Unit at Cairnhill Astoria sold for $3 mil profit
By Tan Chee Yuen
/ EdgeProp |
In the week of Aug 1 to 8, four sellers of freehold private non-landed homes in Districts 9 and 11 reaped profits of at least a million dollars each. Of these properties, three were large units above 1,900 sq ft that were completed in the 1970s and 1980s.
On Aug 3, a 3,692 sq ft unit at Cairnhill Astoria was sold for $4.8 million ($1,300 psf). Based on URA caveat data, the unit was purchased at $1.77 million ($479 psf) in June 2004. This translates into a $3.03 million, or 172%, profit for the previous owner, who held the property for 13 years.
Cairnhill Astoria is a freehold project located on Cairnhill Rise, off Orchard Road, in prime District 9. Completed in 1983, it comprises 36 units. So far this year, both transactions at Cairnhill Astoria have been profitable. On June 6, a 3,035 sq ft unit was sold for $4 million ($1,318 psf). The seller, who bought it for $2 million ($659 psf) in July 2004, raked in a $2 million profit. This works out to a 100% profit, or an annualised profit of 6% over 13 years.
Completed in 1983, Cairnhill Astoria is a freehold apartment comprising 36 units. Find the most affordable listing in the project here.
At RiverGate, a 1,044 sq ft unit fetched a $1.33 million profit, the second-highest in the week. The unit was last transacted at $1.11 million ($1,063 psf) in September 2005. The previous owner made a 120% profit when he sold it for $2.44 million ($2,335 psf) on Aug 3. This translates into a 120% profit, or 7% a year for a holding period of almost 12 years.
RiverGate is a freehold development with 545 units in three 43-storey towers fronting the Singapore River. Completed in 2009, the project is within walking distance of two upcoming MRT stations on the Thomson-East Coast Line, Havelock and Great World. It is close to the Robertson Quay area, a lifestyle hub with a mix of restaurants, bars, retail, hotels and serviced apartments.
RiverGate is a freehold development with 545 units in three 43-storey towers fronting the Singapore River. Find the most affordable listing in the project here.
There have been 14 profitable deals this year with an average profit of $716,397 (34.6%) and five unprofitable deals with an average loss of $174,357 (3.9%) at RiverGate. In 2016, there were 23 profitable transactions with an average profit of $822,808 (47.1%) and five unprofitable transactions with an average loss of $328,480 (8.5%).
The third most-profitable deal of the week involved a 1,938 sq ft unit at Kheam Hock Gardens, a freehold condominium on Kheam Hock Road in District 11. The 19-unit project was completed in 1988.
The fifth-floor unit was sold for $2.3 million ($1,187 psf) on Aug 4. The unit last changed hands for $975,000 ($503 psf) in February 1999. This translates into a 136% profit, or 5% per annum over a holding period of 18.5 years.
Based on URA caveat data, the unit was bought for $1.45 million ($748 psf) in January 1996. It changed hands at a $475,000, or a 33%, loss in February 1999.
The fourth transaction that fetched a profit of more than a million dollars in the week was the sale of a 1,970 sq ft unit at Orchard Towers. The previous owner paid $1.28 million ($650 psf) for the unit in February 1995 and sold it for $2.5 million ($1,269 psf) on Aug 4. He made a $1.22 million, or 95%, profit.
Orchard Towers is a mixed-use development in prime District 10 that comprises retail space, offices and 58 apartment units. It was completed in 1975. There have been no unprofitable transactions for the residential units here since December 2005, when a unit on the 15th floor was sold at a $170,000, or 15%, loss. Meanwhile, there have been 12 profitable transactions with an average profit of $902,642 (73%).
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