Four-bedroom penthouse at Boulevard 88 reaps $2.9 mil profit

By Hailey Yu
/ Edgeprop Singapore |
Top Gains and Losses from April 26 to May 3
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SINGAPORE (EDGEPROP) - The most profitable resale deal in the week of May 3 to 10 was that of a 2,766 sq ft, freehold four-bedroom penthouse at Boulevard 88. It changed hands for $13.4 million ($4,836 psf) on May 4. The 27th-floor apartment was initially purchased in March 2019 for $10.5 million ($3,788 psf). The seller thus reaped a profit of $2.9 million (27%), which translates to an annualised profit of 8% over three years.
Expected to obtain temporary occupation permit (TOP) in late 2022, the 154-unit freehold condominium is located along Orchard Boulevard and Cuscaden in prime District 10. It is developed jointly by City Developments, Hong Leong Holdings and Lea Investments. Boulevard 88 sits on top of the Singapore Edition Hotel, and the twin tower development is designed by world-acclaimed architect Moshe Safdie, who also designed the Marina Bay Sands.
The prime District 10 project is a redevelopment of the former Boulevard Hotel located next to Four Seasons Hotel along the prestigious Orchard Boulevard. The project is near Tanglin Road and Orchard Road, which is undergoing a rejuvenation, with new luxury hotels, as well as upscale shopping malls such as Paragon and Ngee Ann City, located nearby. Camden Medical Centre and Mount Elizabeth Hospital and Medical Centre are also in proximity.
The most profitable deal at Boulevard 88 took place in January this year when a 2,777 sq ft apartment changed hands for $12.5 million ($4,501 psf). It was previously purchased for $9.4 million ($3,378 psf) in June 2019. The deal reaped a profit of $3.1 million (33%), translating to an annualised gain of 11.7% over nearly three years.
The second most-profitable deal of the week occurred at Ardmore Park, a 330-unit, freehold condominium at the posh Ardmore Park enclave off Claymore Road, also in District 10. Completed in 2001 and developed by Wharf Estates Singapore (former Wheelock Properties), it continues to set the benchmark for luxury properties in the neighbourhood. Ardmore Park is just a short walk from Orchard Road, and is also conveniently located near The American Club and The Tanglin Club.
A 26th-floor, four-bedroom apartment at Ardmore Park reaped a profit of $2.7 million (29%) (Credit: Samuel Issac Chua / The Edge Singapore)
The latest transaction at Ardmore Park was the sale of a 2,885 sq ft, four-bedroom unit for $12.2 million ($4,240 psf) on May 5. The 26th-floor unit was previously purchased for $9.5 million ($3,293 psf) in April 2019. The seller therefore made a capital gain of $2.7 million (29%), equivalent to an annualised profit of 8.7% over three years.
The most profitable deal at Ardmore Park took place in April 2020: it was the sale of one of the 8,740 sq ft, duplex penthouses for $27.6 million ($3,163 psf). The unit had been purchased for $16 million ($1,831 psf) in January 1998, based on URA caveats. Hence, the seller recognised a capital gain of $11.7 million (73%), or the equivalent of 2.5% annualised over more than 22 years.
On the other hand, the most unprofitable deal for the week in review was the sale of a 3,541 sq ft, four-bedder at Caribbean at Keppel Bay. The fifth-floor unit was sold for $4.6 million ($1,299 psf) on May 4. It had previously changed hands for $5.2 million ($1,480 psf) in May 2007. This translates to a loss of about $640,000 (12%) over a 15-year holding period.
Caribbean at Keppel Bay - EDGEPROP SINGAPORE
A 3,541 sq ft, four-bedder at Caribbean at Keppel Bay clocked a loss of about $640,000 (12%) (Credit: Samuel Issac Chua / The Edge Singapore)
The 969-unit Caribbean at Keppel Bay is a 99-year leasehold development completed in 2004. It was the first of three residential projects by Keppel Land on the site of the former Keppel Shipyard. The other two projects are the 1,129-unit Reflections at Keppel Bay (TOP in 2011) and the 366-unit Corals at Keppel Bay (TOP in 2016), both designed by world-renowned architect Daniel Libeskind.

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