Unit at The Draycott sold for $2.5 mil profit
/ EdgeProp Singapore |
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The sale of a unit at The Draycott was the most profitable condo resale transaction during the week of Aug 27 to Sept 3. The 2,637 sq ft unit on the 15th floor changed hands for $5.45 million ($2,067 psf) on Aug 30. The seller had bought it in April 1996 for $3 million ($1,138 psf). As a result, the seller made a gain of $2.45 million on the deal, which reflects a capital gain of 82% for the seller. They had owned the unit for almost 28½ years.
The transaction is tied with another unit for the fourth-highest gain ever registered at The Draycott. A 2,626 sq ft, maisonette unit at the development that sold in May 2021 for $4.5 million ($1,713 psf) had also netted a profit of $2.45 million for the seller. The seller had purchased the unit for $2.05 million ($781 psf) in June 1999.
The most profitable transaction recorded at The Draycott took place in May 2007, when a 2,637 sq ft unit fetched $5.45 million ($2,067 psf). The seller, who bought the unit in March 1998 for $2.1 million ($796 psf), netted a gain of $3.35 million.
The 2,637 sq ft unit at The Draycott changed hands for $5.45 million ($2,067 psf) on Aug 30 (Picture: Google Street View)
The Draycott is a freehold development on Draycott Park in prime District 10. Completed in 1980, it comprises a 34-storey tower which houses three- and four-bedroom units of 2,637 sq ft and a sole duplex penthouse of 5,339 sq ft. There are also low-rise units housing two-bedroom units of 1,313 sq ft to 1,604 sq ft and maisonettes of 2,626 sq ft to 2,788 sq ft. The development is located within the Draycott-Ardmore Park residential enclave, just off Orchard Road.
The second most profitable condo resale transaction during the week in review was the sale of a three-bedder at Pebble Bay. The 1,894 sq ft unit on the 13th floor fetched $3.59 million ($1,894 psf) on Aug 30. It was acquired by the seller in December 2002 for $1.16 million ($612 psf). Thus, the seller made a profit of $2.43 million on the deal, which translates to a 209% capital gain after holding the unit for almost 22 years.
This is the third-biggest gain made on a resale unit at Pebble Bay this year. The condo has seen 18 units change hands year to date, with available caveats showing that 15 of these were profitable transactions. The largest profit was made from the sale of a 1,894 sq ft, three-bedroom unit on May 9 for $3.67 million ($1,940 psf). The seller, who had bought the unit in September 2004 for $1.12 million ($591 psf), clocked a gain of $2.55 million.
Other units sold at Pebble Bay this year have netted gains ranging from $620,000 to $2.48 million.
The sale of a 1,894 sq ft unit at Pebble Bay for $3.59 million ($1,894 psf) on Aug 30 netted a gain of $2.43 million (Picture: Albert Chua/The Edge Singapore)
Pebble Bay is a 510-unit waterfront condo located on Tanjong Rhu Road, along the Kallang Basin waterfront in District 15. Completed in 2000, the 99-year leasehold development has one- to four-bedroom units of 850 sq ft to 3,154 sq ft. There are also four-bedroom penthouses spanning between 6,114 sq ft and 6,469 sq ft. The condo is a five-minute walk to Tanjong Rhu MRT Station on the Thomson-East Coast Line.
On the other hand, the sale of a one-bedroom unit measuring 474 sq ft at 6 Derbyshire was the most unprofitable resale deal during the week. The unit on the 21st floor sold for about $989,000 ($2,086 psf) on Aug 27. The seller had bought the unit for about $1.19 million ($2,510 psf) in August 2017. As a result, they incurred a loss of around $201,000 (17%) after owning the unit for roughly seven years.
The deal is the fifth most unprofitable transaction ever recorded at 6 Derbyshire. It comes slightly over a month after a 527 sq ft unit on the 28th floor changed hands for $1.07 million ($2,029 psf) on Jul 12. The seller, who bought the unit for about $1.44 million ($2,740 psf), made a loss of around $375,000 — the biggest loss incurred on a unit at 6 Derbyshire so far.
Read also: Regency Park unit sold for $4.9 mil profit
A 474 sq ft unit at 6 Derbyshire fetched $989,000 ($2,086 psf) on Aug 27, incurring a loss of around $201,000 (Picture: Google Street View)
Located on Derbyshire Road, off Thomson Road in District 11, 6 Derbyshire is a freehold condo that was completed in 2017. Comprising a single 30-storey tower, the development has 168 residences consisting of one-bedders of 474 sq ft to 527 sq ft, two-bedders of 732 sq ft to 829 sq ft and three-bedders of 1,012 sq ft to 1,130 sq ft. There is also a duplex penthouse of 3,445 sq ft.
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