Sale of Beverly Hill unit rakes in $4.2 mil profit
By Timothy Tay
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - The sale of a 3,778 sq ft unit at Beverly Hill was the most profitable resale transaction over the week of March 2 to 9. The four-bedroom unit on the eighth floor was sold for $8.16 million ($2,160 psf) on March 3. The unit had been bought for $3.95 million ($1,045 psf) in April 2000. Thus, the seller earned a profit of $4.21 million (107%), which translates to an annualised profit of 3.5% over nearly 21 years.
Beverly Hill is a freehold condominium on Grange Road in prime District 10. It is close to the Orchard Road shopping belt as well as Orchard MRT Station on the North-South Line and Orchard Boulevard MRT Station on the Thomson-East Coast Line. The development is close to the Chatsworth Park Good Class Bungalow (GCB) Area and the landed housing neighbourhood along One Tree Hill.
The 3,778 sq ft unit at Beverly Hill was sold for $8.16 million ($2,160 psf) on March 3. (Picture: Samuel Isaac Chua/The Edge Singapore)
The 86-unit development comprises a single 23-storey residential block and it was completed in 1983. There are only four-bedroom units available in the condo ranging in size from 3,369 sq ft to 3,778 sq ft, apart from two penthouses of 7,556 sq ft.
Prior to the resale transaction on March 3, 2021, two units at Beverly Hill were sold in 2019. The first was a 3,778 unit on the 11th floor that changed hands for $8.1 million ($2,144 psf) on Oct 16, but the seller suffered a loss of $520,000 (6%) on this sale as the unit previously changed hands for $8.62 million ($2,282 psf) in July 2007.
The second transaction involved another four-bedder on the eighth floor that fetched $7.7 million ($2,038 psf) when it was sold on Dec 20, 2019. This seller earned a profit of $4.48 million (139%) as the unit had been bought for $3.22 million ($852 psf) in April 1995.
The sale of a 2,228 sq ft unit at Faber Garden Condominium was the second most profitable transaction during the week. The three-bedroom unit fetched $2.5 million ($1,122 psf) when it was sold on March 5. It had been bought for $1.1 million ($494 psf) in October 2000. Thus, the seller walked away with a profit of $1.4 million (127%), which translates to an annualised profit of 4.1% over 20 years.
This is the second resale transaction recorded at Faber Garden Condominium so far this year. It comes shortly after another 1,679 sq ft, three-bedroom unit was sold for $2.52 million ($1,505 psf) on March 1.
Faber Garden Condominium is a freehold development on Angklong Lane, off Upper Thomson Road in District 20. The 233-unit development launched its first collective sale attempt in 2018 with a $1.18 billion price tag but failed to attract any bids.
The sale of an 850 sq ft, two-bedroom unit at Vida, a freehold development in prime District 9, was the most unprofitable resale transaction during the week. The unit fetched $1.68 million ($1,976 psf) on March 4. The unit was bought from the developer for $2.44 million ($2,877 psf) in July 2007.
As a result, the seller made a loss of about $766,500 (31%), which is an annualised loss of 2.7% over nearly 14 years.
The sale of a 2,228 sq ft unit at Vida resulted a loss of about $766,500 when it was sold on March 4. (Picture: Samuel Isaac Chua/The Edge Singapore)
Vida is located on Peck Hay Road off Clemenceau Avenue North, and the 137-unit development was completed in 2009. Apartments comprise one- and two-bedders of 506 sq ft to 886 sq ft.
The latest resale at Vida is the third most unprofitable transaction to be recorded at the development to date. The record loss at Vida involved an 861 sq ft unit that was sold for $1.64 million ($1,910 psf) on Nov 25, 2019. The unit last changed hands for $2.66 million ($3,089 psf) in August 2011. As a result, the seller made a record loss of $1.01 million (38%), which is also an annualised loss of 5% over eight years.
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