SINGAPORE (EDGEPROP) - The sale of a first-floor unit at Parc Stevens, a condo on Stevens Drive, off Stevens Road in prime District 10, was the most profitable condo resale transaction recorded during the week of April 4 to 11 based on caveats lodged. The 3,466 sq ft, five-bedroom unit fetched $7.86 million ($2,265 psf) on April 10. It had been purchased by the seller for $5.2 million ($1,500 psf) in April 2007. This means they netted a profit of $2.65 million (51%) after holding the unit for 16 years.
The transaction marks the highest psf-price recorded at Parc Stevens, and the first unit to change hands this year. It is also the second most profitable transaction ever recorded at the development. The most profitable transaction occurred last May after a 3,305 sq ft unit on the fourth floor changed hands for $6.23 million ($1,885 psf). The seller, who bought the unit for $4.23 million ($1,059 psf) in July 2005, made a gain of $2.73 million.
Parc Stevens is a 48-unit freehold condo that was completed in 2000. It comprises three lowrise blocks spanning four storeys each. Units are a mix of three- to five-bedders from 1,722 to 3,466 sq ft. The condo is a five-minute walk to the Stevens MRT Station, which is an interchange for the Downtown and Thomson-East Coast Lines.
The second most profitable transaction recorded during the week in review took place at Yong An Park, a freehold condo in the River Valley area. A four-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for $8.1 million, or $2,359 psf on April 6. The seller bought the unit for $6.02 million ($1,753 psf) in March 2012. Thus, they clocked a gain of $2.08 million (35%) over a holding period of 11 years.
This is the second unit at Yong An Park to change hands to date this year. In March, a 1,808 sq ft unit on the seventh floor was sold for $4.25 million ($2,350 psf). Before that, a 1,023 sq ft unit on the ninth floor had fetched $2.4 million ($2,347 psf) last December.
Completed in 1986, Yong An Park has a total of 288 residences. Units comprise one- to four-bedders between 1,023 sq ft and 3,552 sq ft. There are also penthouse units measuring between 3,466 sq ft and 6,878 sq ft, as well as a collection of townhouse units starting from 7,718 sq ft. The development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.
Meanwhile, the most unprofitable transaction recorded during the week in review was the sale of a four-bedroom unit at Marina Bay Suites. On April 10, the 2,680 sq ft unit on the 25th floor was sold for $5.25 million ($1,959 psf). The seller had purchased the unit from the developer for $6.39 million ($2,383 psf) in December 2009. As such, they made a loss of $1.14 million (18%) across a holding period of over 13 years.
Marina Bay Suites is a 99-year leasehold development on Central Boulevard in the Marina Bay financial district. The 66-storey residential tower was a joint-venture project between Keppel Land, Cheung Kong Holdings and Hongkong Land. Completed in 2013, it has 221 units. Typical residences are three- and four-bedroom units ranging from 1,572 to 2,691 sq ft.
The condo has seen a growing volume of resale transactions take place in the last two years. Since January 2021, 24 resale transactions have taken place at the development, out of which 23 have occurred below the purchase price, based on caveats lodged. The respective sellers saw losses ranging between $7,000 and $3.25 million.
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