Unit at Wing On Life Garden reaps $2.5 mil profit
By Bong Xin Ying
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - The seller of a unit at Wing On Life Garden condo made the top gain of $2.5 million over the week of Oct 29 to Nov 5. The 3,498 sq ft unit on the 10th floor was bought for $3.6 million ($1,029 psf) in September 2006, and sold for $6.1 million ($1,744 psf) on Nov 5. The seller made a 69% profit, or an annualised profit of 4% over 13 years.
Located along Bukit Timah Road in prime District 10, the freehold condo was completed in 1982. Developed by The Wing On Investment Co, a member of the Wing On Group in Hong Kong, it has 81 units over 28 storeys. The development is a 10- and 14-minute walk to the Stevens and Newton MRT Stations respectively. It is also a two-minute drive to reputable schools like Anglo-Chinese School (Primary) on Barker Road.
The second biggest gain made over the week – a 148% profit of $1.96 million – was at Astrid Meadows, located on Coronation Road West in prime District 10. The 1,938 sq ft unit on the fourth floor was purchased for $1.32 million ($681 psf) in February 1999, and sold for $3.28 million ($1,693 psf) on Oct 31. This means that the seller made an annualised profit of 4% over almost 21 years.
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Completed in 1990, the 208-unit, freehold Astrid Meadows was developed by Parkway Land. The development is near reputable schools like Henry Park Primary School, Nanyang Primary School, and Raffles Girls’ Primary School. It is also a four-minute drive to Holland Village and a 10-minute drive to the CBD and Orchard Road.
Meanwhile, a unit sold at The Waterside, on Tanjong Rhu Road in District 15, made the third most profitable transaction over the period, netting a 122% profit of $1.93 million for the seller. The 2,400 sq ft unit on the sixth floor was bought in March 2006 for $1.58 million ($656 psf), and sold for $3.5 million ($1,458 psf) on Nov 5. The seller therefore made an annualised profit of 6% over 13½ years.
The Waterside, completed in 1993, comprises 502 freehold units. It is a five-minute walk to the future Katong Park MRT Station on the Thomson-East Coast Line, which is scheduled to open in 2023.
On the other hand, the biggest loss incurred over the week was from the resale of a 3,143 sq ft unit at RiverGate, in prime District 9. The seller sold the property for $6.8 million ($2,163 psf) on Oct 31, and sustained a 20% loss of $1.69 million. The unit was purchased in May 2007 for $8.49 million ($2,701 psf). Over a holding period of 12½ years, this translates into an annualised loss of 2%.
The freehold RiverGate was developed by CapitaLand and completed in 2009. The development comprises a total of 545 units in three 43-storey towers. The project is a one-minute drive from Robertson Walk and a three-minute drive from Great World City.
For price trends, recent transactions, other project info, check out these projects' research page: Wing On Life Garden, Astrid Meadows, The Waterside, RiverGate
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Check out the latest listings near Wing On Life Garden, Astrid Meadows, The Waterside, RiverGate, MRT Stations and Schools
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Most unprofitable condo transactions in past 1 year
Condo transactions with the highest profits in the past year
Condo projects with most expensive average PSF
Compare price trend of Condo new sale vs EC new sale
Compare price trend of HDB vs Condo vs Landed
Most unprofitable condo transactions in past 1 year
Condo transactions with the highest profits in the past year
Condo projects with most expensive average PSF
Compare price trend of Condo new sale vs EC new sale
Compare price trend of HDB vs Condo vs Landed
https://www.edgeprop.sg/property-news/unit-wing-life-garden-reaps-25-mil-profit
Tags:
Gains and LossesWing On Life GardenAstrid MeadowsThe WatersideRivergateThe Wing On Investment CoBukit Timah RoadStevens MRTNewton MRTAnglo-Chinese School (Primary)Coronation Road WestParkway LandHenry Park Primary SchoolNanyang Primary SchoolRaffles Girls’ Primary SchoolOrchard RoadTanjong Rhu RoadKatong Park MRTCapitaLandRobertson WalkGreat World City
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