Balmoral Gardens unit tops gains for 2018

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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.
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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.
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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.
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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%.