Six transactions with more than $1 mil in profit each
By Lin Zhiqin
/ The Edge Property |
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Six private non-landed houses were each sold for more than $1 million in profit in the week of April 11 to 18. On April 11, a 2,713 sq ft unit at Warner Court in prime District 10 fetched the week’s biggest profit of $2.1 million. The seller, who bought it for $1.39 million ($512 psf) in July 2003, sold it for $3.5 million ($1,292 psf). The profit works out to 152%, or 7% a year over 14 years.
Based on the matching of URA caveat data, the unit previously changed hands at a $420,000 loss in 2003. The previous seller bought it for $1.81 million ($667 psf) in September 1996. The freehold Warner Court is located opposite Holland Road Shopping Centre. It has 36 units and was completed in 1985.
A 2,713 sq ft unit at Warner Court fetched a $2.1 million profit on April 11. Find the most affordable listing in the project here
A 2,540 sq ft unit at Leonie Gardens in prime District 9 fetched the second-biggest profit of $1.68 million for the week of April 11 to 18. The unit was bought at $1.4 million ($551 psf) in February 1999 and sold at $3.08 million ($1,212 psf) on April 13. The profit works out to 120%, or 4% a year over 18 years.
There were four rental contracts for units ranging from 2,500 to 2,600 sq ft at Leonie Gardens in 1Q2017, with the monthly rent ranging from $6,000 to $7,500. The leasehold Leonie Gardens is located within walking distance of the upcoming Great World MRT station. It has 138 units and was completed in 1993.
A 1,841 sq ft unit at Balmoral Hills in prime District 10 fetched a $1.39 million profit on April 11. It was the third-biggest profit of the week. The seller had bought the unit from the developer at $2.32 million ($1,260 psf) in March 2006 and sold it at $3.7 million ($2,015 psf). The profit works out to 60%, or 4% a year over 11 years.
There was one rental contract for units ranging from 1,800 to 1,900 sq ft at Balmoral Hills in 1Q2017, with a monthly rent of $7,150. The freehold Balmoral Hills has 62 units and was completed in 2008.
On April 13, a 1,335 sq ft unit at Park Infinia at Wee Nam fetched the week’s fourth-biggest profit of $1.24 million. The seller had bought it from the developer at $1.1 million ($829 psf) in November 2005 and sold it at $2.35 million ($1,761 psf). The profit works out to 112%, or 7% a year over 11 years.
There was one rental contract for units ranging from 1,300 to 1,400 sq ft at Park Infinia at Wee Nam in 1Q2017, with a monthly rent of $7,500. Park Infinia, a freehold condominium with 486 units, was completed in 2008.
The other two transactions in the week that fetched million-dollar profits involved units at Nineteen Shelford Road in District 11 and Charming Garden in District 10.
The Belvedere is a freehold condo near the upcoming Katong Park MRT station. Find the most affordable listing in the project here
The biggest loss of $1.2 million for the week of April 11 to 18 involved a 2,583 sq ft unit at The Belvedere in District 15. The seller had bought the unit for $4.37 million ($1,692 psf) on April 11, 2013 and sold it for $3.17 million ($1,226 psf) on April 13. The loss works out to 28%, or 8% a year over four years. The seller would have been liable to pay a 4% Seller’s Stamp Duty, or $126,720, if he had sold the unit just two days earlier.
Based on the matching of URA caveat records, the unit previously changed hands at a $2.65 million profit in 2013. The previous seller had bought it from the developer for $1.72 million ($712 psf) in June 2005. The Belvedere is a freehold condo located near the upcoming Katong Park MRT station. It has 167 units and was completed in 2007.
This article appeared in The Edge Property Pullout, Issue 777 (May 1, 2017) of The Edge Singapore.
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