Unit at Fontana Heights sold for $3.68 mil profit
By Timothy Tay
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - The most profitable deal during the week of Oct 27 to Nov 3 was from the sale of a 3,466 sq ft unit at Fontana Heights in District 10. Purchased for $2.65 million ($765 psf) in March 2006, the four-bedroom unit was sold for $6.33 million ($1,826 psf) on Oct 29. The seller thus earned $3.68 million, or a profit of 139%, on the sale. This translates to an annualised profit of 6.1% over 14½ years.
Fontana Heights is a freehold condominium located on Mount Sinai Rise. The 51-unit condominium was completed in 1985 and comprises three- and four-bedroom units of 3,000 sq ft to 4,607 sq ft.
The most recent resale transaction at Fontana Heights is also the most profitable deal recorded so far at the development. Previously, the record was for the sale of a 3,466 sq ft unit, which earned the seller $1.6 million, or a profit of 37%. That four-bedroom unit was purchased for $4.3 million ($1,241 psf) in May 2007 and sold for $5.89 million ($1,702 psf) in August 2019.
The unit at Fontana Heights earned the seller a 139% profit on Oct 29. (Picture: Samuel Isaac Chua/The Edge Singapore)
Over the past three years, Fontana Heights has recorded three profitable resale transactions including the two sales. The third transaction was the sale of a 3,455 sq ft, four-bedroom unit for $4.89 million ($1,418 psf) in March 2018. The unit was purchased for $3.22 million ($932 psf) in December 2006, earning the seller a profit of $1.68 million.
The second most profitable sale during the week in review occurred at Rajah Towers in District 12. A 5,253 sq ft unit was sold for $4.5 million ($857 psf) on Oct 27. The unit had been purchased for about $961,000 ($183 psf) in September 2005. Thus, the seller walked away from the sale with a profit of $3.54 million (369%), which translates to an annualised profit of 10.8% over 15 years.
Located on Jalan Rajah in Whampoa, Rajah Towers is a 98-unit condominium that was completed in 1984. It comprises units ranging from 1,991 sq ft to 5,253 sq ft.
The latest transaction at Rajah Towers is also the most profitable resale at the freehold development, surpassing the previous record set by the sale of a 2,207 sq ft unit, which earned the seller a profit of $980,000. The unit was sold for $2.29 million ($1.042 psf) on Oct 13, having been purchased for $1.32 million ($598 psf) in June 2009.
Meanwhile, the top loss during the week in review was for the sale of a 2,088 sq ft unit at Turquoise, a 99-year leasehold condominium in Sentosa Cove. The three-bedroom apartment was sold for $3.18 million ($1,523 psf) on Oct 29, but had been bought for $5.45 million ($2,613 psf) in October 2007. This resulted in a loss of $2.27 million (41.7%), or an annualised loss of 4.1% over 13 years.
A 2,088 sq ft, three-bedroom unit at Turquoise made the top loss of $2.27 million. (Picture: Samuel Isaac Chua/The Edge Singapore)
Located on Sentosa Island’s Cove Drive, Turquoise is an upmarket residential enclave completed in 2007 by Ho Bee Land. The development is located beside the 99-year bungalows along Pearl Island and is close to other high-rise condominiums such as Cape Royale and Seascape. The 91-unit Turquoise comprises three- and four-bedroom units ranging from 2,088 sq ft to 2,777 sq ft, as well as penthouses of 3,724 sq ft to 3,746 sq ft.
So far, there have been three other unprofitable resale transactions at Turquoise. The most recent was the sale of a 2,433 sq ft unit that fetched $3.4 million ($1,398 psf) on Sept 18, a loss of $300,000 for the seller. Another 2,088 sq ft unit was sold for $2.8 million ($1,341 psf) in February this year. The seller purchased the unit for $5.43 million ($2,599 psf), thus making a loss of $2.62 million.
Check out the latest listings near Fontana Heights, Cove Drive, Rajah Towers, Whampoa, Turquoise, Sentosa cove, Pearl Island, Cape Royale, Seascape
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