Large condo units sold for million-dollar profits
By Lin Zhiqin
/ The Edge Property |
There were four condominium transactions in the week of May 30 to June 6 that saw the sellers making profits of more than $1 million. Three of the transactions were for large units of more than 2,000 sq ft.
The most profitable transaction of the week was the sale of a 2,260 sq ft, three-bedroom unit at Four Seasons Park in prime District 10. The seller made a $1.2 million profit on June 1. He purchased the unit for $3.55 million ($1,570 psf) in April 2009 and sold it for $4.75 million ($2,102 psf), translating into a profit of 34%, or 4% annualised over eight years.
The most profitable transaction of the week was the sale of a 2,260 sq ft unit at Four Seasons Park. Find the most affordable listing in the project here
Based on URA caveat data, the unit changed hands at a $250,000 profit in April 2009. The previous seller purchased it for $3.3 million ($1,460 psf) in April 2006. The freehold Four Seasons Park comprises 202 units in three 26-storey blocks sitting on a land area of 299,775 sq ft. It is located across Orchard Boulevard from Four Seasons Hotel. Four Seasons Park was developed by listed property group Hotel Properties, controlled by Singaporean tycoon Ong Beng Seng. It was launched in the early 1990s and completed in 1994.
Also on June 1, a 2,024 sq ft unit at Thomson View Condominium was sold for a $1.17 million profit. The previous owner purchased the unit for $540,000 ($267 psf) in June 2003 and sold it for $1.71 million ($845 psf). He recognised a 217% profit, or a 9% annualised profit over a 14- year holding period.
Based on URA caveat data, the unit changed hands at a $348,000 loss in June 2003. The previous owner purchased it for $888,000 ($439 psf) in May 1995. The sale reflects a 39% loss, or 6% a year over eight years.
There have been no unprofitable transactions at Thomson View Condominium since October 2008. Find out more about the project here
There have been no unprofitable transactions at Thomson View Condominium since October 2008, when a 2,024 sq ft unit changed hands at a $70,000 loss. Thomson View Condominium is a leasehold development with 254 units. It is located across the road from Thomson Plaza, and about 300m from the upcoming Upper Thomson MRT station. The $590 million collective sale of Thomson View Condominium was halted by the High Court in 2013, as the marketing agent had offered incentive payments to some owners to back the deal.
The other two transactions that saw million-dollar profits in the week were the sale of a 1,485 sq ft unit at Maple Woods, a freehold condo located near the King Albert Park MRT station, and the sale of a 2,347 sq ft unit at The Pearl @ Mount Faber, a leasehold condo in District 4. Both units were sold for profits of $1.15 million.
On June 5, a 4,209 sq ft, four-bedroom unit at Scotts Highpark in prime District 9 was sold for the biggest loss of the week. The seller suffered a $2.18 million loss, the biggest at Scotts Highpark so far. He purchased the unit for $9 million ($2,138 psf) in September 2011 and sold it for $6.82 million ($1,620 psf). The sale reflects a 24% loss, or 5% a year over 5.7 years.
Based on URA caveat data, the unit changed hands at a $1.95 million profit in September 2011. The previous seller purchased it from the developer for $7.05 million ($1,675 psf) in September 2006. He made a 28% profit, or 5% a year over a fiveyear holding period. Scotts Highpark is a freehold condo located on Scotts Road, near the Newton MRT station. It was completed in 2009 and has 73 units.
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