Unit at The Edge on Cairnhill sold at $1.3 mil profit
By Angela Teo
/ EdgeProp |
At The Edge on Cairnhill, a four-bedroom, 2,131 sq ft unit was sold at a $1.32 million (47%) profit, according to the matching of URA caveat data as at Jan 9. This translates into an annualised profit of 3% over a holding period of more than 11 years.
According to URA caveat data, the buyer of the 10th-floor unit is a Singaporean. The unit was first purchased in June 2006 at $2.79 million ($1,309 psf) and sold on Dec 27, 2017 at $4.11 million ($1,927 psf).
Since its completion in 2002, The Edge on Cairnhill has seen 34 profitable transactions and four unprofitable transactions, the same records show.
A four-bedroom unit at The Edge on Cairnhill was sold at a $1.32 million (47%) profit on Dec 27, 2017. Find the most affordable listing in the project here. (Credit: Samuel Isaac Chua/The Edge Singapore)
The top gain and loss registered at The Edge on Cairnhill involved the same 5,673 sq ft penthouse. Before the global financial crisis impacted property prices in June 2007, the two-storey penthouse with a roof terrace was sold at a $3.09 million (48%) profit. It was bought in January 2007 at $6.4 million ($1,130 psf) and attained a selling price of $9.5 million ($1,675 psf) — the highest absolute price achieved by any unit at the development, according to URA caveat data.
The penthouse next changed hands in August 2017, when it was sold for the highest loss at the development, amounting to $2.22 million (23%). It had been put up for mortgagee sale at JLL’s monthly auction on June 22 the same year at an opening price of $7.7 million ($1,357 psf) but received no bids. The unit was later sold via private treaty at $7.28 million ($1,283 psf).
Developed by Sembcorp Industries, the 46-unit The Edge on Cairnhill sits within the prestigious Cairnhill residential enclave near the Orchard Road shopping belt. The freehold condominium is located adjacent to the 70-unit City Vista Residences, and is across the road from the 58-unit The Ritz-Carlton Residences, Singapore.
Within walking distance is the 19-unit Cairnhill Heights, which was launched for collective sale on Dec 19, 2017. According to marketing agent ERA Realty, the owners at Cairnhill Heights are asking for a price in excess of $80 million ($2,045 psf per plot ratio), including estimated development charges. The tender will close on Jan 19.
Elsewhere in District 9, a 1,119 sq ft unit at Centrepoint Apartment has been sold for a $1.18 million (136%) profit after a holding period of more than 22 years. The profit works out to about 4% a year.
Bought in September 1995 for $870,000 ($777 psf), the two-bedroom unit was sold to a Singaporean for $2.05 million ($1,831 psf) on Dec 27, 2017, according to the matching of URA caveat data as at Jan 9.
This marks the first unit sold at Centrepoint Apartment since December 2014, when a one-bedroom unit on the seventh floor was sold for $2.6 million ($3,501 psf). It changed hands at a $1.4 million (117%) profit, based on the purchase price in January 2008 at $1.2 million ($1,616 psf). It saw the highest profit among units sold at Centrepoint Apartment, according to the matching of caveat data since January 1995, the earliest date tracked by URA.
There were 18 profitable transactions and no unprofitable ones at Centrepoint Apartment between 2007 and 2017, according to URA caveat data as at Jan 9. The lowest profit of $100,000 (6%) involved the sale of a two-bedroom, 1,119 sq ft unit on the seventh floor for $1.7 million ($1,519 psf) in February 2009. The seller bought the unit in January 2008 for $1.6 million ($1,429 psf).
Located along the Orchard Road shopping belt, The Centrepoint is a mixed-use development comprising a mall with a net lettable area of 334,425 sq ft and a residential component. According to a spokesperson from developer Frasers Centrepoint, Centrepoint Apartment has 66 units on a 99-year leasehold tenure.
Completed in 1983, The Centrepoint sits across the road from malls such as Orchard Central, Orchard Gateway and 313@Somerset.
This article appeared in EdgeProp Pullout, Issue 813 (Jan 15, 2018).
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