The sale of a four-bedroom unit at The Sea View on Jan 30 fetched a $1.82 million profit. It was the most profitable deal in the week of Jan 23 to 30. The seller walked away with a 132% profit, or a 7% profit per year over 12 years, after offloading the unit for $3.2 million ($1,943 psf). The 1,647 sq ft unit on the 19th floor was purchased for $1.38 million ($839 psf) in November 2005.
There have been no unprofitable transactions at The Sea View since 2015, based on the matching of caveats. The three transactions so far this year have resulted in profits ranging from $1.29 million to $1.98 million.
The Sea View is a 546-unit freehold condominium developed by Wheelock Properties and completed in 2008.
Located on Amber Road in District 15, it is close to the former Amber Park, which was acquired in a collective sale last October by a joint venture between City Developments Ltd and Hong Leong Group for $906.7 million ($1,515 psf per plot ratio).
The developers plan to redevelop the site into a luxury condo development comprising four 25-storey blocks housing about 800 units. The redevelopment will reportedly be named The Opus.
Opposite the redevelopment is One Amber, where a four-bedroom unit on the 10th floor was sold for $2.68 million ($1,617 psf) on Jan 29. The seller realised an $842,000 (46%) profit, having bought the 1,658 sq ft unit through a sub-sale in 2010 for $1.84 million ($1,109 psf). The unit was originally bought from the developer for $1.15 million ($692 psf) in 2006.
There were only two unprofitable transactions recorded at the condo last year. The highest loss involved a 958 sq ft, two-bedder on the eighth floor, which was sold at a $100,000 loss on May 19. Meanwhile, profits averaged $466,089 across 24 profitable transactions.
In District 3, the seller of a three-bedroom unit at Landmark Tower realised a $1.03 million profit (253%), or an annualised profit of 11% over an 11-year holding period, when the unit was sold on Jan 26. The 1,292 sq ft unit on the fourth floor was sold for $1.43 million ($1,107 psf). It was bought in 2006 for $405,000 ($314 psf).
This was just before the 99-year leasehold condo launched its first collective sale attempt in 2007 for $300 million, or $1,471 psf per plot ratio (ppr). If the sale had been successful, each of the 139 owners would have walked away with $1.5 million to $2 million, said Colliers International, which was the appointed marketing agent for the collective sale attempt.
The condo launched subsequent collective sale attempts in 2009 and 2012, with guide prices of between $280 million ($1,315 psf ppr) and $288 million ($1,355 psf ppr).
The 33-year-old Landmark Tower is making its fourth collective sale attempt, with JLL as its appointed marketing agent.