SINGAPORE (EDGEPROP) - The most profitable deal during the week of Nov 17 to 24 was the sale of a 1,464 sq ft unit at Melrose Park. The three-bedroom unit was purchased for $1.37 million ($936 psf) in May 2002 and sold for $3.2 million ($2,186 psf) on Nov 18. The seller thus earned $1.83 million, or a profit of 134%, on the sale. This translates to an annualised profit of 4.7% over 18½ years.
Melrose Park is a 999-year leasehold condominium on Kellock Road in prime District 10. The 170-unit development was completed in 2000 and comprises three- and four-bedroom units ranging from 1,292 sq ft to 3,800 sq ft. It is in the desirable River Valley residential enclave and is beside Great World City and near the upcoming Great World MRT Station on the Thomson-East Coast Line.
The latest resale at Melrose Park is the second transaction at the condominium so far this year. The other transaction was the sale of a 1,507 sq ft, three-bedroom unit for $3.1 million ($2,057 psf) on Oct 19. That unit had been purchased for $2.32 million ($1,540 psf) in February 2010. The owner made $780,000 (34%) on the sale, which translates to 3% over 10 years.
The second most profitable deal during the week in review was at Pandan Valley in District 21, where a 2,669 sq ft unit was sold for $2.91 million ($1,090 psf) on Nov 19. The unit had been purchased for $1.29 million ($483 psf) in July 1995. Thus, the owner made $1.62 million, or a profit of 126%, on the sale. This translates to an annualised profit of 3.3% over 25 years.
Pandan Valley is a freehold development that was completed in 1978. It is one of the oldest and largest condominiums in Singapore, sitting on a sprawling freehold site of 865,127 sq ft. The 623-unit condominium has a range of two- to five-bedroom units ranging from 1,173 sq ft to 6,867 sq ft. During the most recent collective sale cycle in 2018, the collective sale committee at Pandan Valley attempted to sell the development for $2.6 billion, but was unsuccessful.
The resale transaction on Nov 19 is the most profitable deal on record at Pandan Valley this year. The development has seen five resale transactions so far in 2020 and overall, profitable transactions at Pandan Valley have ranged from $280,000 to $1.62 million. These include the sale of a 2,239 sq ft unit which fetched $2.62 million ($1,170 psf) on Nov 16. That unit was purchased for $2.1 million ($938 psf) in June 2016. That transaction earned the seller a profit of $520,000 (25%), or an annualised profit of 5% over four years.
Meanwhile, the top loss during the week in review was for the sale of a 1,561 sq ft unit at Reflections at Keppel Bay. The three-bedroom unit was sold for $2.5 million ($1,602 psf) on Nov 18, but had been bought for $3.45 million ($2,210 psf) in April 2014. This resulted in a loss of $950,000 (28%), or an annualised loss of 4.7% over 6½ years.
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Reflections at Keppel Bay is a 99-year leasehold development that was completed in 2011. Developed by Keppel Land, the condominium comprises 1,129 units, across six towers of between 24 and 41 storeys in height, as well as 11 six- to eight-storey blocks.
The project was designed by renowned architect Daniel Libeskind. Built on 904,200 sq ft of land, units there enjoy views of the Keppel Marina, the sea, and the greenery at Keppel Golf and Country Club. However, under the Master Plan 2019, the Keppel Golf and Country Club will be rezoned for redevelopment into 9,000 new private and public housing homes, as part of the Greater Southern Waterfront.
There have been at least 35 unprofitable transactions at the development so far this year, compared to just one profitable deal in 2020. Losses have ranged from $54,813 for the sale of an 807 sq ft unit at $1.5 million ($1,858 psf) in February, to $4.82 million for a 3,854 sq ft unit which was sold for $5.85 million ($1,518 psf) in July.
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