Bedok penthouse fetches $2.4 mil in profit
By Esther Hoon
/ The Edge Property |
A 6,943 sq ft penthouse at Bedok Court fetched a profit of $2.4 million on Aug 15 despite having a remaining lease of only 65 years. The unit was held for close to 17 years before it was resold at $557 psf. The seller had purchased the unit for $205 psf in September 1999, reflecting an annualised gain of 6%. Bedok Court is a 99-year leasehold condominium comprising 280 units. The project is located on Bedok South Avenue 3 and was completed in 1985.
Separately, two units in the prime districts fetched more than $1 million in profit. The seller of a 2,034 sq ft unit at Scotts 28 in District 9 reaped a profit of $1.2 million on Aug 12. The unit was purchased in October 1995 at $1,372 psf and resold at $1,966 psf. The annualised gain works out to just 2%. Scotts 28 is a 136-unit freehold condo on Scotts Road and was completed in 1998.
The seller of the 6,943 sq ft penthouse at Bedok Court enjoyed an annualised gain of 6%
The other million-dollar profit accrued to a 1,550 sq ft unit at Belmond Green, a 211-unit freehold condo on Balmoral Road in District 10. The seller had purchased the unit from the developer in September 2002 at $976 psf and resold it at $1,729 psf on Aug 15, after holding it for close to 14 years. This reflects an annualised gain of 4%.
In the landed segment, a detached house on Jalan Lateh fetched a profit of $6.7 million on Aug 15. The property, which sits on an 11,022 sq ft site, was held for 10 years before it was resold at $862 psf on land area. The seller had purchased it in April 2006 at $254 psf. This transaction translates to an annualised gain of 13%. The computed profit does not account for refurbishment or renovation costs incurred by the seller.
Meanwhile, two luxury condos in prime District 10 were disposed of at hefty losses in the week of Aug 9 to 16.
The larger loss of $2.3 million was traced to a 2,745 sq ft unit at Tomlinson Heights. The unit was sold at a record-low price of $2,441 psf, shortly after the expiry of the four-year seller’s stamp duty (SSD) holding period on Aug 12. The seller had previously purchased the unit from the developer in March 2011 at $3,264 psf, reflecting an annualised loss of 5%. This marks the first unprofitable deal at the project, based on caveat records released by URA.
The smaller loss of $1.1 million was from a 2,024 sq ft unit at Ardmore II. It was previously purchased through a sub-sale in November 2007. The price paid, at $3,069 psf, is higher than 90% of all transacted prices at the development. The seller resold it after eight years, at $2,520 psf, on Aug 15. In June, a 2,024 sq ft unit on the 31st floor was resold at a loss of $381,480.
This article appeared in The Edge Property Pullout, Issue 743 (Aug 29, 2016) of The Edge Singapore.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles