Duplex penthouse at Leedon Residence yields $2.8 mil profit
By Timothy Tay
/ EdgeProp Singapore |
The four-bedroom duplex penthouse at Leedon Residence was sold for $9.5 million ($2,536 psf) on March 2.
SINGAPORE (EDGEPROP) - The most profitable resale transaction to close between Feb 28 and March 7 was the sale of a 3,746 sq ft, four-bedroom duplex penthouse at Leedon Residence. The unit was sold for $9.5 million ($2,536 psf) on March 2. It was purchased for $6.7 million ($1,789 psf) on Jan 19, 2018. Thus, the seller earned a $2.8 million (42%) profit on the resale, which translates to an annualised profit of 7.1% in five years.
The transaction falls marginally below the most profitable deal at Leedon Residence, where a seventh-floor, five-bedroom apartment garnered $12.5 million ($2,657 psf) in July 2021. This same unit had previously been acquired for $9.6 million ($2,041 psf) in October 2017. Consequently, this generated a record profit of $2.9 million (30%), equating to an annualised gain of 7.2% over four years.
Leedon Residence is a prime freehold condo on Leedon Heights. The project was developed by mainboard-listed property developer GuocoLand, and was completed in 2015. The 381-unit development comprises eleven 12-storey blocks. The entire development sits on a sprawling 4.9ha site, one of the largest single freehold plots in District 10.
Leedon Residence is a freehold 381-unit condo that was completed in 2015. (Picture: Samuel Isaac Chua/The Edge Singapore)
The surrounding area has seen several new launches in recent years, such as the neighbouring Leedon Green, Wilshire Residences, Hyll on Holland, and the mixed-use One Holland Village beside Holland Village MRT Station.
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Leedon Residence was designed by architect Chan Soo Khian of SCDA Architects, and the project stands out due to its focus on bigger-sized unit layouts and emphasis on space and luxury throughout the site.
As one of the newer luxury condos in the Leedon-Farrer Road neighbourhood, Leedon Residence also commands one of the highest average prices in the vicinity at about $2,590 psf, based on URA caveats compiled by EdgeProp Singapore.
Only the three upcoming new projects — Leedon Green ($2,848 psf), Wilshire Residences ($2,725 psf), and Hyll on Holland ($2,706 psf) — have seen higher prices compared to Leedon Residence.
As one of the newer luxury condos in the Leedon-Farrer Road neighbourhood, Leedon Residence also commands one of the highest average prices in the vicinity at about $2,590 psf. (Map: EdgeProp Singapore)
There have been three resale transactions at Leedon Residence so far this year. The other two sales were for a 2,659 sq ft unit on the ninth floor which fetched $7.2 million ($2,708 psf) on Jan 30, and a 2,648 sq ft unit on the ninth floor which changed hands for $7.35 million ($2,776 psf) on Feb 14.
The week’s second-highest profit-making resale took place at D’Grove Villas, where a 1,690 sq ft, fifth-floor apartment was traded for $4.3 million ($2,544 psf) on March 2. This unit had previously been purchased for $2.16 million ($1,277 psf) back in 1995. Consequently, the seller earned a substantial $2.1 million (95%) profit. This translates to an annualised gain of 2.4% over a period of nearly 28 years.
D’Grove Villas is a freehold condo in prime District 10. The 45-unit development was completed in 1992. It is close to the Ardmore Park and Nassim Road residential areas, which feature notable luxury condos such as Le Nouvel Ardmore, Ardmore Park, Les Maisons Nassim and Nassim Mansion.
To date, the most profitable resale at D’Grove Villas is a 5,221 sq ft unit that fetched $10.5 million ($2,011 psf) in June 2010. This unit was bought for $6.4 million ($1,226 psf) in February 2007. Thus, the seller earned a record profit of $4.1 million (64%), which also works out to an annualised profit of 16% over three years.
Conversely, the week’s most unprofitable transaction took place on March 1, with the sale of an 883 sq ft unit at The Sail @ Marina Bay. The sixth-floor, two-bedroom apartment was sold for $1.92 million ($2,175 psf), having previously achieved $2.3 million ($2,601 psf) in June 2011. As a result, the seller had a 16.5% loss, equating to an annualised loss of 1.5% over a 12-year period.
An 883 sq ft unit at The Sail @ Marina Bay was sold for $1.92 million on March 1, incurring a loss of about $376,000. (Picture: Samuel Isaac Chua/The Edge Singapore)
The Sail is a 99-year leasehold condo on Marina Boulevard in the downtown core in District 1. The 1,111-unit project was the first high-rise residential development in Singapore: The first tower, at 70 storeys, was launched in September 2004, and the second tower of 63 storeys was launched a year later. The two towers were completed in 2008.
Based on caveats compiled by EdgeProp Singapore, units in the condo had been selling for about $1,942 psf in March 2018, and only inched up to $1,973 psf this month.
There have been eight resale transactions at The Sail so far this year, and sales have ranged from $1.12 million ($1,892 psf) for a 592 sq ft unit on the 32nd floor, which was sold on March 3; to $2.6 million ($2,196 psf) for a 1,184 sq ft unit on the 46th floor, which was transacted on Jan 26.
Check out the latest listings near Leedon Residence, D'Grove Villas, The Sail @ Marina Bay, Leedon Green, Wilshire Residences, Hyll on Holland, One Holland Village, Le Nouvel Ardmore, Ardmore Park, Les Maisons Nassim, Nassim Mansion, Holland Village MRT Station
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