SINGAPORE (EDGEPROP) - The seller of a unit at Village Tower located on Mount Sinai Rise made the top gain of $1.87 million over the week of Feb 25 to Mar 3. The 2,616 sq ft unit on the 16th floor was bought for $1.63 million ($623 psf) in February 2002 and sold for $3.5 million ($1,338 psf) on Feb 25. The seller therefore made a 115% profit, or an annualised profit of 4% over 18 years.
Village Tower in District 10 was completed in 1983 with 46 residential units. The freehold property in Mount Sinai is a 17-minute walk to Dover MRT Station on the East-West Line.
The second top gain made over the week is a unit at Ocean Park in District 15. It netted a 126% profit of $1.7 million. The 2,110 sq ft unit on the 10th floor was bought at $1.35 million ($640 psf) in July 2000 and sold for $3.05 million ($1,448 psf) on Feb 25. This means that the seller made an annualised profit of 4% over a period of almost 20 years.
The Ocean Park is a freehold property development with 298 units spread across 11 blocks completed in 1983. Located within a short drive to East Coast Park, it will be a 11-minute walk to the future Marine Terrace MRT Station on the Thomson-East Coast Line, which will be completed by 2023.
The third largest profit this week was made by the sale of another unit in Ocean Park as well. The 2,110 sq ft unit on the ninth floor was bought in October 1997 for $1.38 million ($654 psf) and sold for $2.88 million ($1,365 psf) on March 3, which translates to a 109% profit of $1.5 million, or an annualised profit of 3% over slightly more than 22 years.
On the flip side, the greatest loss incurred over the week was from the resale of a 5,500 sq ft unit on the basement floor at The Peak. It was sold for $6.8 million ($1,236 sq ft) on Feb 28. The unit was bought in December 2012 for $7.7 million ($1,400 sq ft). The seller suffered a 12% loss of $900,000. Over a holding period of seven years, this translates to an annualised loss of 2%.
The Peak is a freehold condo development next to Kent Ridge Park with three floors and 21 cluster housing units. Completed in 1988, it is 18 minutes by foot to Pasir Panjang MRT Station on the Circle Line.
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