Four-bedder at Camelot By-The-Water rakes in $3.3 mil profit
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The sale of a four-bedroom apartment at Camelot By-TheWater was the most profitable condo resale transaction during the week of Jan 2 to 9. The 3,531 sq ft unit on the first floor changed hands for $5.4 million ($1,529 psf) on Jan 5. The seller purchased the apartment in May 2006 for $2.05 million ($582 psf). This means they made a gross profit of $3.35 million on the transaction, or a capital gain of 163%, after owning the unit for nearly 18 years.
This is the fourth most profitable transaction ever recorded at the development, based on caveats lodged. Data compiled on EdgeProp Research shows that the most profitable transaction occurred in May 2010 when the biggest unit at the condo, a 5,834 sq ft penthouse, fetched $9 million ($1,543 psf). The seller, who bought the unit from the developer in June 2000 for $3.73 million ($640 psf), reaped a profit of $5.27 million on the sale.
The 3,531 sq ft unit at Camelot By-The-Water changed hands for $5.4 million ($1,529 psf) on Jan 5 (Picture: Albert Chua/The Edge Singapore)
Camelot By-The-Water is a 99-unit condo on Tanjung Rhu Road in District 15. Completed in 2000, it has a mix of three- to five-bedroom units that range from 2,433 to 5,834 sq ft. The development is located on the Kallang Basin waterfront, close to the Singapore Sports Hub.
The second most profitable condo resale transaction during the week in review took place at The Gardens At Bishan. A 2,336 sq ft, four-bedroom unit on the 19th floor fetched $3.52 million ($1,507 psf) on Jan 5. The seller had bought the unit in October 2000 from the developer for $1.25 million ($535 psf). This means they netted a gain of $2.27 million (182%) over a holding period of more than 23 years.
This is the most profitable transaction registered at the development to date. It beats the previous record set last March when a 1,572 sq ft unit on the 15th floor changed hands for $2.3 million ($1,464 psf). The unit was purchased by the seller for about $826,500 ($526 psf) in December 2003. Hence, they made a profit of $1.47 million after owning the apartment for almost 20 years.
A 2,336 sq ft unit at The Gardens At Bishan was sold for $3.52 million ($1,507 psf) on Jan 5, netting the seller a $2.27 million gain (Picture: The Edge Singapore)
The Gardens At Bishan is a 99-year leasehold condo on Sin Ming Walk, off Sin Ming Avenue in District 20. It is a five-minute walk from Bright Hill MRT Station on the Thomson-East Coast Line. The 756-unit development was completed in 2004, and comprises two- to four-bedroom units ranging from 861 to 2,756 sq ft.
On the other end of the spectrum, The Rochester Residences saw the most unprofitable condo resale transaction during the week in review. The seller of a three-bedroom-plus-study penthouse unit made a loss of around $546,000 after it was sold for $4.15 million ($1,105 psf) on Jan 5. It was bought for $4.7 million ($1,250 psf) in December 2007. The unit, which also includes a roof garden and private pool, measures 3,757 sq ft.
This is the first unit to change hands at the development this year and the most unprofitable resale transaction recorded thus far. It surpasses the previous record loss of around $439,000 incurred by the seller of a 1,281 sq ft unit in July 2014. The apartment was sold for $1.38 million ($1,077 psf) at the time.
A 3,757 sq ft penthouse at The Rochester Residences was sold for a loss of around $546,000 when it fetched $4.15 million ($1,105 psf) on Jan 5 (Picture: The Edge Singapore)
The Rochester Residences is a 366-unit condo on Rochester Drive in District 5. Built in 2011, it consists of a single 37-storey tower located above Rochester Mall. Buona Vista MRT Station, which is an interchange for the East-West and Circle Lines, is a six-minute walk away, while The Star Vista shopping mall is also nearby.
Units at the 99-year leasehold development include one-bedders from 840 to 1,281 sq ft, two-bedders from 1,206 to 1,625 sq ft, and three-bedroom-plus-study units of 1,679 to 2,120 sq ft. There are also penthouses between 2,411 and 5,210 sq ft.
Check out the latest listings for Camelot By-the-water, The Gardens At Bishan, The Rochester Residences properties
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