Unit at The Metropolitan Condominium reaps $1.4 mil profit
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The seller of a unit at The Imperial, located along Jalan Rumbia in River Valley, made the top gain of $1.92 million over the week of Feb 22 to March 1. The 3,552 sq ft unit on the 13th floor was bought for $4.48 million ($1,261 psf) in October 2006 and sold for $6.4 million ($1,802 psf) on Feb 25. The seller thus made a 43% profit, or an annualised profit of 2% over nearly 15½ years.
Located in District 9, The Imperial was completed in 2006 and comprises 187 freehold units. It is less than a 10-minute walk to the Dhoby Ghaut MRT Station, which is an interchange for the North-South, North-East and Circle Lines.
The second top gain made over the week — a 80% profit of $1.4 million — was at The Metropolitan Condominium, located at Alexandra View. A 1,894 sq ft unit on the 32nd floor was purchased for $1.75 million ($924 psf) in June 2009 and sold for $3.15 million ($1,663 psf) on Feb 23. This means that the seller made an annualised profit of 5% over a period of nearly 13 years.
The Metropolitan Condominium is located in District 3 and comprises 382 units that are 99-year leasehold. The project was completed in 2009, and is a five-minute walk from Redhill MRT Station on the East-West Line.
A unit at The Metropolitan Condominum was sold for $3.15 million ($1,663 psf) on Feb 23 (Photo: Samuel Isaac Chua/The Edge Singapore)
Meanwhile, a unit sold at Ardmore Park in District 10 also netted a $1.4 million gain for the seller, representing a profit of 15%. The 2,885 sq ft unit on the 11th floor was bought in August 2010 for $9.1 million ($3,155 psf), and sold for $10.5 million ($3,640 psf) on Feb 22. The seller therefore made an annualised profit of 1% over 11½ years.
Ardmore Park is a freehold luxury development that was completed in 2001. There are 330 four-bedroom units of 2,885 sq ft and six duplex penthouses of 8,740 sq ft.
On the other hand, the most unprofitable deal of the week was the resale of a 1,399 sq ft unit on the 15th floor at OUE Twin Peaks in District 9. Having sold the property for $3.32 million ($2,373 psf) on Feb 22, the seller made a 9% loss of about $330,000. The unit was purchased in August 2016 for $3.65 million ($2,609 psf). Over a holding period of over 5½ years, this translates into an annualised loss of 2%. (Check all latest Singapore property Market Trends)
OUE Twin Peaks, located on Leonie Hill Road, was completed in 2015. The 99-year leasehold development comprises 462 units. Located close to the Orchard Road shopping belt, it is an eight-minute walk from Somerset MRT Station on the North-South Line.
A unit at OUE Twin Peaks was sold at a loss of about $330,000 on Feb 22 (Photo: Samuel Isaac Chua/The Edge Singapore)
Check out the latest listings near The Imperial, The Metropolitan Condominium, Ardmore Park, OUE Twin Peaks, Dhoby Ghaut MRT Station, Redhill MRT Station, Somerset MRT Station
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