Unit at Flame Tree Park reaps $1.07 mil profit
By Valerie Kor
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - The most profitable sale during the week from July 7 to 14 was for a 1,593 sq ft, three-bedroom unit on the 25th floor at Flame Tree Park condominium. Bought for $1.25 million ($785 psf) in July 2009, it was sold for $2.32 million ($1,456 psf) on July 9. The seller therefore netted an 86% profit of $1.07 million, or an annualised profit of 6% over 11 years.
Flame Tree Park is a 160-unit freehold development by Wing Tai Holdings along Sin Ming Avenue. The 28-storey development is located opposite MacRitchie Treetop Walk, and is near Thomson Plaza and the eateries at Upper Thomson Road.
The unit at Flame Tree Park netted the seller an 86% profit (Photo: Samuel Isaac Chua/The Edge Singapore)
The second highest gain was by a seller of a unit at Maple Woods on Bukit Timah Road. The 1,787 sq ft, four-bedroom unit on the eighth floor was purchased in October 2010 for $2.14 million ($1,197 psf) and sold on July 9 for $3.1 million ($1,735 psf). The seller therefore earned a profit of $962,000, which is 45%, or 4% when annualised over close to 10 years.
Maple Woods is a freehold condominium comprising 697 units across five 10-storey blocks. Developed by Wing Tai Holdings, it was completed in 1997. It is located within a three-minute walk to King Albert Park MRT Station on the Downtown Line and is 500m from Methodist Girls’ School.
The third top gain was from the sale of a 1,367 sq ft, three-bedroom unit at Varsity Park Condominium, which was bought for $786,000 ($575 psf) in May 2007 and sold for $1.648 million ($1,206 psf) on July 7. The seller of the third-floor unit therefore made a 110% profit of $862,000, or an annualised profit of 6% over 13 years.
Varsity Park Condominium by CapitaLand is a 99-year leasehold development with 530 units. It is a short drive to West Coast Plaza, The Clementi Mall, and the National University of Singapore. It is also next to West Coast Park.
The most unprofitable deal occurred at Helios Residences where a 1,281 sq ft unit was sold at a loss of $1.86 million (Photo: Samuel Isaac Chua/The Edge Singapore)
On the flip side, the biggest loss during the same week was incurred by a seller at Helios Residences. A 1,281 sq ft, two-bedroom plus study unit on the 17th floor of the condominium was sold for $2.98 million ($2,326 psf) on July 14. It was previously purchased for $4.84 million ($3,775 psf) in December 2012. The seller therefore incurred a loss of $1.86 million, which is 38%, or an annualised 6% over more than seven years.
Helios Residences is a freehold condominium at Cairnhill Circle. It has a total of 140 units across two 20-storey towers and was completed in 2011 by Wing Tai Asia. Located in prime District 9, it is a short drive to the Orchard Road shopping belt and Newton Food Centre.
The second most unprofitable deal was for a 1,604 sq ft, three-bedroom unit at Reflections at Keppel Bay. On the fourth floor, the unit was bought for $3.37 million ($2,101 psf) in August 2007 and sold for $2.66 million ($1,659 psf) on July 8. The unit therefore incurred a loss of $710,000, which is 21%, or 2% over a period of almost 13 years.
Developed by Keppel Land, Reflections at Keppel Bay is a 99-year condominium in District 4. It comprises 1,129 units across six towers, ranging from 24 to 41 storeys, and 11 villa apartment blocks between six and eight storeys high. It is a five-minute drive to VivoCity and 10-minute drive to Sentosa. Nearby green spaces include Mount Faber Park and Telok Blangah Hill Park.
The third biggest loss was incurred by the seller of a 969 sq ft, two-bedroom unit at Riveria Gardens in River Valley. The 12th-floor unit was last purchased in September 2011 for $2.05 million ($2,116 psf) and was sold on July 7 for $1.875 million ($1,935 psf). The seller incurred a 9% loss of $175,000, which is 1% when annualised over almost nine years.
Riviera Gardens is a 49-unit freehold condominium along River Valley Grove. Developed by boutique developer I.Contemporary Living, it is located within a short drive to the Orchard Road shopping belt and Great World City.
Check out the latest listings near Flame Tree Park, Maple Woods, Varsity Park Condominium, Helios Residences, Reflections at Keppel Bay, Riveria Gardens
For price trends, recent transactions, other project info, check out these projects' research page: Flame Tree Park, Maple Woods, Varsity Park Condominium, Helios Residences, Reflections at Keppel Bay, Riveria Gardens
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