Seller rakes in $2.15 mil profit at Teresa Ville
By Timothy Tay
/ EdgeProp Singapore |
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The most profitable resale transaction over the week of Aug 8 to 15 was the sale of a 1,981 sq ft unit at Teresa Ville in District 4. The three-bedroom unit, on the 19th floor, fetched $3.15 million ($1,590 psf) on Aug 8. The unit had been bought for $1 million ($507 psf) back in June 1998. As a result, the seller raked in a profit of $2.15 million (213%) on the transaction, which translates to an annualised gain of 4.6% over 25 years.
This makes it the second most profitable sale at Teresa Ville. The record transaction was lodged this year when a 1,981 sq ft unit on the 17th floor changed hands for $3.28 million ($1,656 psf) on March 20. That unit had previously fetched about $960,800 ($485 psf) in April 2006. Thus, the sale of the unit set a record profit of $2.32 million (242%), or an annualised profit of 7.5% over 17 years.
Teresa Ville is a freehold condo on Lower Delta Road in the Bukit Merah area. The 264-unit development was completed in 1986. The development is next to CHIJ St Theresa’s Convent, Radin Mas Primary School and CHIJ (Kellock). It is also close to Mount Faber Park and the Southern Ridges. The area primarily consists of HDB estates along Telok Blangah Rise, Bukit Purmei Avenue and Jalan Bukit Merah.
The three-bedroom unit at Teresa Ville was sold for $3.15 million ($1,590 psf) on Aug 8. (Picture: The Edge Singapore)
According to a tabulation of resale caveats by EdgeProp Singapore, prices at Teresa Ville have recorded a steady and consistent increase over the past two decades. The average price was $578 psf in August 2003, before climbing to $974 psf in August 2013. This month’s average price is about $1,666 psf.
The newest private residential development in the vicinity is UOL Group’s Avenue South Residence on Silat Avenue. The 99-year leasehold condo was completed this year and comprises 1,074 units. When the project was launched in September 2019, the developer sold 276 units at a median price of $1,936 psf. According to developer sales data, Avenue South Residence was fully sold by September 2022 and achieved a median price of $2,465 psf.
The sale of a 1,690 sq ft unit at Park Infinia at Wee Nam on Aug 11 was the second-most profitable resale during the week in review. The four-bedroom unit was sold for $3.63 million ($2,148 psf), after it had fetched $1.72 million ($1,017 psf) in August 2006. The seller earned a profit of $1.91 million (111%) on the latest resale, which also translates to an annualised gain of 4.5% over 17 years.
The seller of a four-bedroom unit at Park Infinia at Wee Nam earned a profit of $1.91 million (111%) (Picture: Samuel Isaac Chua/The Edge Singapore)
There have been four resale transactions at Park Infinia this year, and all have resulted in profits, which range from $690,000 to $2.12 million.
The largest profit to date this year was recorded by a 3,315 sq ft, four-bedroom penthouse which was sold for $6.63 million ($1,999 psf) on March 10. The unit was bought for $4.5 million ($1,357 psf) back in September 2014. The resale resulted in a profit of $2.12 million (47%), which translates to an annualised gain of 4.5% over eight years.
Meanwhile, a 1,421 sq ft unit changed hands for $3.45 million ($2,428 psf) on March 29. The unit had been bought for $2.76 million ($1,943 psf) in August 2013. Thus, it generated a profit of $690,000, which translates to an annualised gain of 2.3% over nine years.
Park Infinia at Wee Nam is a freehold condo on Lincoln Road in prime District 11. The 486-unit development was completed in 2008. It comprises a mix of one- to four-bedroom units of 560 to 2,002 sq ft, as well as penthouses of 2,702 to 3,315 sq ft.
On the other hand, the most unprofitable resale transaction recorded between Aug 8 and 15 was the sale of a 1,733 sq ft unit at The Oceanfront @ Sentosa Cove. The unit was sold for $3 million ($1,731 psf) on Aug 15. However, the unit was bought for $3.73 million ($2,152 psf) in July 2007. As a result, the seller incurred a loss of about $729,600 (20%), which translates to an annualised loss of 1.3% over 16 years.
A 1,733 sq ft unit at The Oceanfront @ Sentosa Cove fetched $3 million on Aug 15, at a loss of about $729,600. (Picture: Samuel Isaac Chua/The Edge Singapore)
The Oceanfront @ Sentosa Cove is a 99-year leasehold condo in the exclusive Sentosa Cove residential enclave. It is one of a handful of luxury, 99-year leasehold condos along Ocean Drive in Sentosa Cove. Other condos on Ocean Drive include The Coast at Sentosa Cove, The Berth by the Cove, and The Azure.
Prices at The Oceanfront have slipped in recent years, from about $1,761 psf in August 2013 to about $1,560 psf this month. This is lower compared to neighbouring condos such as The Coast (1,765 psf), Marina Collection on Cove Drive ($1,665 psf), Cape Royale on Cove Way ($2,219 psf), and The Azure (1,813 psf).
Check out the latest listings for Teresa Ville properties
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