Unit at Valley Park reaps $3.2 mil profit

SINGAPORE (EDGEPROP) - The seller of a unit at Valley Park, on River Valley Road, made the top gain of $3.2 million over the week of Feb 1 to 8. The 3,940 sq ft unit on the 20th floor was bought for $3.8 million ($965 psf) in April 2000 and sold for $7 million ($1,777 psf) on Feb 8. The seller therefore made an 84% profit, or an annualised profit of 3% over almost 22 years.

Located in District 10, Valley Park was completed in 1997 and comprises 728 units on a 999-year leasehold. It is an 11-minute walk to the upcoming Great World MRT Station on the Thomson-East Coast Line.

The second top gain made over the week — a 131% profit of $2.55 million — was at Jaya Tower, on Bukit Timah Road. The 2,142 sq ft unit on the 15th floor was purchased for $1.95 million ($910 psf) in June 2009 and sold for $4.5 million ($2,101 psf) on Feb 4. This means that the seller made an annualised profit of 7% over almost 13 years.

Jaya Tower, in District 10, comprises 28 freehold units and was completed in 1979. It is a seven-minute walk to Stevens MRT Station on the Downtown Line.

A unit sold at Goldenhill Park Condominium, along Mei Hwan Drive in District 20, made the third largest gain over the week, netting a 115% profit of $2.3 million for the seller. The 2,928 sq ft unit on the 20th floor was bought in April 2001 for $2 million ($683 psf), and sold for $4.3 million ($1,469 psf) on Feb 7. The seller therefore made an annualised profit of 4% over almost 21 years.

Goldenhill Park Condominium comprises 390 freehold units and was completed in 2004. It is a 10-minute walk to Lorong Chuan MRT Station on the Circle Line.

On the other hand, the most unprofitable deal of the week was the resale of a 2,121 sq ft unit at Cityvista Residences in District 9. Having sold the property for $4.19 million ($1,975 psf), the seller suffered an 18% loss of about $894,000. The unit was purchased in July 2007 for $5.08 million ($2,397 psf). Over a holding period of almost 15 years, this translates into an annualised loss of 1%.

Cityvista Residences, on Peck Hay Road, comprises 70 freehold units and was completed in 2010. It is a 12-minute drive to Lorong Chuan MRT Station on the Circle Line.

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