Unit at Botanic Gardens View sees $2.14 mil profit
By Bong Xin Ying
/ EdgeProp |
The first transaction at Botanic Gardens View this year turned out to be the most profitable deal in the week of May 15 to 22, as revealed by the matching of URA caveat data as at May 29. A 1,410 sq ft, three-bedroom unit on the sixth floor of the 145-unit freehold development was sold for $3 million ($2,128 psf) on May 22, resulting in a $2.14 million (249%) gain for the previous owner, who purchased it for $860,100 ($610 psf) in 2005. This translates into an annualised profit of 10% over a holding period of 12.9 years.
The most profitable deal of the week was the sale of a Botanic Gardens View unit (Credit: Albert Chua/ The Edge Singapore)
Completed in 1970, Botanic Gardens View is located at Taman Serasi, just off Cluny Road in prime District 10. Situated near reputable educational institutions such as Raffles Girls’ Secondary School and Crescent Girls’ School, the development is a three-minute walk to the Napier MRT station on the future Thomson-East Coast Line. The May 22 transaction is the latest in a series of profitable deals at the condominium. Last year, four units changed hands at an average gain of $538,750 (53%). On April 4 last year, a 1,259 sq ft unit was sold for a $1.1 million (122%) profit.
Also in the prime district is 999-year leasehold condo The Tresor, where the seller of a 1,927 sq ft, four-bedroom unit made a profit of $1.22 million (47%) on May 16. The unit on the third floor was purchased in 2007, when it was newly completed, for $2.61 million ($1,353 psf). It was then sold for $3.83 million ($1,987 psf), or an annualised gain of 3% over a holding period of 11.2 years. This is also the first transaction at the condo this year. In 2017, there were four profitable transactions, with profits ranging from $327,000 to $411,000, and three unprofitable transactions, with losses ranging from $80,000 to $228,000.
The Tresor was developed by Keppel Land. The five-storey, 62-unit development is located on Duchess Road, near the Tan Kah Kee MRT station on the Downtown Line.
During the week in review, a transaction that saw a slight loss was the sale of a three-bedroom unit on the 19th floor of Cuscaden Residences, for $4.8 million ($2,311 psf), on May 18. Having bought the 2,077 sq ft condo for $5.5 million ($2,647 psf) in 2011, the seller therefore incurred a loss of $700,000. This marks the second transaction at the development this year, and also the second loss. In March, a 1,485 sq ft unit on the 13th floor was sold for $3.11 million ($2,100 psf). The seller purchased it in September 2011 for $3.33 million ($2,242 psf) and incurred a loss of $211,200 (6%), or an annualised loss of 1% over a holding period of over six years.
A three-bedroom unit at Cuscaden Residences recorded the largest loss for the week when it was sold for $4.8 million (Source: The Edge Singapore)
Located in prime District 10 on Cuscaden Road, the 150-unit freehold Cuscaden Residences is in the Orchard Road shopping belt. The development saw four profitable transactions and two unprofitable transactions last year. Last August, the seller of a 1,485 sq ft unit made a profit of $1.2 million (71%) when the unit was sold for $2.9 million ($1,952 psf). The unit was purchased for $1.7 million ($1,144 psf) in March 2003.
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