On March 23, a 5,231 sq ft unit at Pandan Valley was sold at a $1.9 million profit. The seller had bought it at $1.2 million, or $233 psf, in October 2005 and sold it at $3.1 million, or $600 psf. The profit works out to 157%, or 9% a year over 11½ years.
In January, a 1,690 sq ft unit at Pandan Valley was sold at a $1 million profit. The seller had bought it at $700,000, or $414 psf, in January 2005 and sold it at $1.7 million, or $1,018 psf. The profit works out to 146%, or 8% a year over 12 years.
There were 10 rental contracts for units above 3,000 sq ft at Pandan Valley in 2H2016, with the monthly rent averaging $6,570. This implies a 3% gross rental yield for the recently transacted unit. Pandan Valley is a freehold condominium completed in 1978 that comprises 605 units.
A 2,530 sq ft unit at Tanglin Residences in prime District 10 fetched the second-biggest profit of $1.6 million for private non-landed houses sold in the week of March 21 to 28. The seller had bought the unit from the developer at $3.1 million, or $1,241 psf, in September 2005 and sold it at $4.7 million, or $1,858 psf, on March 22. The profit works out to 50%, or 4% a year over 11½ years.
Based on the matching of URA caveat data, there have been 23 profitable transactions at Tanglin Residences, with profits averaging $1.3 million, or 41%, and two unprofitable transactions, with losses averaging $183,280, or 6%, so far.
There was one rental contract for units ranging from 2,500 to 2,600 sq ft at Tanglin Residences last year, in October, with a monthly rent of $9,800. The freehold Tanglin Residences is located within walking distance of the upcoming Orchard Boulevard MRT station. It was completed in 2005 and comprises 43 units.
A 1,808 sq ft unit at King’s Mansion fetched the third-biggest profit of $1.1 million in the week of March 21 to 28. The seller had bought the unit at $890,000, or $492 psf, in February 2006 and sold it at $2 million, or $1,106 psf, on March 22. The profit works out to 125%, or 8% a year over 11 years.
So far this year, there have been three rental contracts for units ranging from 1,800 to 1,900 sq ft at King’s Mansion, with monthly rents ranging from $3,300 to $4,000. The freehold project, located near the upcoming Tanjong Katong MRT station, was completed in 1982 and comprises 196 units.
On March 23, a 1,281 sq ft unit at Helios Residences in prime District 9 was sold at a $1 million loss. The seller had bought the unit at $3.5 million, or $2,700 psf, on March 22, 2013 and sold it at $2.4 million, or $1,881 psf, after a holding period of four years and one day. The loss works out to 30%, or 9% a year. The seller would have been liable for a $96,400 seller’s stamp duty if he had sold the unit just a day earlier.
The same unit previously changed hands at a $302,770 loss in 2013. The previous seller had bought it from the developer at $2,937 psf in 2007 and sold it at $2,700 psf.
There were five rental contracts for units ranging from 1,200 to 1,300 sq ft at Helios Residences in 2H2016, with the monthly rent averaging $6,760. This implies a 3% gross rental yield for the unit, based on the recently transacted price of $2.4 million. The freehold Helios Residences, located on Cairnhill Circle, was completed in 2011 and comprises 140 units.
This article appeared in The Edge Property Pullout, Issue 774 (Apr 10, 2017) of The Edge Singapore.