Three-bedder at Casabella sold for $1.69 mil gain

/ EdgeProp Singapore |

May 11, 2023 7:45 AM SGT

SINGAPORE (EDGEPROP) - The sale of a unit at Casabella, a freehold condo along Duchess Avenue, was the most profitable condo resale transaction recorded during the week of April 25 to May 2. The 1,292 sq ft, three-bedroom unit fetched $2.66 million ($2,059 psf) on April 27. It had been purchased for about $975,000 ($755 psf) in August 2005 from the developer. This means the seller made a gain of $1.69 million (173%) over a holding period of nearly 18 years.

This marks a new psf-price high for Casabella, beating the previous high of $2,036 psf recorded last December when a 1,292 sq ft unit was sold for $2.63 million. The transaction on April 27 also marks the third most profitable resale transaction at the development. The most profitable transaction, which netted the seller a $1.79 million gain, took place in July 2019 after the 3,079 sq ft unit was sold for $3.41 million ($1,108 psf). The second most profitable transaction, which occurred in April 2018, followed the sale of a 3,552 sq ft unit for $4 million ($1,126 psf). The seller made a gain of $1.72 million.

The 1,292 sq ft unit at Casabella was sold for $2.66 million on April 27 (Picture: Samuel Isaac Chua/The Edge Singapore)

Casabella is an 82-unit residential development off Coronation Road in prime District 10. The freehold project was completed in 2005 by CapitaLand. Casabella comprises 60 apartments, 14 townhouses, and eight strata-titled, semi-detached units. The apartments at Casabella are in two 5-storey blocks and feature a mix of two- to four-bedroom units that range from 990 to 1,900 sq ft. The three-storey townhouses have a floor area of around 3,000 sq ft and the three-storey, semi-detached units have a floor area of around 3,500 sq ft.

The second most profitable condo resale transaction during the week in review was the sale of a three-bedroom unit at The Suites At Central, a condo along Devonshire Road in District 9. The 1,442 sq ft unit on the 28th floor was sold for $3.75 million ($2,600 psf) on April 26. It was acquired by the seller from the developer for $2.13 million ($1,474 psf) in July 2006. Hence, they made a profit of $1.62 million or 76% across a holding period of almost 17 years.

This is the first unit to change hands at The Suites At Central this year. The resale transaction also recorded the second-biggest gain made at the development. The most profitable transaction at The Suites At Central was the sale of a 1,572 sq ft unit on the 19th floor in August 2007. The unit fetched $3.81 million ($2,426 psf), netting the seller a profit of $1.65 million.

The Suites At Central - EDGEPROP SINGAPORE

A unit at The Suites At Central was sold for $3.75 million on April 26, netting the seller a $1.62 million gain (Picture: Samuel Isaac Chua/The Edge Singapore)

The Suites At Central is a 157-unit freehold development by Keppel Land and CEL Development (the property arm of Chip Eng Seng). It was completed in 2009. Units comprise a mix of one- to four-bedders of 624 to 3,670 sq ft. The condo is located within walking distance of the Orchard Road shopping belt.

Meanwhile, the most unprofitable condo resale transaction during the week in review was the sale of a three-bedroom loft unit at Jardin, a freehold apartment on Dunearn Road. The 1,701 sq ft unit changed hands for $3.05 million ($1,793 psf) on April 26. The seller purchased the unit for $3.24 million ($1,902 psf) in April 2012, thus they made a loss of $185,000 or 6% over an 11-year holding period.

The seller of a 1,701 sq ft unit at Jardin made a $185,000 loss when it fetched $3.05 million on April 26 (Picture: The Edge Singapore)

Jardin has seen only one other transaction to date this year — the sale of a 1,098 sq ft unit for $2.02 million ($1,840 psf) on March 10. The seller, who bought the unit in April 2010 for $1.79 million ($1,629 psf) from the developer, netted a profit of $232,000 on the transaction.

Jardin is a 140-unit freehold condo by Far East Organization that was completed in 2012. It is located at the corner of Dunearn Road and Jalan Anak Bukit, near Bukit Timah Plaza in District 21. The 10-storey tower has a mix of two- to four-bedroom apartments of 958 to 1,894 sq ft.