Three-bedder at Camelot By-The-Water rakes in $2.47 mil profit

/ EdgeProp Singapore |

June 17, 2022 10:00 AM SGT

The unit at Camelot By-The-Water was sold for $4.15 million ($1,706 psf) on May 31.

SINGAPORE (EDGEPROP) - The most profitable resale transaction during the week of May 31 to June 7 was that of a 2,433 sq ft, three-bedroom unit at Camelot By-The-Water, a condominium on Tanjong Rhu Road in District 15.

The unit fetched $4.15 million ($1,706 psf) on May 31. The property had been purchased for $1.68 million ($691 psf) in October 2006. As a result, the seller earned a profit of $2.47 million (147%) on the transaction, which translates to an annualised profit of 6% over 15½ years.

Camelot By-The-Water is a 99-year leasehold development that was completed in 2000. The 99-unit development comprises a mix of three- to five-bedroom units that range from 2,433 to 5,834 sq ft. The condo is one of four condo projects located on the waterfront of Kallang Basin. The other developments are Casurina Cove, Pebble Bay and Costa Rhu.

The Tanjong Rhu area enjoys proximity to the Singapore Sports Hub and various water sport facilities. It is close to the CBD, Civic District, and areas such as Beach Road, Bugis and East Coast.

Camelot By-The-Water - EDGEPROP SINGAPORE

The unit at Camelot By-The-Water was sold for $4.15 million ($1,706 psf) on May 31. (Picture: Albert Chua/The Edge Singapore)

According to URA caveats, the most profitable resale transaction at Camelot By-The-Water was that of a 5,834 sq ft, five-bedroom unit, which changed hands for $9 million ($1,543 psf) in May 2010. The unit was purchased for $3.73 million ($640 psf) back in June 2000. Thus, the seller raked in a record profit of $5.27 million (141%), which translates to an annualised profit of 9.2% over 10 years.

So far this year, there has only been one other resale at the condo: another 2,433 sq ft three-bedder was sold for $3.78 million ($1,552 psf) on Jan 5. The unit had fetched $3.44 million ($1,414 psf) in May 2010. Thus, the seller made a profit of $335,754 (9%), which is an annualised profit of 0.8% over 11 years.

Staying within District 15, the sale of a 2,099 sq ft, four-bedroom unit at The Seafront on Meyer was the second most profitable during the week. The unit was sold for $4.65 million ($2,215 psf) on June 1, having been bought for $3.4 million ($1,620 psf) in May 2007. As a result, the seller walked away with a profit of $1.25 million (37%), which translates to an annualised profit of 2.1% over 15 years.

This makes it the most profitable resale transaction recorded at the condo. It surpasses the previous record profit, which had been set by a 2,293 sq ft, four-bedroom unit that changed hands for $5 million ($2,181 psf) on March 24. That unit had been bought for $3.9 million ($1,701 psf) in November 2010. Thus, the seller raked in a profit of $1.1 million (28%), which translates to an annualised profit of $2.2% over 11 years.

Find the list of other profitable deals any condo using EdgeProp's suite of research tools. (Picture: EdgeProp Singapore)

The Seafront on Meyer is a freehold development that was completed in 2010. The condo is along Meyer Road in the highly desirable Meyer Road neighbourhood in the East Coast. New and upcoming projects in the area include One Meyer, Meyer Mansion, Meyerhouse and Liv @ MB. The area is served by major roads and expressways such as Mountbatten Road and East Coast Parkway. It is also near two MRT stations on the upcoming Thomson-East Coast Line, namely Katong Park and Tanjong Katong.

Based on EdgeProp’s property research tools, The Seafront on Meyer has enjoyed a price uptrend over the past decade. The average selling price at the condo was about $1,592 psf in May 2012, compared to $1,967 psf in May 2022.

On the other hand, the most unprofitable resale during the week occurred at Cliveden at Grange. A 2,842 sq ft, four-bedroom unit fetched $7.7 million ($2,710 psf) on May 31. The unit had changed hands for $9.86 million ($3,471 psf) back in July 2007. As a result, the seller suffered a loss of $2.16 million (22%), which translates to an annualised loss of 1.7% over 15 years.

The sale of a four-bedroom unit at Cliveden at Grange for $7.7 million ($2,710 psf) on May 31 saw the fifth consecutive loss at the luxury condo this year. (Picture: Samuel Isaac Chua/The Edge Singapore)

EdgeProp previously reported that Cliveden at Grange had seen a string of unprofitable resales over the past two years. The latest transaction makes it the fifth consecutive loss at the luxury condo in the first six months of this year.

The most unprofitable resale transaction at Cliveden at Grange, according to caveats, was that of a 2,842 sq ft, four-bedroom unit, which fetched $7.6 million ($2,674 psf) on May 17. The unit was purchased for $9.94 million ($3,496 psf) in July 2007. Thus, the seller made a record loss of $2.34 million (24%), which translates to an annualised loss of 1.8% over close to 15 years.

Cliveden at Grange is a freehold luxury condo along Grange Road in prime District 10. The 110-unit development is close to the Orchard Road shopping belt, as well as other high-end residential projects along Orchard Boulevard and Cuscaden Road.

Check out the latest listings near Camelot By-The-Water, The Seafront on Meyer, Cliveden at Grange, One Meyer, Meyer Mansion, Meyerhouse, Liv @ MB, Pebble Bay

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