Three-bedroom unit at Parkshore sold for $2.23 mil profit
/ EdgeProp Singapore |
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The sale of a three-bedroom unit measuring 1,722 sq ft at freehold condo Parkshore was the most profitable condo resale transaction during the week of Sept 17 to Sept 24. The third-floor unit changed hands for $3.45 million ($2,003 psf) on Sept 20. The seller, who bought the unit in October 1999 for $1.22 million ($708 psf), reaped a gain of $2.23 million. The sale translates to a capital gain of 183% for the seller or an annualised profit of 7.3% over a holding period of 25 years.
The Sept 20 transaction is the third-highest gain ever made on a unit at Parkshore. It is $730,000 short of the record profit of $2.96 million made from the sale of a 2,325 sq ft, four-bedroom unit in December 2020 for $4.2 million ($1,806 psf). The unit had previously changed hands for $1.24 million ($533 psf) in December 2005, which means the seller netted a profit of $2.96 million.
The 1,722 sq ft unit at Parkshore changed hands for $3.45 million ($2,003 psf) on Sept 20 (Picture: Albert Chua/The Edge Singapore)
Completed in 1995, Parkshore is a freehold condo on Tanjong Rhu Road in District 15. It comprises a single 15-storey tower housing 152 units of two-bedders from 990 sq ft to 1,044 sq ft, three-bedders from 1,324 sq ft to 1,722 sq ft, and four-bedders of 2,325 sq ft. The condo is part of a private residential enclave along the Kallang Basin, which includes the 510-unit Pebble Bay and the 737-unit Costa Rhu. It is a five-minute walk to the Tanjong Rhu MRT Station on the Thomson-East Coast Line.
The second most profitable condo resale transaction during the week was the sale of a unit at Mandarin Gardens. The 2,034 sq ft, three-bedroom unit on the 14th floor sold for $2.66 million ($1,310 psf) on Sept 23. The seller had purchased it in June 2003 for about $825,000 ($406 psf). Thus, they netted a gain of $1.84 million (223%) after owning the unit for about 21 years.
The deal is the fourth most profitable resale transaction registered at Mandarin Gardens. The record belongs to a 3,068 sq ft, four-bedroom unit that changed hands for $4.1 million ($1,336 psf) in September 2021. The seller had acquired the unit in August 2001 for $1.4 million ($456 psf). Hence, they made a gain of $2.7 million.
A 2,034 sq ft unit at Mandarin Gardens was sold for $2.66 million ($1,310 psf) on Sept 23, netting a gain of $1.84 million (Picture: Samuel Isaac Chua/The Edge Singapore)
Mandarin Gardens is a 99-year leasehold condo on Siglap Road in District 15’s Marine Parade area. Completed in 1986, it has 1,006 units across multiple blocks that sit on a sprawling 1.08 million sq ft site. Units include one- to four-bedders of 732 sq ft to 3,800 sq ft. The condo is within walking distance of Siglap MRT Station on the Thomson-East Coast Line.
Owners at Mandarin Gardens have made several collective sale attempts, the latest being last year. The collective sale committee sought to put the property up for sale at a reserve price of $2.88 billion but failed to secure the 80% approval threshold.
Meanwhile, Scotts Square saw the most unprofitable condo resale transaction during the week. The transaction comes with the sale of a three-bedroom unit spanning 1,238 sq ft on Sept 20. The unit, located on the 36th floor, had changed hands for $4 million ($3,231 psf). The seller, who bought the unit from the developer in August 2007 for about $5.14 million ($4,155 psf), incurred a loss of $1.14 million (22%). They had owned the unit for around 17 years.
A 1,238 sq ft at Scotts Square fetched $4 million ($3,231 psf) on Sept 20, incurring a $1.14 million loss (Picture: Samuel Isaac Chua/The Edge Singapore)
Scotts Square is a freehold condo located on Scotts Road, just off the Orchard Road shopping belt in prime District 9. It is part of a mixed-use development that includes the Scotts Square shopping mall. Residences are spread across two towers spanning 34 and 43 storeys that sit on top of the four-storey retail podium.
The condo was completed in 2011 and has 338 units. Units comprise one-bedders of 624 sq ft to 635 sq ft, two-bedders of 893 sq ft to 947 sq ft, and three-bedders of 1,249 sq ft to 1,238 sq ft. It is within walking distance of the Orchard MRT Station on the North-South and Thomson-East Coast Lines.
The most unprofitable condo resale deal at Scotts Square was the sale of a 1,249 sq ft, three-bedroom unit for $3.65 million ($2,923 psf) in February 2017. The seller had bought the unit for around $5.21 million ($4,171 psf) from the developer in August 2007. As a result, they netted a loss of $1.56 million.
Check out the latest listings for Mandarin Gardens, Scotts Square, Parkshore, Condominium properties
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