Unit at Orchard Towers sees $1.8 mil profit

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The most profitable transaction from Sept 18 to 25 was the sale of a 1,970 sq ft unit at Orchard Towers on Claymore Drive in prime District 9. The three-bedroom unit on the 16th floor was sold on Sept 20 for $2.8 million ($1,421 psf). The seller bought it for $1.05 million ($531 psf) in October 2005. This translates into a profit of $1.76 million (168%), or an annualised profit of 8% over a 13-year holding period.
Two other units at the 43-year-old development have been sold so far this year. Both are similar-sized three-bedroom units. A unit on the 18th floor fetched $2.48 million ($1,259 psf) in March; another on the 19th floor changed hands for $2.6 million ($1,320 psf) in May.
The seller of a unit at the 43-year-old Orchard Towers made a $1.76 million profit on Sept 20 (Picture: The Edge Singapore)
According to URA caveats, the most profitable transaction ever recorded at the freehold development was the sale of a three-bedroom unit on the 16th floor in November 2007. The seller bought the unit for $1.09 million ($553 psf) in November 2005, and parted with it for $3.23 million ($1,640 psf). The seller thus walked away with a $2.14 million profit.
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The second most profitable sale during the week in review was at the Rochelle at Newton, located on Keng Lee Road off Newton Road. A 1,701 sq ft unit on the fifth floor changed hands for $2.48 million ($1,458 psf) when it was sold on Sept 21. The unit had been bought from the developer for $1.58 million ($926 psf) in June 2009, when the prime District 11 development was launched. The seller made $905,000 (57%), or an annualised profit of 5% over the nine-year holding period.
A 1,701 sq ft unit on the fifth floor at Rochelle at Newton changed hands for $2.48 million ($1,458 psf) when it was sold on Sept 21. (Picture: Samuel Issac Chua/The Edge Singapore)
It is the most profitable transaction at the 129-unit condominium so far this year, which has seen five profitable transactions. The profits have ranged from $48,000 to $905,000. So far, the most profitable deal at Rochelle at Newton was the sale of a 2,164 sq ft unit on the first floor. The three-bedroom-plus-study unit fetched $3.3 million ($1,525 psf) in March 2014. The previous owner bought it for $1.85 million ($855 psf) in Aug 2009, and walked away with a $1.45 million (78%) profit. This represents an annualised profit of 13.5% over a 4.5-year holding period.
Rochelle at Newton is a 99-year leasehold condo developed by Sim Lian Group and completed in 2012.
Meanwhile, the most unprofitable transaction during the week was the sale of a 667 sq ft unit at the luxury condo Espada, located on Saint Thomas Walk in prime District 9. The two-bedroom unit on the 15th floor changed hands for $1.52 million ($2,278 psf) when it was sold on Sept 20. It was bought from the developer for $1.79 million ($2,686 psf) in June 2013. The seller incurred a loss of 15%, or $272,737 and an annualised loss of 3% over a five-year holding period.
The seller of a unit at luxury condo Espada incurred a $272,737 loss.
This is also the most unprofitable sale so far at the 232-unit condo, where losses have ranged from $4,433 to $272,737, according to URA caveats. The second most unprofitable transaction at the condo this year was the sale of a 646 sq ft unit on the fourth floor that changed hands in January. The one-bedroom-plus-study unit was bought for $1.49 million ($2,319 psf) in December 2010, but subsequently fetched $1.35 million ($2,090 psf) on the secondary market. The seller incurred a $147,686 loss.
Ask Buddy
Condo projects with most unprofitable transactions
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Landed transactions with the highest profits in the past year
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Condo projects with most unprofitable transactions
Compare price trend of HDB vs Condo vs Landed
Landed transactions with the highest profits in the past year
Most unprofitable landed transactions in past 1 year
Compare price trend of Condo new sale vs EC new sale

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