five have occurred below the purchase price, according to data compiled on EdgeProp Research. The units, measuring between 732 and 1,227 sq ft, were sold for between $1.5 million and $2.8 million, or between $2,049 and $2,282 psf. The respective sellers incurred losses ranging between $70,000 and $1.25 million.
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