Three-bedroom unit at Spanish Village sold for $2.7 mil profit
/ EdgeProp Singapore |
The sale of a three-bedroom unit at Spanish Village topped the list of profitable condo resale transactions during the week of April 23 to 30. The 2,056 sq ft unit on the fifth floor changed hands for $4.2 million ($2,043 psf) on April 24. The seller bought the unit in November 1995 for $1.5 million ($730 psf). Thus, they raked in a gain of $2.7 million, or 180%, after owning the unit for 28½ years.
This is the most profitable condo resale transaction ever recorded at Spanish Village, based on caveats lodged. It surpasses the previous record gain of $2.11 million made from the sale of a 1,604 sq ft unit for $3.18 million ($1,983 psf) in July 2022. The seller had purchased the unit in February 2003 for $1.07 million ($667 psf).
The 2,056 sq ft unit at Spanish Village changed hands for $4.2 million ($2,043 psf) on April 24 (Picture: Samuel Isaac Chua/The Edge Singapore)
Spanish Village is a freehold development on Farrer Road comprising 226 residences. Built in 1987, the condo sits on a sprawling elevated site of 331,457 sq ft located directly opposite the Empress Road Market & Food Centre. The development has six blocks, with units comprising one-bedders from 700 to 786 sq ft, two-bedders from 1,109 to 1,163 sq ft, and three-bedders from 1,173 to 2,368 sq ft.
Owners at Spanish Village have made three collective sale attempts, with the latest being in February 2019 when the condo was put on the market with a guide price of $882 million.
The unit sold on April 24 was the first of two resale transactions recorded at the condo this year. The other unit, sold on April 26, is a 1,163 sq ft apartment which fetched $2.6 million ($2,237 psf). The seller, who bought the unit in November 2016 for $1.59 million ($1,368 psf), made a gain of $1.01 million.
Mera Springs saw the second most profitable condo resale transaction during the week in review. This comes with the sale of a three-bedroom unit measuring 1,292 sq ft for $2.5 million ($1,936 psf) on April 25. The seller acquired the fifth-floor apartment from the developer for $865,000 ($670 psf) in February 2006. As such, they netted a gain of $1.64 million (189%) over a holding period of more than 18 years.
This is the second-highest profitable resale transaction that has taken place at Mera Springs. The record belongs to a 1,550 sq ft unit that was sold for $2.84 million ($1,832 psf) in August 2023. The seller, who purchased the home as a new unit in April 2006, made a gain of $1.78 million.
The sale of a 1,292 sq ft unit at Mera Springs for $2.5 million ($1,936 psf) on April 25 netted the seller a $1.64 million gain (Picture: Google Maps)
Mera Springs is a freehold condo along Carlisle Road, off Norfolk Road in District 8. Completed in 2008, it comprises 129 units across 21 floors. Units include two- to four-bedders between 1,044 and 1,841 sq ft.
Meanwhile, the sale of a four-bedroom-plus-study unit measuring 2,433 sq ft at The Lumos was the least profitable condo resale transaction during the week in review. The unit, which is on the seventh floor and comes with private lift access, changed hands for $5.7 million ($2,343 psf) on April 25. The seller, who bought the unit from the developer in August 2007 for $8.22 million ($3,379 psf), suffered a loss of $2.52 million. This works out to a capital loss of 31% for the seller after owning the unit for nearly 17 years.
Data compiled on EdgeProp Research shows that this is the second least profitable resale transaction registered at The Lumos to date. The record belongs to the sale of a 2,433 sq ft unit in August 2022 for $5.74 million ($2,359 psf). It had been purchased by the seller for $8.43 million ($3,467 psf) in August 2007. As such, they incurred a loss of $2.7 million on the deal.
A 2,433 sq ft unit at The Lumos was sold for $5.7 million ($2,343 psf) on April 25, fetching a $2.52 million loss (Picture: Samuel Isaac Chua/The Edge Singapore)
The Lumos is a freehold, boutique luxury development that was completed in 2011. The 53-unit development comprises a single 36-storey residential tower. Units consist of one- to four-bedroom apartments of 699 sq ft to 2,432 sq ft, as well as three- and four-bedroom duplex units of 2,496 sq ft to 3,422 sq ft. There is also a duplex penthouse of 5,714 sq ft and a simplex penthouse of 5,930 sq ft. Both penthouses come with private pools.
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