SINGAPORE (EDGEPROP) - Two of the most profitable deals over the week of June 14 to 21 were for units transacted at Oleanas Residence, located in the River Valley area in District 9.
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Two units at Oleanas Residence were sold on June 14 and 15, reaping profits of $1.86 million and $1.41 million respectively (Picture: Samuel Isaac Chua/The Edge Singapore)
The sale of a 1,550 sq ft unit on the 15th floor made the top gain of $1.86 million after the unit changed hands for $3.1 million ($2,000 psf) on June 14. This also marks a new psf price high for units transacted at Oleanas Residence.
The seller had purchased the unit in May 1999 for $1.24 million ($799 psf). As a result, they reaped a 150% profit over a holding period of 23 years, or an annualised profit of 4.1%.
Meanwhile, the sale of another unit at Oleanas Residence — a 1,238 sq ft unit on the 16th floor — was the third most profitable transaction of the week, after it changed hands for $2.4 million ($1,939 psf) on June 15. The unit was also purchased in May 1999, priced at $986,686 ($797 psf). Thus, the seller enjoyed a $1.41 million (143%) profit on the transaction or an annualised profit of 3.9% over the 23-year holding period.
Oleanas Residence is a 130-unit freehold condo developed by Bonvest Group that was completed in 1999. Units comprise two-, three- and four-bedders, with sizes ranging between 1,141 and 2,206 sq ft. Located on Kim Yam Road, the condo is close to various shops and eateries along Robertson Quay. It is also close to Fort Canning Park, while the Orchard Road shopping belt is a three-minute drive away.
At Haig Court, a unit reaped a gain of $1.48 million, making it the second most profitable deal of the week. Measuring 1,464 sq ft, the second-floor unit was sold for $2.25 million ($1,537 psf) on June 14. The unit was purchased in November 2005 for $770,064 ($526 psf), meaning the seller netted a 192% profit or an annualised profit of 6.7% over a holding period of around 16½ years.
Haig Court is a freehold development along Haig Road in District 15’s Tanjong Katong area. Completed in 2004, it consists of four towers with a total of 360 units.
The development has seen two other profitable transactions to date this year, based on caveats lodged. On March 4, a 1,475 sq ft unit on the second floor was sold for $2.4 million ($1,627 psf), resulting in a profit of $1.45 million for the seller, who had purchased the unit in May 2007 for $949,900 ($644 psf). Prior to that, a 1,076 sq ft unit on the 12th floor was sold for $1.76 million ($1,634 psf) on Feb 15. The seller, who bought the unit for $730,604 ($679 psf) in April 2004, reaped a $1.03 million profit.
Data from the EdgeProp Research tool showing the list of profitable transactions at Haig Court
Meanwhile, the most unprofitable transaction for the week was for a 936 sq ft unit at The Tennery. The seller suffered a loss of about $128,000 (10.9%) after the unit was sold for $1.05 million ($1,121 psf) on June 17. The unit was previously purchased for $1.18 million ($1,258 psf) in March 2012, meaning the seller saw an annualised loss of 1.1% over a holding period of around 10 years.
The Tennery is a 99-year leasehold condo located at the junction of Woodlands Road and Choa Chu Kang Road. Completed in 2013, it is part of an integrated development by Far East Organization. The condo sits on top of the Junction 10 shopping mall, which in turn is directly linked to the Ten Mile Junction LRT Station and the Bukit Panjang MRT Station.
The Tennery has seen a total of 17 transactions year-to-date. The units, ranging in sizes from 614 sq ft to 936 sq ft, have been sold at prices from $716,000 to $1.05 million, or between $1,052 psf and $1,271 psf.
Check out the latest listings near Haig Court, Oleanas Residence, The Tennery, Ten Mile Junction LRT Station, Bukit Panjang MRT Station