Balmoral Gardens unit reaps $9.17 mil profit

By Bong Xin Ying
/ EdgeProp |
Join our  Telegram  channel and follow our  Facebook  for the latest update.
A 4,758 sq ft unit on the third floor of Balmoral Gardens posted the highest gain of $9.17 million (524%) for the week of May 1 to 8, according to URA caveats.
On May 4, an international fund bought eight units at Balmoral Gardens for a total of $83 million (Credit: Samuel Isaac Chua/The Edge Singapore)
On May 4, the unit changed hands for $10.9 million ($2,295 psf). The seller purchased the unit in November 2002 for just $1.74 million ($368 psf). This translates into an annualised profit of 13% over a holding period of 15.4 years.
Second on the table of gains for the week is another unit at Balmoral Gardens. The 4,779 sq ft unit was sold for $10.8 million ($2,268 psf) on May 4. Having bought the unit in March 1996 for $5 million ($1,046 psf), the owner made a profit of $5.8 million (117%), or an annualised profit of 4% over a holding period of 22 years.
Notably, the two transactions at Balmoral Gardens were part of a bulk purchase of eight units by an anonymous international fund on May 4. The eight units were bought at an average price of $10.4 million ($2,316 psf) each, according to transactions culled from URA caveats as at May 15. The highest amount transacted in the May 4 bulk purchase was achieved by another 4,779 sq ft unit, sold at $11 million ($2,310 psf). The bulk purchase totalled $83 million, and also marks the first transaction in the project since 2002.
In February, the 37-year-old Balmoral Gardens, located on Balmoral Road, was put up for collective sale by tender, with Huttons Asia as the exclusive marketing agent. It failed to find a buyer then. The asking price of $92 million had translated into a land rate of $1,872 psf per plot ratio, which was lower than the average price of $2,316 psf from the May 4 bulk purchase.
Balmoral Gardens is a freehold condo located on Balmoral Road in prime District 10, with just 40 units sitting on a land area of 36,752 sq ft. It is near prestigious educational institutions such as Raffles Girls’ School and Anglo-Chinese School.
At Three Balmoral, a 40-unit freehold development near Balmoral Gardens, the average price from the three transactions for the year was $2,251 psf. A 614 sq ft unit was sold in March for $1.5 million ($2,456 psf). At nearby Goodwood Grand, a 73-unit freehold development completed in 2017, units were sold at an average price of $2,332 psf. The highest transaction price there so far was for an 893 sq ft unit at $2.29 million ($2,563 psf).
Meanwhile, in District 4, a 2,024 sq ft unit at The Coast at Sentosa Cove recorded a $652,000 loss (15%) for the week of May 1 to 8, according to caveats lodged.
The seller purchased the sixth-floor unit in January 2010 for $4.45 million ($2,200 psf). The three-bedroom unit was then sold at $3.8 million ($1,878 psf) on May 7, or an annualised loss of 2% over an eight-year holding period.
In 2017, three transactions at The Coast at Sentosa Cove saw profits that ranged from $16,380 to $351,200. There were also five unprofitable transactions that year, with losses starting from $400 to as high as $1.05 million.
The Coast at Sentosa Cove is a 99- year leasehold condominium on Sentosa Island. Completed in 2010, the 249-unit condo was developed by Ho Bee Group.
This article appeared in the EdgeProp Pullout, Issue 831 (May 21, 2018)

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More