Seller of penthouse at Beverly Hill reaps $7 mil profit
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - The sale of a duplex penthouse at Beverly Hill was the most profitable condo resale transaction during the week of July 25 to Aug 1, based on caveats lodged with URA. The 7,556 sq ft, five-bedroom unit changed hands for $18 million ($2,382 psf) on July 28. It had been purchased by the seller in January 2007 for $11 million ($1,456 psf), which means they raked in a profit of $7 million. This works out to a capital gain of 64% over a holding period of 16½ years.
This is the most profitable transaction recorded to date at Beverly Hill, based on data compiled on EdgeProp Research. It beats the previous record established in January 2007, when the seller of the same duplex penthouse made a gain of $5.3 million.
The 7,556 sq ft duplex penthouse at Beverly Hill was sold on July 28 for $18 million ($2,382 psf) (Picture: Samuel Isaac Chua/The Edge Singapore)
Located on Grange Road in District 10, Beverly Hill is a boutique condo built in 1983 with a total of 86 units housed in a 23-storey block. There are only four-bedroom units available in the condo, ranging in size from 3,369 to 3,778 sq ft, in addition to two penthouses of 7,556 sq ft each.
The penthouse sold on July 28 is the first unit at Beverly Hill to change hands in a year. Prior to this, the most recent resale transaction occurred on July 28, 2022, when a 3,778 sq ft unit fetched $8.94 million ($2,367 psf). The seller, who purchased the unit in June 2016 for $6.1 million ($1,615 psf), made a gain of about $2.84 million on the transaction.
Pebble Bay saw the second most profitable transaction during the week in review with the sale of a 6,114 sq ft, duplex penthouse for $9 million ($1,472 psf) on July 26. The five-bedroom unit was purchased in September 2001 for $4.3 million ($703 psf), hence the seller made a profit of $4.7 million (109%) after holding the penthouse for just under 22 years.
This is the most profitable transaction registered at Pebble Bay, surpassing the previous record profit of $3.07 million made by the seller of a 2,626 sq ft unit in July 2022. The unit was sold for $4.89 million ($1,862 psf).
The seller of a 6,114 sq ft, duplex penthouse at Pebble Bay made a profit of $4.7 million when it fetched $9 million ($1,472 psf) on July 26 (Picture: Albert Chua/The Edge Singapore)
Pebble Bay is a 510-unit development located in Kallang, fronting the Kallang Basin. Built in 1997, the condo by CapitaLand is close to the Singapore Sports Hub, Kallang Wave Mall, Bay East Garden and East Coast Park. It is a five-minute walk to the upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line.
Meanwhile, the sale of a one-bedder at 26 Newton was the most unprofitable transaction during the week in review. The 484 sq ft unit changed hands for $1.05 million ($2,168 psf) on July 28. It had been purchased in March 2017 for $1.1 million ($2,271 psf). Thus, the seller made a loss of $50,000, or 5%, over a holding period of nearly 6½ years.
This is the first unit at 26 Newton to change hands since June 2022, based on caveats lodged. At the time, a 936 sq ft unit was sold for $1.84 million ($1,965 psf). Prior to that, a 775 sq ft unit had fetched $1.77 million ($2,278 psf) in March 2022.
The sale of a 484 sq ft unit at 26 Newton for $1.05 million on July 28 led to a $50,000 loss (Samuel Isaac Chua/The Edge Singapore)
26 Newon is a freehold apartment on Newton Road in District 11. It is a project by Novelty Group that was completed in 2016. The 26-storey residential block houses 180 units, ranging from one-bedders to penthouses between 474 and 1,539 sq ft.
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