On April 20, a 2,013 sq ft, four-bedroom unit at Ridgewood Condominium changed hands for $2.78 million ($1,381 psf). The seller paid $1.09 million ($542 psf) for the unit in August 2002 and more than doubled his money when he sold it. He therefore reaped a profit of $1.69 million, or 6% a year over a holding period of more than 15 years.
This is the third transaction at Ridgewood Condominium this year. In March, a 2,852 sq ft unit changed hands for $3.64 million ($1,276 psf). In January, a 2,002 sq ft, four-bedroom unit on the 19th floor went for $2.61 million ($1,305 psf).
These three transactions at the start of the year at prices from $1,276 to $1,381 psf beat the $1,090-to-$1,186 psf range achieved for units sold last year. Some reckon it could be because the owners of Ridgewood Condo are attempting a collective sale.
The 464-unit condo was completed in 1981 and occupies a sprawling 999-year leasehold site of 672,148 sq ft. It is located in prime District 10. Nearby, privatised HUDC estate Pine Grove is short of 40 to 50 signatures to secure the 80% consensus for a collective sale to be launched. The asking price for the 660-unit development, which occupies an 893,000 sq ft site with a 99-year lease starting from 1984, is $1.65 billion. In the vicinity, owners at Pandan Valley are also contemplating a collective sale.
At Duchess Crest, a 2,088 sq ft, four-bedroom apartment on the second floor changed hands for $2.7 million ($1,293 psf), according to a caveat lodged on April 20. The seller purchased the unit for $1.4 million ($670 psf) in 1999 when the project was launched, thus reaping a $1.3 million profit, or 4% a year over the past 19 years.
Duchess Crest is a 251-unit, 99- year leasehold condo developed by Wing Tai Holdings and completed in 1998. Located in Duchess Avenue in prime District 10, it is sought after because of its proximity to top schools such as Nanyang Primary School, Raffles Girls’ Primary School and Hwa Chong Institution, according to property agents. The private condo is also a 10-minute walk from the Tan Kah Kee MRT station on the Downtown Line.
According to caveats lodged, there were seven transactions at Duchess Crest in the first four months of 2018 and prices ranged from $1,251 to $1,442 psf. The average profit for the units sold was $438,600, or 34%. Like Ridgewood, all the resales at Duchess Crest were profitable this year.
Not all condos in District 10 showed gains, however, in the week of April 17 to 24. A 646 sq ft, one-bedroom unit at Liberte on Sarkies Road changed hands for $1.25 million ($1,935 psf), according to a caveat lodged on April 23. The seller purchased the unit for just under $1.6 million ($2,475 psf) when the project was launched in January 2013. Thus, the seller suffered a 22% loss in just five years.
Liberte is a 46-unit, boutique development on Sarkies Road, just off Bukit Timah Road. The freehold development was completed in 2015.
According to a caveat lodged on April 19, a 1,346 sq ft, three-bedroom apartment on the 29th floor of Reflections at Keppel Bay was sold for $2.08 million ($1,546 psf). The seller purchased the unit for $2.72 million ($2,020 psf) in 2007 when the development was launched for sale. This sale marks the biggest loss for the week of April 17 to 24
Likewise, the owner of another unit at Reflections at Keppel Bay sustained a loss recently. The 1,184 sq ft, three-bedroom unit on the fifth floor was sold for $1.8 million ($1,520 psf) on April 23, according to a caveat lodged. This was a 16% markdown from the owner’s purchase price of $2.13 million ($1,800 psf) when the unit was purchased in December 2011.
The 1,129-unit Reflections at Keppel Bay was developed by Keppel Land and designed by world-renowned architect Daniel Libeskind. The project has six sculptural high-rise towers and 11 low-rise villa blocks fronting the sea.
This article appeared in the EdgeProp Pullout, Issue 829 (May 7, 2018)