SINGAPORE (EDGEPROP) - The most profitable transaction during the week of March 24 to 31 was the sale of a 2,174 sq ft unit at Avon Park, a freehold development on Youngberg Terrace. The unit changed hands for $3 million ($1,380 psf) on March 27. It fetched $1.26 million ($579 psf) in September 1995. This means the seller earned a $1.74 million (138%) profit on the transaction, which translates to an annualised profit of 4% over close to 25 years.
Avon Park is a 179-unit development off Upper Serangoon Road that was completed in 1991. The condo is located in front of Woodleigh MRT Station on the North-East Line. It comprises three- to five-bedroom units from 1,270 sq ft to 4,520 sq ft.
The latest transaction is also the most profitable deal ever recorded at Avon Park. The record was last held by a 1,711 sq ft unit, which fetched $1.94 million ($1,132 psf) in September 2012 and had been purchased for $749,418 ($438 psf) in June 2004. Thus, the seller walked away with a $1.19 million (158%) profit, or an annualised profit of 12% over eight years.
The week in review also recorded the sale of a three-bedroom unit at Flame Tree Park in District 13. The 1,593 sq ft unit changed hands for $2.2 million ($1,381 psf) on March 26, after it had previously been bought for $900,045 ($565 psf) in September 2000. This translates to a $1.3 million (144%) profit, or an annualised gain of 5% over close to 20 years.
Located along Sin Ming Avenue, Flame Tree Park is a 160-unit, freehold development that was completed in 1989. The development has a mix of three-bedroom units from 1,593 sq ft to 2,163 sq ft. Based on the matching of URA caveats, all of the resale transactions in the condo over the past three years have been profitable, with gains ranging from $312,888 (19%) to $1.58 million (254%).
The week also recorded notable unprofitable deals such as the sale of a 1,830 sq ft unit at Reflections at Keppel Bay. The unit changed hands for $3.13 million ($1,710 psf) on March 26 after it had been purchased for $4.23 million ($2,312 psf) in August 2007. This means the seller incurred a loss of $1.1 million (26%) on the sale, which translates to an annualised loss of 2% over close to 13 years.
Based on the matching of URA caveats so far this year, there have been nine resale transactions at the 99-year leasehold development and all of them have been unprofitable. The most recent transaction is also the most unprofitable at the development so far this year; other losses range from $54,813 (3.5%) to $1.09 million (28%).
Another notable loss during the week occurred at DUO Residences, the residential component of the mixed-use development DUO along Fraser Street in Bugis. A 1,722 sq ft unit changed hands for $3.1 million ($1,800 psf) on March 26, while the owner paid $4.1 million ($2,383 psf) for the property in January 2018. As a result, he incurred a $1 million (24%) loss on the transaction, which amounts to an annualised loss of 12% over two years.
This is the first unprofitable resale transaction at DUO Residences, based on the matching of caveats. There have been four profitable deals so far at the 660-unit development, which was completed in 2017. Profits for transactions have ranged from $2,000 (0.04%) to $135,000 (11%) over the past two years.
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