The most profitable deal in the week of June 19 to 26 was the sale of a four-bedroom unit at Balmoral Hills in prime District 10. The 1,841 sq ft unit on the fifth floor fetched a selling price of $4 million ($2,173 psf) on June 22. The seller had purchased the unit for $2.04 million ($1,109 psf) in 2005. He walked away with a 96% profit of $1.96 million, or an annualised profit of 5% over a holding period of 12.7 years. Incidentally, this transaction marks the highest profit reaped to date among all the resales at Balmoral Hills.
Balmoral Hills is a short drive to the Orchard Road shopping belt. It is near prominent schools such as the Anglo Chinese Primary School, Raffles Girls’ Secondary School and Singapore Chinese Girls School.
The sale of the four-bedroom unit is the second transaction at Balmoral Hills this year. The first was on Feb 19, when a 1,841 sq ft unit on the 11th storey changed hands for $3.8 million ($2,064 psf). Having bought it for $3.73 million ($2,026 psf) in 2013, the seller raked in a 2% profit of $70,000 over 5.1 years.
The second most profitable deal for the week in review was for a 2,260 sq ft unit at The Twins, also in District 10. The development is just a 15-minute walk from Balmoral Hills. The third-floor unit was sold for $3.7 million ($1,637 psf) on June 20. The seller reaped an 85% profit of $1.7 million, or an annualised profit of 5% over 12 years, after purchasing it for $2 million ($885 psf) in 2006.
A two-bedroom unit at The Legend on Bukit Timah Road made the third most profitable transaction for the period in review. The 1,485 sq ft unit on the second floor was sold for $2.22 million ($1,493 psf) on June 25. The seller gained a 136% profit of $1.28 million, or an annualised profit of 6% over 14 years. It was purchased in 2004 for $940,000 ($633 psf). This marks the third time the unit has changed hands. It was first purchased from the developer in 1996 for $1.9 million ($1,276 psf).
The Legend is also in District 10 and a 15-minute walk to the Newton MRT Station. All the top three profitable transactions for the week are at freehold developments.
A unit sold at Vida made the top loss for the week in review. Vida is in District 9, right next to the Cairnhill area and within walking distance of Mount Elizabeth Hospital and Newton Hawker Centre. A 527 sq ft, one-bedroom unit on the 17th floor was sold for $1.15 million ($2,180 psf) on June 26, at a 20% loss of $293,000, or an annualised loss of 3% over 8.2 years. The seller had purchased the unit for $1.44 million ($2,736 psf) in 2010.