Unit at The Sea View reaps $1.78 mil profit
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SINGAPORE (EDGEPROP) - The most profitable deal of the week between April 20 and 27 was the sale of a unit at Villa Chancery in District 11, which made the top gain of $4.95 million. The 3,703 sq ft unit on the first floor was bought for $1.9 million ($513 psf) in December 2003 and sold for $6.85 million ($1,850 psf) on April 26. The seller therefore netted a profit of 261%, or an annualised profit of 8% over 17½ years.
Located along Chancery Lane, Villa Chancery was completed in 1986. The 26-unit freehold condominium is a 10-minute walk from Novena MRT Station on the North-South Line.
The Sea View (Credit: Samuel Isaac Chua/ The Edge Singapore)
The second most profitable transaction of the week — a 149% profit of $1.78 million — was the sale of a 1,647 sq ft unit at The Sea View, located along Amber Road. The unit on the sixth floor was purchased for $1.19 million ($725 psf) in October 2006 and sold for $2.97 million ($1,803 psf) on April 21. The seller therefore earned an annualised profit of 6% over 14½ years.
The Sea View, in District 15, comprises 546 freehold units. It was completed in 2008 and is a seven-minute walk to the upcoming Marine Parade MRT Station on the Thomson-East Coast Line.
A unit sold at Maple Woods, along Bukit Timah Road in District 21, made the third largest gain over the week, netting a 182% profit of $1.61 million for the seller. The 1,335 sq ft unit on the sixth floor was bought in April 2002 for $888,000 ($665 psf), and sold for $2.5 million ($1,873 psf) on April 23. The seller therefore made an annualised profit of 6% over 19 years.
Maple Woods comprises 697 freehold units. Completed in 1997, it is a four-minute walk to King Albert Park MRT Station on the Downtown Line.
The Oceanfront @ Sentosa Cove (Credit: Samuel Isaac Chua/ The Edge Singapore)
On the other hand, the most unprofitable deal of the week was the sale of a 3,025 sq ft unit at The Oceanfront @ Sentosa Cove in District 4. Having sold the property for $6.05 million ($2,000 psf) on April 26, the seller suffered a 26% loss of $2.12 million. The unit was purchased in July 2007 for $8.17 million ($2,700 psf). Over a holding period of almost 14 years, this translates into an annualised loss of 2%.
The Oceanfront @ Sentosa Cove, located along Ocean Drive, comprises 264 units on a 99-year leasehold. Completed in 2010, it is a 15-minute drive from Harbourfront MRT Interchange Station on the North-East and Circle Lines.
Check out the latest listings near Villa Chancery, The Sea View, Maple Woods, The Oceanfront @ Sentosa Cove, Novena MRT Station, Marine Parade MRT Station, King Albert Park MRT Station, Harbourfront MRT Interchange Station
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