Windfall in District 15
By Esther Hoon
/ The Edge Property |
Four condo units and two landed homes in District 15 were sold at a profit ranging from $1.1 million to $3.3 million, based on new caveats released by URA on June 3 and 7. The $3.3 million profit was from the sale of a semi-detached house on Crescent Road.
The house, which is on a 4,155 sq ft freehold site, was sold for $5 million ($1,204 psf on land area) after being held for close to 13 years. It was previously purchased at $1.8 million ($421 psf) in August 2003. The profit works out to an annualised gain of 9%.
Another landed property in District 15, a terraced house on Terang Bulan Avenue, fetched a profit of $1.2 million on May 19. The freehold property with a land area of 1,572 sq ft was purchased in 2009 at $1.1 million ($686 psf on land area) and sold last month at $2.3 million ($1,474 psf). The annualised gain works out to 12%.
A semi-detached house on Crescent Road was sold at a $3.3 million profit
In the non-landed segment, four properties in District 15 were sold at a profit exceeding one million each. The first property was a 3,703 sq ft penthouse at Vertis which netted a $1.2 million profit, or an annualised gain of 4%. The seller had purchased the unit from the developer in May 2006 for $2.5 million ($673 psf) and sold it last month for $3.7 million ($999 psf). Vertis is a freehold apartment development comprising 42 units near Mountbatten road.
Separately, a 1,475 sq ft condo unit at The Esta was sold for a profit of $1.1 million, or an annualised gain of 7%. The property had also been held for 10 years by the seller, who bought the unit from the developer in January 2006 for $1.1 million ($734 psf). He sold it last month for $2.2 million ($1,458 psf).
Over at One Amber, a 1,701 sq ft high-floor unit fetched a $1.1 million profit. The seller had purchased the unit in a sub-sale in June 2009 for $1.4 million ($850 psf) and sold it last month for $2.5 million ($1,470 psf). This translates into an annualised gain of 8%. Both The Esta and One Amber are freehold condo developments in District 15.
On the other hand, one property in District 15 was put up for a mortgagee sale. The seller of the 2,551 sq ft, four-bedroom unit at Silversea incurred a loss of $882,000. He had bought the unit for $4.8 million ($1,875 psf) from the developer in February 2012. The home went under the hammer for $3.9 million ($1,529 psf) in April.
Outside District 15, one property was flipped after being held for just two years. However, it fetched a profit of $2.1 million despite incurring an 8% Seller’s Stamp Duty, or $670,400. The property, a semi-detached house which sits on a 4,112 sq ft freehold site on Merryn Avenue in District 11, was purchased for $6.3 million ($1,528 psf) in March 2014 and sold for $8.4 million ($2,039 psf) last month. Without the SSD, the annualised gain works out to 14%.
This article appeared in The Edge Property Pullout, Issue 733 (June 13, 2016) of The Edge Singapore.
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