Unit at Astrid Meadows rakes in $3.7 mil profit

/ EdgeProp Singapore |

October 20, 2022 1:47 PM SGT

SINGAPORE (EDGEPROP) - The most profitable transaction recorded during the week of Oct 4 to 11 was the sale of a three-bedroom unit at Astrid Meadows, located on Coronation Road West, off Holland Road. The 2,583 sq ft unit on the first floor changed hands for $5.93 million ($2,295 psf) on Oct 5. It had been previously purchased for $2.22 million ($859 psf) in August 2005. This means the seller reaped a profit of $3.71 million, or 167%, over a holding period of 17 years.

The sale marks a new high in terms of psf prices transacted at the development, beating the previous high of $2,200 psf that was recorded in April when a 1,023 sq ft unit fetched $2.25 million. The sale is also the second-most profitable resale transaction at Astrid Meadows. The most profitable transaction occurred in April 2021, when a 3,800 sq ft unit was sold for $7.3 million ($1,921 psf). The seller reaped a profit of $3.8 million.

The unit at Astrid Meadows was sold for $5.93 million ($2,295 psf) on Oct 5

Astrid Meadows is a low-rise, freehold development in District 10 that was completed in 1990. It has 208 units, comprising a mix of one to five-bedders measuring between 872 and 6,771 sq ft. Astrid Meadows is in a large residential enclave predominantly made up of landed properties. This includes the nearby Good Class Bungalow neighbourhoods of Bin Tong Park, Leedon Park, Oei Tiong Ham Park, and Astrid Park. It is also close to the three-storey, mixed landed estate off Jalan Haji Alias and the two-storey, semi-detached estate on Namly Avenue.

The second most profitable transaction of the week took place at Mount Faber Lodge. The seller of a 2,669 sq ft, three-bedroom unit on the third floor raked in a profit of $2.59 million when it was sold for $3.89 million ($1,457 psf) on Oct 6. The seller had acquired the unit in January 2006 for $1.3 million ($487 psf), which works out to a 199% profit over a nearly 17-year holding period.

Mount Faber Lodge is a freehold condominium located along Mount Faber Road in District 4. Completed in 1983, it has 84 units, comprising 1,098 sq ft studios, two-bedroom apartments from 1,173 sq ft and three-bedroom apartments from 2,454 sq ft. There are also 20 penthouses, all of which are five-bedroom triplexes of 3,703 to 3,724 sq ft.

The seller of a unit at Mount Faber Lodge made a gain of $2.59 million when it fetched $3.89 million ($1,457 psf) on Oct 6 (Picture: Samuel Isaac Chua/The Edge Singapore)

Only one other unit at Mount Faber Lodge has changed hands to date this year — a 2,475 sq ft unit, which was sold for $3.5 million ($1,414 psf) on June 6. The seller had bought it for $2.875 million ($1,161 psf) in August 2010, meaning they netted a gain of $625,000 on the transaction.

Meanwhile, the most unprofitable transaction of the week was for a unit at Ascent@456. A 689 sq ft, three-bedroom unit changed hands for $1 million ($1,452 psf) on Oct 5. The unit had been purchased for $1.068 million ($1,550 psf) in October 2016. Hence, the seller saw a loss of $68,000 or 6% over six years.

Located at the junction of Balestier Road and Jalan Rama Rama in District 12’s Novena area, Ascent@456 is a mixed-use development by TA Corp. The freehold project was completed in 2017 and comprises a 12-storey residential block as well as a retail podium housing 17 strata shop units. There is a total of 28 apartments, all three-bedders measuring between 689 and 829 sq ft.

Two other apartments at Ascent@456 have changed hands this year and have similarly transacted below their respective purchase prices. A 689 sq ft unit on the third floor was sold for $955,000 ($1,386 psf) on Sept 12, with the seller making a loss of $50,000 on the transaction. Prior to that, a 689 sq ft unit on the 10th floor fetched $945,000 ($1,372 psf) on Aug 15, with the seller suffering a loss of $70,600.

Check out the latest listings near Astrid Meadows, Mount Faber Lodge, Ascent@456

Tags: