SINGAPORE (EDGEPROP) - The seller of a unit at Pandan Valley, along Pandan Valley Road, made the top gain of $2.32 million over the week of May 11 to 18. The 3,272 sq ft unit on the second floor was bought for $1.49 million ($455 psf) in March 2001 and sold for $3.81 million ($1,164 psf) on May 14. The seller therefore made a 156% profit, or an annualised profit of 5% over 20 years. (See: Unit at Pandan Valley sold for $1.62 mil profit)
Located in District 21, Pandan Valley was completed in 1978 and has 623 freehold units. It is a seven-minute drive from Dover MRT Station on the East-West Line.
The second top gain made over the week — a 130% profit of $2.25 million — was at Leonie Gardens, along Leonie Hill. The 2,540 sq ft unit on the fifth floor was purchased for $1.73 million ($681 psf) in June 2006 and sold for $3.98 million ($1,567 psf) on May 17. This means that the seller made an annualised profit of 6% over almost 15 years.
Leonie Gardens, in District 9, comprises 138 units on a 99-year leasehold and was completed in 1993. It is an 11-minute walk from the upcoming Great World MRT Station on the Thomson-East Coast Line.
A unit at Dormer Park, located along Jervois Road in District 10, made the third largest gain over the week, netting a 113% profit of $2.15 million for the seller. The 2,347 sq ft unit on the 10th floor was bought in August 2000 for $1.9 million ($810 psf), and sold for $4.05 million ($1,726 psf) on May 12. The seller therefore made an annualised profit of 4% over almost 21 years.
Dormer Park comprises 92 freehold units, and was completed in 1993. It is a three-minute drive from Redhill MRT Station on the East-West Line.
On the other hand, the most unprofitable deal of the week was the resale of a 1,711 sq ft unit at The Oceanfront @ Sentosa Cove in District 4. Having sold the property for $2.57 million ($1,500 psf) on May 12, the seller suffered a 23% loss of $768,450. The unit was purchased in July 2007 for $3.34 million ($1,949 psf). Over a holding period of almost 14 years, this translates into an annualised loss of 2%.
The Oceanfront @ Sentosa Cove, located along Ocean Drive, comprises 264 units on a 99-year leasehold, and was completed in 2010. It is a 15-minute drive from Harbourfront MRT Interchange Station on the North-East and Circle Lines.
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