Clementi Park unit makes $1.88 mil profit

SINGAPORE (EDGEPROP) - The sale of a five-bedroom unit at Clementi Park, a 796-unit condo in District 21, was the most profitable transaction during the week of Sept 10 to 17. The 3,401 sq ft, ground-floor unit changed hands for $3.34 million ($983 psf) on Sept 12. It had been bought for $1.46 million ($429 psf) in 2001. Thus, the seller walked away with a profit of $1.88 million (129%), or an annualised profit of 5% over 18 years.
The sale of the 3,401 sq ft, five-bedroom unit at Clementi Park was the most profitable transaction during the week of Sept 10 to 17 (Picture: Albert Chua/EdgeProp Singapore)
Clementi Park is a freehold condo developed by City Developments Ltd, and was completed in 1986. Located at the end of Sunset Way, off Clementi Road, the condo borders the Pan-Island Expressway, Clementi Avenue 6, and a landed housing estate.
The second most profitable deal during the week in review occurred at Morimasa Gardens, a freehold 38-unit development on Gilstead Road in prime District 11. A 1,873 sq ft, three-bedroom unit there was sold on Sept 17 for $2.9 million ($1,548 psf), realising a gain of $1.84 million (174%) or an annualised profit of 7% over 14 years. The seller had purchased the unit in 2005 for $1.06 million ($566 psf).
Meanwhile, the most unprofitable resale transaction during the week occurred at Miro, a freehold condo on Lincoln Road. On Sept 17, a 1,249sq ft, two-bedroom unit there was sold for $1.82 million ($1,458 psf). The seller had purchased the unit for $2.4 million ($1,922 psf) in 2013, which means he recorded a loss of $580,000 (24%) on the sale, which translates into an annualised loss of 4% over 6½ years.
A 1,249 sq ft, two-bedroom unit at Miro was sold at a loss of $580,000 on Sept 17 (Picture: EdgeProp Singapore)
Elsewhere, the sale of an 861 sq ft, two-bedroom unit at the 99-year leasehold The Sail@Marina Bay recorded the second highest loss after it changed hands for $1.63 million ($1,891 psf) on Sept 11. The seller incurred a loss of...