Yong An Park unit sold at $3.3 mil profit
By Tan Chee Yuen
/ The Edge Property |
Based on caveats lodged between May 2 and 9, there were six apartment and condominium transactions which saw the sellers making profits of more than $1 million. These are mainly large units located in old, freehold condo or apartment blocks completed more than 30 years ago.
The most significant gain was $3.27 million, for a 3,229 sq ft, four-bedroom unit at Yong An Park, which was sold for $5.4 million (1,672 psf) recently, according to a caveat lodged in early May. The seller paid $2.14 million ($661 psf) for the unit in January 2002. The profit works out to 153% or an annualised rate of 6% over a 15-year holding period.
Located on River Valley Road in prime District 9, the freehold property contains four blocks of up to 25 storeys, with a total of 288 units. A mixed-use residential development, Yong An Park has a range of unit types, from one-bedroom apartments to five-bedroom townhouses.
The development was completed in 1986. However, it is sought after as it is near the Great World City shopping mall and the upcoming Great World MRT station on the Thomson-East Coast Line.
Also in prime District 9 is the 80- unit Elizabeth Tower. Completed in 1980, the freehold project has two 26-storey blocks and contains a mix of three- to five-bedroom units of 1,991 to 3,143 sq ft. There are also penthouses of 4,489 sq ft. Elizabeth Tower is located in the Mount Elizabeth enclave, just off the prime Orchard Road shopping belt.
A 2,928 sq ft, four-bedroom unit on the 11th floor of one of the blocks at Elizabeth Tower was sold early this month for $4.5 million ($1,537 psf). The previous owner paid $2.35 million ($803 psf) for the unit in April 1996, which was the peak of the last property boom. He made a profit of $2.15 million, which works out to 91%, or an annualised gain of 3% a year over the last 21 years.
Meanwhile, a 2,476 sq ft, three-bedroom apartment at Jervois View was sold for $4.04 million ($1,632 psf). The freehold 16-unit condo block was completed in 1986 and is located on Jervois Road, opposite the Malaysian High Commission. $2.05 million ($828 psf) in May 1997. The seller paid $2.05 million ($828 psf) in May 1997. The sale reaps him a gain of just under $2 million, or an annualised rate of 3% over the 20- year period.
On the flip side, the biggest loss registered in the week of May 2 to 9 came from the sale of a 2,734 sq ft, three-bedroom penthouse at The Beverly, located on Toh Tuck Road in Upper Bukit Timah, District 21. The penthouse was a mortgagee sale that debuted at Knight Frank’s auction on March 22. The unit fetched $1.91 million ($699 psf), according to a caveat lodged on May 4.
The seller paid $3.3 million ($1,207 psf) for the penthouse in a sub-sale in June 2012. He incurred a loss of $1.39 million. The Beverly, a five-storey, freehold development with just 118 units, was completed in 2012.
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