SINGAPORE (EDGEPROP) - The seller of a unit at Grange Residences, located along Grange Road, made the top gain of $3.48 million over the week of June 28 to July 6. The 2,486 sq ft unit on the second floor was bought for $2.87 million ($1,155 psf) in August 2003 and sold for $6.35 million ($2,554 psf) on July 1. The seller therefore made a 121% profit, or an annualised profit of 5% over almost 18 years. (See also: Unit at The Esta reaps $1.44 mil profit)
Located in District 10, Grange Residences was completed in 2004 and has 164 freehold units. It is a two-minute walk to the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line.
The second top gain made over the week — an 84% profit of $1.94 million — was at Balmoral Hills, located along Balmoral Park. The 1,841 sq ft unit on the ninth floor was purchased for $2.32 million ($1,258 psf) in February 2006 and sold for $4.25 million ($2,309 psf) on July 2. This means that the seller made an annualised profit of 4% over nearly 151⁄2 years.
Balmoral Hills, in District 10, comprises 62 freehold units and was completed in 2008. It is a four-minute drive to Stevens MRT Station on the Downtown Line.
Meanwhile, a unit sold at Mandarin Gardens, located along Siglap Road in District 15, made the third largest gain over the week, netting a 182% profit of $1.55 million for the seller. The 2,034 sq ft unit on the 22nd floor was bought in August 2003 for $850,000 ($418 psf), and sold for $2.4 mil-
lion ($1,180 psf) on July 1. The seller therefore made an annualised profit of 6% over almost 18 years.
Mandarin Gardens was completed in 1986 and has 1,000 units on a 99-year leasehold. It is an eight-minute walk to the upcoming Siglap MRT Station on the Thomson-East Coast Line.
On the other hand, the most unprofitable deal of the week was the resale of a 2,809 sq ft unit at Cityvista Residences in District 9. Having sold the property for $5.3 million ($1,887 psf) on July 5, the seller suffered a 27% loss of $1.97 million. The unit was purchased in July 2007 for $7.27 million ($2,587 psf). Over a holding period of 14 years, this translates into an annualised loss of 2%.
Cityvista Residences, located along Peck Hay Road, comprises 70 freehold units, and was completed in 2010. It is a six-minute walk to Newton MRT Interchange Station on the North-South and Downtown Lines.
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