Bungalow on Upper East Coast Road fetched $7 million profit

A bungalow on Upper East Coast Road netted a $7.4 million profit in May for the seller, who is believed to be the owner of a local hotel and resort. He had purchased the property for $3.4 million ($325 psf on land area) in November 2004 and resold it for $10.8 million ($1,047 psf) last month. The profit, however, excludes any costs that might be incurred to construct or enhance the property.

The property sits on a 10,312 sq ft freehold site. The buyer is understood to be a senior management of Sheng Siong Group.