Five-bedder at The Sea View sold at $1.88 mil profit

/ EdgeProp
April 21, 2018 8:00 AM SGT
The sale of a five-bedroom unit at The Sea View on April 6 fetched a $1.88 million profit. It was the most profitable deal in the week of April 3 to 10. The seller walked away with an 83% profit, or a 5% annualised profit over 12.1 years. The unit was sold for $4.15 million or $1,524 psf. The 2,723 sq ft unit on the 22nd floor was purchased for $2.27 million ($833 psf) in March 2006.
There have been no unprofitable transactions at The Sea View since 2015, based on the matching of caveats. The eight transactions so far this year have resulted in profits ranging from $165,000 to $1.98 million.
The 546-unit The Sea View was developed by Wheelock Properties and completed in 2008. Located at Amber Road in district 15, the freehold condo is situated about 450m away from the Marine Parade MRT station along the upcoming Thomson-East Coast Line (TEL).
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The Sea View is situated about 450m away from the upcoming Marine Parade MRT station
Prices at The Sea View have been testing new highs in recent months. In January, a 1,647 sq ft, four-bedroom unit on the 19th floor changed hands for $3.2 million ($1,943 psf). Meanwhile, a 560 sq ft, one-bedroom unit on the 21st floor of another block fetched $1.07 million ($1,912 psf). The last time prices crossed the $1,900 psf mark was during the peak in 2012, when a 560 sq ft, one-bedroom unit on the 10th floor changed hands for $1.1 million ($1,965 psf).
Meanwhile, the previous owner of a 1,572 sq ft unit at One Shenton made the biggest loss in the week under review. The three-bedroom unit on the 20th floor was purchased at $3.38 million ($2,152 psf) in February 2007 and sold for $2.55 million ($1,623 psf) on April 5. This translates to an overall loss of $831,840 or 25%, and an annual loss of 2%. It was also the biggest loss at the condo this year.
There have been nine unprofitable transactions at One Shenton so far in 2018, with losses between $35,000 and $831,840. The second most unprofitable transaction took place in February, when a 1,098 sq ft unit on the...