Four-bedder at Ritz-Carlton Residences reaps $3.5 mil profit
By Timothy Tay
/ EdgeProp Singapore |
The unit at the Ritz-Carlton Residences was sold for $15 million or $4,907 psf on Oct 15, marking the highest psf price for a resale unit there.
SINGAPORE (EDGEPROP) - The sale of a 3,057 sq ft, four-bedroom unit at the luxury Ritz-Carlton Residences was the most profitable resale transaction over the week of Oct 12 to 19. The 31st-floor unit was sold for $15 million ($4,907 psf) on Oct 15. The unit had been bought for $11.48 million ($3,755 psf) in January 2018. As a result, the owner earned a profit of $3.52 million (31%), which translates to an annualised profit of 7.3% over nearly four years.
Read also: The great price divide
The recent transaction marks the highest psf price achieved by a resale unit at the luxury condo. On Aug 13, another 3,057 sq ft, four-bedder on the 30th floor was sold for $14 million ($4,580 psf).
There have been six resale transactions at the Ritz-Carlton Residences so far this year. Another 3,057 sq ft unit was sold for $13.2 million ($4,318 psf) on Jan 14. However, no matching caveats were found for the other five transactions.
The unit at the Ritz-Carlton Residences was sold for $15 million or $4,907 psf on Oct 15, marking the highest psf price for a resale unit there. (Picture: Samuel Isaac Chua/The Edge Singapore)
The Ritz-Carlton Residences was developed by KOP Properties and the freehold project was completed in 2011. The Ritz-Carlton Hotel provides services to residents in the condo which include housekeeping, laundry, limousine, catering and event management.
The second top gain of the week was for a 2,874 sq ft unit at Four Seasons Park. The four-bedroom unit was sold for $8.8 million ($3,062 psf) on Oct 14, after it had been purchased for $5.5 million ($1,914 psf) in November 2006. Thus, the seller earned a profit of $3.3 million (60%), which translates to an annualised profit of 3.2% over close to 15 years.
This makes it the second most profitable resale transaction at the freehold condo so far this year. The top gain was from the sale of another 2,874 sq ft unit, for $9.5 million ($3,306 psf), on Sept 22. The unit had been bought for $5.56 million ($1,935 psf) in January 1997. As a result, the seller earned a profit of $3.94 million (70%), which translates to an annualised profit of 2.1% over 24 years. (Discover insightful data of any Singapore condominium with our condo directory)
Four Seasons Park is a luxury condo which was completed in 1994. The 202-unit development is on Cuscaden Walk in prime District 10. It is centrally located and is close to the Orchard Road shopping belt, the American Club and Tanglin Club.
On the other hand, the most unprofitable resale transaction during the week in review was that of a 2,153 sq ft, three-bedroom unit at The Orange Grove. The unit fetched $4.6 million ($2,137 psf) on Oct 13, after it had been bought for $4.92 million ($2,284 psf) in January 2011. Thus, the seller made a loss of about $316,500 (6%), or an annualised loss of 0.6% over almost 11 years.
The seller of a 2,153 sq ft, three-bedroom unit at The Orange Grove made a loss of about $316,500 on Oct 13. (Picture: The Edge Singapore)
There have been six resale transactions at The Orange Grove so far this year, and all of them have resulted in unprofitable deals for the sellers. Losses range from $305,600 to $2.9 million.
The most unprofitable resale transaction at the freehold condo was that of a 4,047 sq ft penthouse unit on the 12th floor. The unit was sold for $7.75 million ($1,915 psf) on April 6 this year, but had been bought for $11 million ($2,726 psf) in June 2011. Thus, the seller made a loss of $3.28 million (27%), or an annualised loss of 3.1% over 10 years.
The Orange Grove is a luxury condo at Orange Grove Road in prime District 10. The freehold condo was developed by Ho Bee Land and was completed in 2010. The 72-unit project consists of a 12-storey block with three- and four-bedroom units of 2,153 to 3,488 sq ft, as well as four penthouses of 3,972 to 4,047 sq ft.
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