SINGAPORE (EDGEPROP) - The seller of a unit at Montview, located along Mount Sinai Drive, made the top gain of $2.4 million over the week of June 15 to 22. The 3,068 sq ft unit on the 24th floor was bought for $1.7 million ($555 psf) in December 2005 and sold for $4.1 million ($1,336 psf) on June 16. The seller therefore made a 141% profit, or an annualised profit of 6% over 15½ years. (See also: Resale unit at Montview reaps $969,400 profit)
Located in District 10, Montview was completed in 2008 and is a freehold development with 115 units. It is a five-minute drive from Dover MRT Station on the East-West Line.
The second top gain made over the week — an 88% profit of $1.97 million — was at Cairnhill Plaza, along Cairnhill Road. The 2,293 sq ft unit on the 25th floor was purchased for $2.23 million ($973 psf) in February 1996 and sold for $4.2 million ($1,832 psf) on June 16. This means that the seller made an annualised profit of 3% over 25½ years.
Cairnhill Plaza, in District 9, comprises 204 freehold units and was completed in 1978. It is a 14-minute walk to Orchard MRT Station on the North-South Line.
A unit sold at Goldhill Towers, located along Goldhill Avenue in District 11, made the third largest gain over the week, netting a 233% profit of $1.96 million for the seller. The 1,550 sq ft unit on the 12th floor was bought in July 2004 for $840,000 ($542 psf), and sold for $2.8 million ($1,806 psf) on June 18. The seller therefore made an annualised profit of 7% over 17 years.
Goldhill Towers comprises 50 freehold units, and was completed in 1989. It is a 15-minute walk to Stevens MRT Station on the Downtown Line.
On the other hand, the most unprofitable deal of the week was the resale of a 3,897 sq ft unit at St Regis Residences in District 10. Having sold the property for $9.1 million ($2,335 psf) on June 17, the seller suffered an 18% loss of $1.99 million. The unit was purchased in April 2007 for $11.1 million ($2,847 psf). Over a holding period of 14 years, this translates into an annualised loss of 1%.
St Regis Residences, located along Tanglin Road, comprises 173 units on a 999-year leasehold, and was completed in 2008. It is an 11-minute walk to Orchard MRT Station on the North-South Line.
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