Cavenagh Court unit rakes in top profit of $1.98 mil

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November 11, 2018 8:00 AM SGT
A unit at Cavenagh Court, off Bukit Timah Road, was sold at a 162% profit in October (Credit: Samuel Isaac Chua/ The Edge Singapore)
The seller of a unit at Cavenagh Court, off Bukit Timah Road in District 9, made the top gain of $1.98 million over the week of Oct 23 to 30. The 1,819 sq ft, three-bedroom unit on the ninth floor was bought for $1.22 million ($671 psf) in November 1997, and sold for $3.2 million ($1,759 psf) on Oct 25. The seller reaped a 162% profit, or an annualised profit of 5% over 21 years. This transaction also marks the highest profit of all time made from resales in the development.
Cavenagh Court comprises 68 freehold units. It is a 13-minute walk from Newton MRT station and is also close to amenities such as Newton Food Centre and Mount Elizabeth Hospital.
The second top gain made over the week in review — an 82% profit of $1.37 million — was at Holt Residences, off River Valley Road in District 10. The 2,056 sq ft, four-bedroom unit on the third floor was purchased for $1.68 million ($815 psf) in June 2006, and sold for $3.05 million ($1,484 psf) on Oct 26. This means the seller made an annualised profit of 5% over 12.4 years.
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The transaction marks the second time the unit has changed hands, according to caveats lodged with URA. The previous owner reaped a 16% profit of $236,440, or an annualised profit of 18% over 0.9 years. The unit was purchased in July 2005 for $1.44 million ($700 psf).
Notably, the highest profit made in resales at Holt Residences was from the transaction of a 2,056 sq ft, four-bedroom unit on the 10th floor in August 2007. Sold for $3.3 million ($1,605 psf), it raked in a 91% profit of $1.57 million. As the property was purchased in June 2006 at $1.73 million ($840 psf), this translates into an annualised profit of 78% over 1.1 years.
This same unit has since been sold, in July 2011, albeit at a loss. The owner incurred a 12% loss of $400,000, or an annualised loss of 3% over four years, after selling it at $2.9 million ($1,411 psf). Overall, this property has changed hands three times, according to caveats lodged with URA.
Holt Residences is a 14-minute walk from the upcoming Great World MRT station, slated for completion in 2021. The freehold condominium comprises 46 units, and is an 11-minute walk from Zion Riverside Food Centre.
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A unit sold at Maplewoods, on Bukit Timah Road in District 21, was the third most profitable transaction over the week in review, raking in a 97% profit of $1.33 million for the seller. The unit was bought in March 1995 for $1.37 million ($771 psf), and sold for $2.7 million ($1,511 psf) on Oct 26. The seller therefore made an annualised profit of 3% over 23.7 years.
Maplewoods is a freehold development in District 21. Completed in 1997, it is a three-minute walk from King Albert Park MRT station and an eight-minute walk from Methodist Girls’ School.
The seller of a unit at Orchard View sustained the highest loss of $1.45 million over the week in review (Credit: Samuel Isaac Chua/ The Edge Singapore)
On the other hand, the greatest loss incurred over the week in review was from the resale of a 2,530 sq ft, four-bedroom unit at Orchard View in District 9. Having bought it in September 2011 for $7.45 million ($2,945 psf) and selling it at $6 million ($2,372 psf) on Oct 26, the seller sustained a 19% loss of $1.45 million. Over a holding period of 7.1 years, this translates into an annualised loss of 3%. The freehold condo is a seven-minute walk from the Orchard Road shopping belt.
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