Four-bedder at The Sovereign sold for $3 mil profit
By Nur Hikmah Md Ali
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The sale of a four-bedroom apartment at The Sovereign was the most profitable condo resale transaction recorded during the week of Nov 21 to 28. The 2,637 sq ft unit on the sixth floor was sold for $6.5 million ($2,465 psf) on Nov 23. It was purchased by the seller in October 2010 for $3.5 million ($1,327 psf). This means that the seller made a gross profit of $3 million or 86% upon selling the unit, which they had owned for slightly over 13 years.
This is the fourth most profitable resale transaction recorded at the condo, based on caveats lodged. The development saw its most profitable sale in March 2012 when a 3,305 sq ft two-bedder changed hands for $7 million ($2,118 psf). The seller, who had purchased the unit for $3.14 million ($950 psf) in August 2004, made a profit of $3.86 million.
The 2,637 sq ft unit at The Sovereign was sold $6.5 million ($2,465 psf) on Nov 23 (Photo: Samuel Isaac Chua/EdgeProp Singapore).
The Nov 23 sale is also the second transaction that the condo has seen this year. The other transaction occurred in October when a 2,637 sq ft apartment was sold for $5.8 million ($2,199 psf).
The Sovereign is a freehold condo on Meyer Road in Marine Parade (District 15). It was completed in 1993 and has 87 units. The condo is near Amber and Katong Park MRT Stations.
The second most profitable transaction during the week in review took place at The Shelford. On Nov 23, a 1,399 sq ft, three-bedroom unit was sold for $3.48 million ($2,487 psf). The seller had bought the unit in July 2002 for $1.16 million ($828 psf). This means that they netted a gain of $2.32 million or 200% over almost 21½ years.
A 1,399 sq ft unit at The Shelford changed hands for $3.48 million ($2,487 psf) on Nov 23, with the seller netting a gain of $2.32 million (Photo: Samuel Isaac Chua/EdgeProp Singapore).
The sale marks the fourth most profitable resale transaction at The Shelford. It beats the previous fourth record profit of $2.22 million netted from the resale of a 2,174 sq ft, four-bedroom apartment in July 2022 for $4.15 million ($1,909 psf). The seller had bought the unit for $1.93 million ($888 psf) in April 2009.
Located along Shelford Road in Bukit Timah, District 11, The Shelford is a freehold condo consisting of 215 units across seven low-rise blocks. It was completed in 2005 and houses a mix of one- to four-bedroom apartments of 732 to 2,411 sq ft. The condo is located near the Singapore Botanic Gardens, Serene Centre and Adam Road Food Centre.
Meanwhile, the most unprofitable condo resale transaction during the period in review was the sale of a 915 sq ft two-bedder at The Vermont on Cairnhill. The apartment was sold for $2.3 million ($2,514 psf) on Nov 23. The seller had acquired the 16th-floor unit in May 2012 for $2.5 million ($2,732 psf), which means a loss of $200,000 (8%). The seller had owned the unit for 11½ years.
A 915 sq ft apartment at The Vermont on Cairnhill was sold for $2.3 million ($2,514 psf) on Nov 23, with the seller netting a loss of $200,000 (Photo: The Edge Singapore).
This sale is the condo’s third transaction so far this year. In May, a 527 sq ft, one-bedroom unit changed hands for $1.39 million ($2,626 psf). In February, a 3,466 sq ft, five-bedroom unit at the condo was sold for $7.9 million ($2,279 psf).
The Vermont on Cairnhill is a freehold condo on Cairnhill Rise that was completed in 2013. The condo comprises 158 residential units with a mix of one- to five-bedroom apartments of 527 to 1,884 sq ft.
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