Unit at Cavenagh Gardens reaps $1.24 mil profit
By Valerie Kor
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - The most profitable deal during the period of June 23 to 28 was the sale of a 1,550 sq ft, four-bedroom unit at Cavenagh Gardens. The fifth-floor unit reaped a 203% profit of $1.24 million, having been bought in April 1999 for $610,701 ($394 psf) and sold on June 24 for $1.85 million ($1,192 psf). This translates to an annualised profit of 5% over 21 years for the seller.
Cavenagh Gardens is a freehold development along Cavenagh Road comprising three blocks of 172 units. Completed in 1975, the development attempted to go on a collective sale in May 2018 and January 2019, to no avail. The freehold project is located in prime District 9.
The four-bedroom unit at Cavenagh Gardens netted a 203% profit for its seller during the period of June 23 to 28 (Photo: EdgeProp Singapore)
The second most profitable deal in the same period was for a unit at The Blossomvale on Dunearn Road in District 21. Purchased for $898,000 ($632 psf) almost 16 years ago, the 1,421 sq ft, three-bedroom unit on the seventh floor was sold for $2.1 million ($1,478 psf), netting a 134% profit of $1.202 million or an annualised profit of 6% for the seller.
The Blossomvale by Wing Tai Holdings has a 999-year lease and comprises 220 units. It is a four-minute walk from King Albert Park MRT Station on the Downtown Line and within 1km of Methodist Girls’ School.
The third top gain for the period was chalked up by a two-bedroom apartment measuring 893 sq ft, on the 60th floor of The Sail at Marina Bay. It was bought for $808,000 ($904 psf) in December 2004 and sold for $1.74 million ($1,948 psf) on June 24, earning the seller a 115% profit of about $932,000, or an annualised profit of 5% over more than 15 years.
The Sail @ Marina Bay is a 1,111-unit, twin tower development located at Marina Boulevard. The 70-storey tower fronts Marina Bay while the 63-storey tower overlooks the CBD. The project was developed jointly by City Developments and AIG Real Estate and completed in 2008/2009.
It is linked underground to the Marina Bay Link Mall and Marina Bay Financial Centre, as well as to the Raffles Place MRT Interchange Station and the Downtown MRT Station.
The most unprofitable deal of the week occured at Spottiswoode Residences (centre), where a two-bedroom unit was sold at a loss of $86,000 (Photo: Samuel Chua/The Edge Singapore)
In terms of non-profitable deals, the biggest loss for the period was incurred by a two-bedroom unit at Spottiswoode Residences at Spottiswoode Park Road. The seller purchased the 926 sq ft unit on the 32nd floor at $2.006 million ($2,167 psf) in January 2011 and sold it at $1.92 million ($2,074 psf) on June 26, thus incurring a 4% loss of $86,000 or a 0.5% annualised loss over 91⁄2 years.
Spottiswoode Residences is a freehold development by UOL Development that was completed in 2014. Comprising 351 units, the 36-storey tower development is located near the Outram Park MRT Station in Chinatown, as well as the Tanjong Pagar area in District 2.
The second highest loss incurred during the same period involved a 926 sq ft, two-bedroom unit at Icon. The 36th-floor apartment was purchased for $1.6 million ($1,728 psf) in April 2012 and sold for $1.55 million ($1,674 psf) on June 25, which translates to a loss of $50,000 (3%), or 0.4% a year over eight years. The 646-unit Icon was the first private, high-rise residential project in the Tanjong Pagar area, and was completed in 2007. It has two towers — one of 40 storeys and the other, 46 storeys. Both are linked to Icon Village, a retail and F&B podium. The project is located within walking distance of the Tanjong Pagar MRT Station.
The third most unprofitable sale during the period was for a 527 sq ft studio unit on the fourth floor at EuHabitat. It was purchased for $688,446 ($1,305 psf) in September 2011 and sold for $650,000 ($1,232 psf) on June 25. The loss was $38,446 (6%), or 0.7% a year over close to nine years.
The 748-unit EuHabitat by Far East Organization is located at Jalan Eunos. Completed in 2015, the project is located near the Kaki Bukit MRT Station.
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Check out the latest listings near Cavenagh Gardens, The Blossomvale, The Sail @ Marina Bay, Spottiswoode Residences, Icon, EuHabitat
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