Four-bedroom unit at Beverly Hill sold for $3.92 mil profit

A four-bedroom unit at Beverly Hill in prime District 10 was sold for a $3.92 million profit on Sept 20.

The 3,778 sq ft unit on the 15th floor was bought in May 2003 at $2.7 million ($709 psf) and sold for $6.6 million ($1,747 psf) after a holding period of 14 years. The owner made a 146% profit, which translates into an annualised profit of about 6%.

The transaction marks the highest profit at Beverly Hill since July 2012 when a 3,778 sq ft unit on the 21st floor was sold for a $5.25 million profit. The unit was bought for $3 million ($807 psf) in 2001 and sold for $8.25 million ($2,197 psf).

Profits at Beverly Hill have ranged from $5.3 million for a penthouse unit on the 23rd floor to $20,000 for a four-bedroom unit on the 13th floor. Meanwhile, losses have ranged from $1.7 million for a four-bedroom unit on the 19th floor to $50,000 for a four-bedroom unit on the third floor.

The 86-unit Beverly Hill is a freehold condominium on Grange Road that was developed by Far East Organization and completed in 1983. The condo comprises a 22-storey block with four-bedroom units of 3,778 sq ft and penthouse units of 7,554 sq ft.

Over at Orchard Bel Air, also in prime District 10, a four-bedroom unit was sold for a $2.34 million (150%) profit on Sept 20. The previous owner bought the 3,229 sq ft unit on the fifth floor for about $1.5 million ($483 psf) in June 2005 and sold it for $3.8 million ($1,208 psf) after a holding period of 12 years, which translates into an annualised profit of 8%.

So far this year, there have been one profitable and one unprofitable transaction at Orchard Bel Air. In May, a 3,229 sq ft unit on the seventh floor was sold at a $200,000 (6%) loss. It was bought for $4 million ($1,247 psf) in June 2007 and sold for $3.8 million ($1,177 psf) after a holding period of 10 years.

The 71-unit Orchard Bel Air is a 99-year leasehold condo on Orchard Boulevard developed by UOL Group. Completed in 1984, the 28-storey condo comprises four-bedroom units of 3,206 to 3,250 sq ft and penthouse units that start from 6,456 sq ft. Orchard Bel Air is located 300m from Tanglin Mall and 500m from Tanglin Shopping Centre.

On Sept 26, a three-bedroom unit at Cuscaden Royale was sold at a $1.37 million loss. The previous owner had bought the 1,604 sq ft unit on the ninth floor in June 2007 for $4.2 million ($2,662 psf) and sold it for $2.9 million ($1,808 psf) after a holding period of 10 years, resulting in a loss of about 4% a year.

Based on the matching of URA caveat data, there have been no profitable transactions at Cuscaden Royale since June 2012 when a 936 sq ft, two-bedroom unit on the seventh floor fetched a $267,000 (13.2%) profit. The unit was bought from the developer in 2007 for $2 million ($2,170 psf) and sold at $2.3 million ($2,456 psf).

The 46-unit Cuscaden Royale is a freehold development located off Orchard Boulevard in prime District 10 and completed in 2010. The project comprises a 19-storey tower with two-bedroom units of 936 sq ft and three-bedroom units of 1,000 to 1,603 sq ft. It is within walking distance of ION Orchard and the Orchard MRT station.