Balmoral Gardens unit tops gains for 2018
By Charlene Chin
/ EdgeProp |
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 64% profit of $5.4 million. The 4,715 sq ft, four-bedroom unit on the 17th floor was bought in February 2016 for $8.5 million ($1,803 psf), and sold for $13.9 million ($2,948 psf) on July 12. The seller therefore made an annualised profit of 23% over 2.4 years.
The 64-unit Urban Resort Condominium was completed in 2012. It is a seven-minute walk to Somerset MRT station, and a 13-minute walk to the Orchard Road shopping belt.
The fifth-highest gain made in the period in review was in a resale at 336 River Valley — the seller reaped a 90% profit of $5.2 million. The 3,068 sq ft unit on the 13th floor was bought in April 2011 for $5.8 million ($1,891 psf), and sold for $11 million ($3,586 psf) on July 4. This translates into an annualised profit of 9% over 7.2 years.
This resale was part of a bulk purchase by Far East Organization, which paid $124.1 million for 27 units — 23 apartments and four penthouses. This translates into an average of $2,574 psf, based on a total built-up area of 48,222 sq ft.
The purchase of the 28th and final unit is still underway, pending a court order for the sale to go through, says Stella Hoh, director of Richmond Capital Investments, which put up the units for sale in May.
336 River Valley, previously known as AA Centre, is a 14-storey residential and commercial development on River Valley Road in District 9.
During the period of Jan 1 to Dec 4, three of the top five losses arose from transactions at Turquoise, on Cove Drive in Sentosa Cove. Turquoise is a 91-unit condo in District 4 that was completed in 2010.
Three of the top five losses over the period in
The biggest loss was incurred in the sale of a 3,746 unit, four-bedroom unit on the sixth floor of the development. Having sold the property for $4.4 million ($1,175 psf) on Sept 5, the seller sustained a 54% loss of $5.13 million. The unit was purchased in November 2007 for $9.53 million ($2,545 psf). Over a holding period of 10.8 years, this translates into an annualised loss of 7%.
The seller of a unit at The Tate Residences, on Claymore Road in District 9, made the second top loss of $3.3 million for the period in review. The 3,229 sq ft, four-bedroom unit on the 27th floor was bought for $11.3 million ($3,500 psf) in August 2007, and sold for $8 million ($2,477 psf) on April 25. This translates into a 29% loss, or an annualised loss of 3% over 10.7 years.
The Tate Residences, by Hong Leong Holdings, comprises 85 freehold units and was completed in 2011.
The third top loss for the period in review — a 43% loss of $2.7 million — was sustained in another resale at Turquoise. The owner of a 2,433 sq ft, four-bedroom unit on the fourth floor sold the property for $3.59 million ($1,476 psf) on Jan 29, having purchased it in October 2007 for $6.29 million ($2,586 psf). He incurred a 5% annualised loss over 10.3 years.
The fourth-biggest loss was made in the resale of a 2,680 sq ft, four-bedroom unit on the fifth floor of Seascape — the seller sustained a 36% loss of $2.64 million. The unit was bought for $7.24 million ($2,700 psf) in November 2011 and sold for $4.6 million ($1,716 psf) on Sept 11. Over a holding period of 6.8 years, this translates into an annualised loss of 6%.
Completed in 2011, the 151-unit Seascape is on Cove Way, also in Sentosa Cove and an eight-minute walk from Turquoise.
Another resale at Turquoise made the fifth top loss for the period in review. A 2,411 sq ft, three-bedroom unit on the fourth floor was sold for $3.6 million ($1,493 psf) on March 21, sustaining a 42% loss of $2.58 million for the seller. The unit was purchased in October 2007 for $6.18 million ($2,562 psf). Over a holding period of 10.4 years, the seller incurred an annualised loss of 5%.
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