Balmoral Gardens unit tops gains for 2018

/ EdgeProp
December 29, 2018 8:00 AM SGT
A unit at Balmoral Gardens made the top
The seller of a unit at Balmoral Gardens, on Balmoral Road in District 10, made the top gain of $9.17 million over the period of Jan 1 to Dec 4. The 4,758 sq ft unit on the third floor was bought for $1.75 million ($368 psf) in November 2002, and sold for $10.9 million ($2,295 psf) on May 4. The seller reaped a 524% profit, or an annualised profit of 13% over 15.4 years.
The transaction at Balmoral Gardens was part of a bulk purchase by Aurum Land, the boutique development arm of Woh Hup Group. Eight units were purchased on May 4, at an average price of $10.4 million ($2,316 psf), based on caveats lodged with URA. The bulk purchase totalled $83 million and marked the first transaction in the development since 2012.
In February, the 40-unit Balmoral Gardens was put up for collective sale, but the attempt failed. The asking price then was $92 million, or a land rate of $1,872 psf per plot ratio.
The second top gain made over the period in review — a 186% profit of $6.5 million — was at Nassim Mansion, on Nassim Hill in District 10. A 3,520 sq ft, four-bedroom unit on the third floor was purchased for $3.5 million ($994 psf) in November 2003, and sold for $10 million ($2,841 psf) on June 5. This means the seller made an annualised profit of 7% over 14.6 years.
The freehold, 72-unit Nassim Mansion was completed in 1977.
The third-highest profit made was also in a resale at Balmoral Gardens, which raked in a 117% profit of $5.84 million. The 4,779 sq ft unit on the third floor was bought in March 1996 for $5 million ($1,046 psf), and sold for $10.84 million ($2,268 psf) on May 4. This translates into an annualised profit of 4% over 22.1 years. This transaction also formed part of the bulk purchase by Aurum Land.
The sale of a unit at the freehold Urban Resort Condominium, on Cairnhill Road in District 9, was the fourth most profitable transaction in the period in review, making a...