Resale unit at Cairnhill Plaza reaps $1.5 mil profit
By Charlene Chin
/ EdgeProp Singapore |
The seller of a unit at Cairnhill Plaza made the top gain of $1.5 million over the week of June 18 to 25. The 2,852 sq ft, four-bedroom unit on the 34th floor was bought for $3.5 million ($1,227 psf) in March 2007 and sold for $5 million ($1,753 psf) on June 21. The seller made a 43% profit, or an annualised profit of 3% over 12 years.
The 2,852 sq ft, four-bedroom unit on the 34th floor of Cairnhill Plaza was sold for $5 million on June 21 (Credit: Samuel Isaac Chua/ EdgeProp Singapore)
Completed in 1978, Cairnhill Plaza is a 204- unit freehold residential development on Cairnhill Road in District 9. It is a 13-minute walk to Orchard MRT Station on the North-South Line.
The second top gain made over the week – a 177% profit of $1.47 million – was at Teresa Ville, at Lower Delta Road in District 4. The 1,927 sq ft, four-bedroom unit on the 15th floor was purchased for $830,000 ($431 psf) in December 1998 and sold for $2.3 million ($1,194 psf) on June 20. This means that the seller made an annualised profit of 5% over 20.5 years.
Located along Lower Delta Road, Teresa Ville comprises 264 freehold units across 24 storeys and was completed in 1986. It is a 19-minute walk to Tiong Bahru MRT Station on the East-West Line.
A unit sold at Monterey Park Condominium, off West Coast Road in District 5, made the third most profitable transaction over the week, netting a 119% profit of $925,000 for the seller. The 1,367 sq ft, four-bedroom unit on the sixth floor was bought in November 2004 for $775,000 ($567 psf), and sold for $1.7 million ($1,244 psf) on June 20. The seller therefore made an annualised profit of 6% over 15 years.
Monterey Park Condominium, completed in 2005, comprises 280 units on a 999-year leasehold. It is a six-minute, 3km drive to Clementi MRT Station on the East-West Line.
On the other hand, the greatest loss incurred over the week was from the resale of a 3,369 sq ft, five-bedroom unit at The Berth By The Cove in District 4. Having sold the property for $3.75 million ($1,113 psf) on June 21, the seller sustained a 33% loss of $1.81 million. The unit was purchased in October 2007 for $5.56 million ($1,650 psf). Over a holding period of 12 years, this translates into an annualised loss of 3%.
Located in Sentosa Cove, The Berth by the Cove is a 200-unit, 99-year leasehold project on Ocean Drive. Completed in 2006, it is 2.9km from Resorts World LRT Station on the Sentosa Express monorail line.
For price trends, recent transactions, other project info, check out these projects' details page: Cairnhill Plaza, Teresa Ville, Monterey Park Condominium, The Berth By The Cove
Having sold a five-bedroom unit at The Berth By The Cove for $3.75 million on June 21, the seller sustained a 33% loss of $1.81 million (Credit: Samuel Isaac Chua/ EdgeProp Singapore)
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