Unit at The Metropolitan sees $1 mil profit
By Bong Xin Ying
/ EdgeProp |
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Most unprofitable condo transactions in past 1 year
Landed transactions with the highest profits in the past year
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Listings for condo units
Most unprofitable condo transactions in past 1 year
Landed transactions with the highest profits in the past year
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The top gain of $1.015 million for the week of Nov 27 to Dec 4 was made by the seller of a unit at The Metropolitan Condominium, located on Alexandra Road in District 3. The 1,399 sq ft, three-bedroom unit on the 23rd floor was bought for $1.055 million ($754 psf) in May 2007 and sold for $2.07 million ($1,479 psf) on Nov 29, 2018. The seller reaped a 96% profit, or an annualised profit of 6% over 11.6 years.
The Metropolitan comprises 382 units in two 45-storey towers. Completed in 2009, the 99-year leasehold condo was jointly developed by CapitaLand and Lippo Group International. The project is a three-minute walk to Redhill MRT station on the East-West Line, and a four-minute drive to Ikea on Alexandra Road.
The second-highest gain made in the week in review — a 139% profit of $780,000 — was at Oleander Towers on Lorong 1 Toa Payoh in District 12. The 1,152 sq ft, three-bedroom unit on the 11th floor was purchased for $560,000 ($486 psf) in July 2006 and sold for $1.34 million ($1,163 psf) on Dec 4, 2018. This means the seller made an annualised profit of 7% over 12.4 years.
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Developed by Wing Tai Holdings and completed in 1988, the 318-unit Oleander Towers is a seven-minute walk to Toa Payoh MRT station on the North-South Line, as well as to the HDB Hub.
The sale of a unit at Clover By The Park, on Bishan Street 25 in District 20, was the third most profitable transaction during the week in review. It raked in a 54% profit of $746,000 for the seller. The 1,765 sq ft, four-bedroom unit on the 33rd floor was bought for $1.37 million ($777 psf) in August 2009, and sold for $2.11 million ($1,200 psf) on Dec 3, 2018. The seller therefore made an annualised profit of 5% over 9.3 years.
Completed in 2012, the 99-year leasehold Clover By The Park comprises 616 units and is a four-minute drive to Junction 8 Shopping Centre.
On the other hand, the greatest loss incurred during the week in review was from the resale of a 1,851 sq ft unit at Reflections at Keppel Bay in District 4. Having sold the property for $2.55 million ($1,377 psf) on Nov 18, the seller sustained a 25% loss of $844,050. The unit was purchased in January 2012 for $3.39 million ($1,833 psf). Over a holding period of 6.9 years, this translates into an annualised loss of 4%.
The 99-year leasehold Reflections at Keppel Bay comprises 1,129 units and is a 14-minute walk to Telok Blangah MRT station on the Circle Line.
Ask Buddy
Listings for condo units
Most unprofitable condo transactions in past 1 year
Landed transactions with the highest profits in the past year
Condo projects with most unprofitable transactions
Condo projects with most expensive average PSF
Listings for condo units
Most unprofitable condo transactions in past 1 year
Landed transactions with the highest profits in the past year
Condo projects with most unprofitable transactions
Condo projects with most expensive average PSF
https://www.edgeprop.sg/property-news/unit-metropolitan-sees-1-mil-profit
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