Cairnhill Plaza unit reaps $2.25 mil profit

The seller of a unit at Cairnhill Plaza made the top gain of $2.25 million over the week of July 30 to Aug 6. The 3,305 sq ft unit on the 20th floor was bought for $3.05 million ($923 psf) in January 1997, and sold for $5.3 million ($1,604 psf) on Aug 1. The seller made a 74% profit, or an annualised profit of 2%, over 22½ years.

Located along Cairnhill Road in prime District 9, the freehold Cairnhill Plaza was developed by UOL Group (formerly known as United Overseas Land).

Completed in 1978, Cairnhill Plaza comprises 204 units in two 30-storey high towers. The development is made up mainly of three- and four-bedroom units, with sizes ranging from 2,293 sq ft to 3,305 sq ft. Located near the Orchard Road shopping belt, Cairnhill Plaza is a one-minute drive from Far East Plaza, and a three-minute drive from Ion Orchard. Mount Elizabeth Hospital is just an eight-minute walk away.

The second top gain made over the week – a 110% profit of $1.57 million – was at Tanglin Park, located at Ridley Park in prime District 10. The 1,604 sq ft unit on the third floor was purchased for $1.43 million ($892 psf) in June 2001 and sold for $3 million ($1,871 psf) on Aug 1. This means that the seller made an annualised profit of 4% over 18 years.

Completed in 1989, the freehold Tanglin Park has a total of 274 units, and is developed by City Developments Ltd. It is a three-minute drive from Gleneagles Medical Centre, and a six-minute drive from the Singapore Botanic Gardens. Tanglin Park is also a less than six-minute drive from Ion Orchard, Tanglin Mall, Takashimaya, and The Paragon.

At The Draycott, the seller of a 10th-floor unit made the third most profitable transaction of $1.5 million of the week. The 2,637 sq ft, three-bedroom unit was bought for $3 million ($1,138 psf) in April 1997, and sold for $4.5 million ($1,706 psf) on July 31. The seller made a 50% profit, or an annualised profit of 2% over more than 22 years.

Located in prime District 10, at Draycott Park, the freehold The Draycott comprises 132 units in 34 floors. The development was completed in 1980.

On the other hand, the greatest loss incurred over the week was from the resale of an 861 sq ft unit at Vida, at Peck Hay Road, in prime District 9. The seller sold the property for $1.6 million ($1,858 psf) on Aug 1, and sustained a 36% loss of $896,000. The unit was purchased in April 2010 for $2.49 million ($2,899 psf). Over a holding period of more than nine years, this translates into an annualised loss of 5%.

The freehold Vida was completed in 2009, and developed by Far East Organization. It comprises a total of 137 units.