Four-bedder at Peach Garden reaps $3.5 mil profit
/ EdgeProp Singapore |
The sale of a four-bedroom unit at Peach Garden was the most profitable condo resale transaction during the week of Feb 20 to 27. The 2,766 sq ft unit on the sixth floor fetched $5.1 million ($1,844 psf) on Feb 21. The seller had purchased it in October 2000 for $1.6 million ($578 psf), which means they raked in a profit of $3.5 million. This works out to a capital gain of 219% over a holding period of nearly 23½ years.
This is the second most profitable resale transaction recorded at Peach Garden to date, based on caveats lodged. The most profitable transaction was the sale of a penthouse measuring 5,231 sq ft for $6.85 million ($1,309 psf) in January 2012. The seller, who had purchased the unit in April 2004 for $3.25 million ($621 psf), made a gain of $3.6 million on the deal.
The 2,766 sq ft unit at Peach Garden fetched $5.1 million ($1,844 psf) on Feb 21 (Picture: Google Maps)
Peach Garden is a freehold development off Meyer Road in District 15. Completed in 1975, the condo has two blocks housing 72 units consisting predominantly of four-bedders spanning 2,766 sq ft. There are also penthouses of 5,231 sq ft. Peach Garden is one of several condos along the stretch off Meyer Road that fronts the East Coast Parkway, including the 200-unit Meyer Mansion, the 504-unit The Makena, and the 87-unit The Sovereign. The condo is a five-minute walk to the Tanjong Katong MRT Station on the Thomson-East Coast Line which is slated to open in June.
The second most profitable condo resale deal during the week in review was the sale of a four-bedroom unit at Glentrees. The 3,671 sq ft unit on the first floor fetched $4.4 million ($1,199 psf) on Feb 22. The seller, who had bought the unit from the developer in May 2004 for $1.5 million ($409 psf), netted a gain of $2.9 million on the transaction. This translates to a capital gain of 193% for the seller after holding the unit for nearly 20 years.
This is the most profitable transaction to occur thus far at Glentrees. It beats the previous record gain of $2.7 million made by the seller of a 3,671 sq ft unit last August. The four-bedder was purchased by the seller for $1.7 million ($463 psf) in June 2005 and later sold in August 2023 for $4.4 million ($1,199 psf).
The seller made a gain of $2.9 million when a 3,671 sq ft unit at Glentrees was sold for $4.4 million ($1,199 psf) on Feb 22 (Picture: Samuel Isaac Chua/The Edge Singapore)
Located on Mount Sinai Lane in prime District 10, Glentrees is a 999-year leasehold condo that was built in 2005. It has eight 5-storey blocks with a total of 176 apartments. The largest units are the Garden Terraces which occupy the ground floor and have two- or three-storey layouts similar to a landed home. The units measure between 2,626 and 3,670 sq ft.
There are also Garden Loft units located on the top floor of each block that come with an attic and roof terrace. The lofts include two- to four-bedders between 1,991 and 2,691 sq ft. The remaining units are Garden Apartments which resemble conventional condo units. The apartments comprise two- to four-bedders of 1,346 to 1,884 sq ft.
Meanwhile, the least profitable condo resale transaction during the week in review took place at The Laurels. A four-bedroom penthouse unit measuring 4,768 sq ft was sold for $9 million ($1,887 psf) on Feb 21. It was purchased by the seller from the developer in March 2010 for $9.79 million ($2,053 psf). Thus, they suffered a loss of about $790,000 or 8% after owning the apartment for 14 years.
This is the fourth most unprofitable resale transaction at The Laurels to date, based on caveats lodged. The biggest loss was accrued for the sale of a 1,313 sq ft unit in November 2017. The unit had fetched $2.88 million ($2,193 psf). The seller, who had acquired it in April 2010 for $3.81 million ($2,900 psf), incurred a loss of about $928,000.
A 4,768 sq ft penthouse at The Laurels changed hands for $9 million ($1,887 psf) on Feb 21, with the seller incurring a loss of about $790,000 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Laurels is a freehold condo on Cairnhill Road in District 9. Completed in 2013, it has 229 units spread across two blocks, each spanning 19 storeys. Units include one-bedders from 549 sq ft, two-bedders of 883 sq ft, two-bedroom-plus-study units from 1,001 sq ft, three-bedders from 1,281 sq ft, and four-bedders from 1,819 sq ft. There are also four penthouses of 4,768 sq ft. The condo is located just off Orchard Road, close to malls including The Heeren, Paragon and Ngee Ann City
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