>

Three-bedroom penthouse at Yong An Park rakes in $4.9 mil profit

By Hailey Yu

/ EdgeProp Singapore |

August 25, 2022 6:40 PM SGT

SINGAPORE (EDGEPROP) - The sale of a three-bedroom penthouse unit at Yong An Park was the most profitable transaction for the week of Aug 9 to 16. The 3,229 sq ft apartment on the 24th floor changed hands on Aug 11 for $7.6 million ($2,347 psf), based on caveats lodged. The unit was previously purchased for $2.7 million ($842 psf) in December 2005, almost 17 years ago. The owner reaped a gain of $4.9 million, or 179%, which translates into an annualised profit of 6%.

The 3,229 sq ft penthouse at Yong An Park was sold for $7.6 million ($2,347 psf) on Aug 11

Completed in 1986 with a total of 288 units, the 24-storey freehold condominium is located on River Valley Road in District 9. It has a mix of two- to five-bedroom apartments measuring 1,022 to 8,331 sq ft.

The development is located within walking distance of Great World City MRT Station on the Thomson-East Coast Line, which is scheduled to open later this year.

The second most profitable deal for the week occurred at Freesia Woods, where a 1,227 sq ft, two-bedroom unit was sold on Aug 12 for $2.3 million ($1,834 psf). It was previously purchased for $800,000 ($630 psf) in September 2006. This translates to a gain of $1.5 million, or 191%, over almost 16 years.

The sale also marks the second most profitable resale transaction ever at the development. The most profitable transaction at Freesia Woods was in August 2021, when a 2,077 sq ft unit was sold for $3 million, netting the seller a gain of $1.7 million.

Developed by Keppel Land, Freesia Woods is a freehold condominium located on Sunset Way, off Clementi Road in District 21. The 129-unit freehold condominium was completed in 2004.

Meanwhile, the most unprofitable transaction for the week was for a 2,777 sq ft, three-bedroom unit at 8 Napier. The fourth-floor unit was sold for $8.86 million ($3,190 psf) on Aug 16. The unit was previously purchased for $9.5 million ($3,421 psf) in October 2012. The recent sale saw a markdown of 7%, or $640,000 after almost 10 years.

The three bed-room unit at 8 Napier was sold for $8.6 million ($3,190 psf) on Aug 16

The luxury freehold development was completed in 2010 with a total of 46 units. It is located in the Nassim Hill enclave in prime District 10, close to the US Embassy, British High Council and Interpol headquarters. It is near Napier MRT Station on the Thomson-East Coast Line, which will be completed by the end of this year.

Amenities nearby include Tanglin Mall, Tanglin Shopping Centre and The Forum shopping mall. The Orchard Road shopping belt is also a short drive away.

The second most unprofitable deal for the week took place at Duchess Residences. The 999-year leasehold development is located in Bukit Timah, next to Coronation Road in District 10. The location is attractive due to its proximity to reputable schools such as Hwa Chong Institution, Nanyang Girls’ High School, National Junior College and Raffles Girls’ School.

The four-bedroom unit at Duchess Residences was sold for $4.7 million ($1,706 psf) on Aug 15

Developed in 2012, the condominium has a total of 120 units.

The unit that changed hands recently is a 2,756 sq ft, four-bedroom unit on the fifth floor. It was sold for $4.7 million ($1,706 psf) on Aug 15. The unit was last purchased for $5.26 million ($1,910 psf) in August 2007, which translates to a loss of $564,000 or 11%.

Check out the latest listings near Yong An Park, Freesia Woods, 8 Napier, Duchess Residences, Great World City MRT Station, Napier MRT Station, Hwa Chong Institution, Nanyang Girls’ High School, National Junior College, Raffles Girls’ School

Tags:

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter