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Three-bedroom unit at Balmoral 8 rakes in $1.48 mil profit

/ EdgeProp Singapore |

September 6, 2019 11:00 AM SGT

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SINGAPORE (EDGEPROP) - The sale of a three-bedroom unit at Balmoral 8 topped the chart as the most profitable deal for the week of Aug 20 to 27. The 1,905-sq-ft unit fetched $3.48 million ($1,824 psf) when it was sold on Aug 26. It had been bought for $2 million ($1,044 psf) in November 2002, which means that the recent sale earned the seller a profit of $1.48 million, or an annualised profit of 3.3% over a 16-year holding period.

Balmoral 8 is a freehold development along Balmoral Road in prime District 10. The 40-unit condo was completed in 2003 and comprises three-bedroom units of 1,701 to 1,916 sq ft, as well as penthouse units of 2,928 to 3,757 sq ft.

The three-bedroom unit at Balmoral 8 fetched $3.48 million on Aug 26 (Pictures: The Edge Singapore)

This latest sale at Balmoral 8 is the second most profitable transaction at the condo so far. The most profitable deal at Balmoral 8 was in 2010, when the sale of a 1,841-sq-ft unit raked in a $1.6 million (89%) profit. The unit first changed hands for $1.8 million ($978 psf) in 2004, and later fetched $3.4 million ($1,847 psf) when it was sold in July 2010.

Over the past 13 years, profits at the 40-unit condo have ranged from $40,000 to $1.6 million across 25 transactions, according to the matching of URA caveats.

The week in review also recorded the sale of a four-bedroom unit at Thomson View Condominium in District 20. The 2,024-sq-ft unit on the second floor was sold for $1.98 million ($954 psf) on Aug 20, but had been bought for $488,000 ($241 psf) in October 2005. Thus, the seller walked away with a $1.44 million profit, or an annualised profit of 10% over a holding period of nearly 14 years.

This latest transaction at Thomson View Condominium is the second most profitable deal at the 99-year leasehold development. The most profitable deal at the development occurred in 2012 when a 3,843-sq-ft townhouse fetched $2.85 million ($742 psf), producing a profit of $2.01 million. It had been purchased for $839,900 ($219 psf) back in 1999.

For price trends, recent transactions, other project info, check out these projects' research page: Balmoral 8, Thomson View Condominium, D'Zire

THOMSON VIEW CONDOMINIUM - The most profitable deal at Thomson View Condominium occurred in 2012 when a 3,843-sq-ft townhouse fetched $2.85 million ($742 psf), producing a profit of $2.01 million

The most profitable deal at Thomson View Condominium occurred in 2012 when a 3,843-sq-ft townhouse fetched $2.85 million ($742 psf), producing a profit of $2.01 million

Thomson View Condominium is a 255-unit development that was completed in 1987. The privatised HUDC estate attempted its fourth collective sale last year, but did not manage to secure the required majority approval.

So far this year, five units there have been sold at prices ranging from $1.33 million ($1,014 psf) to $1.95 million ($964 psf), including the transaction on Aug 20.

Lastly, the most unprofitable deal during the week occurred at the 47-unit D’Zire on Robey Crescent off Hougang Avenue 2. The 999-year leasehold condo was completed in 2014 and has only recorded two resale transactions so far, both unprofitable, according to the matching of URA caveats.

The latest transaction was the sale of a 1,421-sq-ft unit which changed hands for $1.2 million ($845 psf) on Aug 21. The two-bedroom unit had been bought for $1.36 million ($961 psf) in July 2013, which means the seller incurred a loss of $164,800. The other unprofitable resale transaction at D’Zire saw the seller walk away with a loss of $1,370 when his 431-sq-ft, one-bedroom unit changed hands for $565,000 ($1,312 psf) last November.