Unit at Scotts 28 reaps $1.79 mil profit
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SINGAPORE (EDGEPROP) - The seller of a unit at Scotts 28, along Scotts Road, made the top gain of $1.79 million over the week of April 27 to May 4. The 2,217 sq ft unit on the 27th floor was bought for $3.27 million ($1,475 psf) in November 1995 and sold for $5.06 million ($2,282 psf) on April 30. The seller therefore made a 55% profit, or an annualised profit of 2% over 25½ years.
Scotts 28 (Credit: Samuel Isaac Chua/ The Edge Singapore)
Located in District 9, Scotts 28 was completed in 1998 and has 136 freehold units. It is an eight-minute walk from Newton MRT Interchange Station on the North-South and Downtown Lines.
The second top gain made over the week — a 163% profit of $1.75 million — was at The Sea View, along Amber Road. The 1,410 sq ft unit on the ninth floor was purchased for $1.07 million ($760 psf) in August 2005 and sold for $2.82 million ($2,000 psf) on April 28. This means that the seller made an annualised profit of 6% over almost 16 years.
The Sea View, in District 15, comprises 546 freehold units and was completed in 2008. It is a seven-minute walk from the upcoming Marine Parade MRT Station on the Thomson-East Coast Line.
A unit sold at The Marbella, located along Mount Sinai Rise in District 10, made the third largest gain over the week, netting a 151% profit of $1.54 million for the seller. The 1,475 sq ft unit on the second floor was bought in February 2005 for $1.02 million ($692 psf), and sold for $2.56 million ($1,736 psf) on April 28. The seller therefore made an annualised profit of 6% over 16 years.
The Marbella comprises 239 freehold units, and was completed in 2005, It is a seven-minute drive from Dover MRT Station on the East-West Line.
(Credit: Samuel Isaac Chua/ The Edge Singapore)
On the other hand, the most unprofitable deal of the week was the resale of a 3,089 sq ft unit at The Marq on Paterson Hill in District 9. Having sold the property for $11.5 million ($3,723 psf) on April 29, the seller suffered a 22% loss of $3.24 million. The unit was purchased in July 2007 for $14.74 million ($4,908 psf). Over a holding period of almost 14 years, this translates into an annualised loss of 2%.
The Marq on Paterson Hill, located along Paterson Hill, comprises 66 freehold units, and was completed in 2011. It is a six-minute walk from Orchard MRT Station on the North-South Line.
Check out the latest listings near Scotts 28, The Sea View, The Marbella, The Marq on Paterson Hill, Newton MRT Interchange Station, Marine Parade MRT Station, Dover MRT Station, Orchard MRT Station
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