Unit at Sky@Eleven reaps $1.72 mil profit

SINGAPORE (EDGEPROP) - The seller of a unit at Sky@Eleven, along Thomson Lane, made the top gain of $1.72 million over the week of May 4 to 11. The 2,271 sq ft unit on the 30th floor was bought for $2.11 million ($928 psf) in March 2007 and sold for $3.83 million ($1,684 psf) on May 6. The seller therefore made an 81% profit, or an annualised profit of 4% over 14 years. (See: Resale unit at Sky@Eleven reaps $1.72 mil profit)

Located in District 11, Sky@Eleven was completed in 2010 and has 273 freehold units. It is a six-minute drive from Caldecott MRT Station on the Circle Line.

The second top gain made over the week — a 170% profit of $1.67 million — was at Katong Gardens, along Tembeling Road. The 1,948 sq ft unit on the ninth floor was purchased for $980,000 ($503 psf) in March 2007 and sold for $2.65 million ($1,360 psf) on May 7. This means that the seller made an annualised profit of 7% over 14 years.

Katong Gardens, in District 15, comprises 80 freehold units and was completed in 1984. It is an 11-minute walk to the upcoming Marine Parade MRT Station on the Thomson-East Coast Line.

A unit at Sixth Avenue Ville, located along Sixth Avenue in District 10, made the third largest gain over the week, netting a 99% profit of $1.54 million for the seller. The 2,045 sq ft unit on the fourth floor was bought in April 2001 for $1.56 million ($762 psf), and sold for $3.1 million ($1,516 psf) on May 5. The seller therefore made an annualised profit of 3% over 20 years.

Sixth Avenue Ville comprises 49 freehold units, and was completed in 1999. It is a five-minute walk to Sixth Avenue MRT Station on the Downtown Line.

On the other hand, the most unprofitable deal of the week was the resale of a 3,810 sq ft unit at The Arcadia in District 11. Having sold the property for $3.55 million ($932 psf) on May 6, the seller suffered an 11% loss of $447,000. The unit was purchased in March 2010 for $4 million ($1,050 psf). Over a holding period of 11 years, this translates into an annualised loss of 1%.

The Arcadia, located along Arcadia Road, comprises 164 units on a 99-year leasehold, and was completed in 1983. It is a 12-minute drive from Tan Kah Kee MRT Station on the Downtown Line.

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