Four-bedroom unit at Costa Rhu reaps $2.14 mil profit

By Valerie Kor / EdgeProp Singapore | April 30, 2021 6:00 AM SGT
Gains and Losses - EDGEPROP SINGAPORE
SINGAPORE (EDGEPROP) - A four-bedroom unit at Costa Rhu in District 15 changed hands for $3.15 million ($1,421 psf) on April 14, netting its seller the highest profit during the week of April 13 to 20. The 2,217 sq ft unit on the third floor was bought in September 1998 for $1.01 million ($458 psf). The seller earned a 210% profit of $2.14 million, which is annualised at 5.1% over 22½ years.
Costa Rhu is a 99-year leasehold development by Amcol Gardens. It was completed in 1998 and comprises 737 units spread over four 17-storey buildings. The waterfront project will be within minutes by foot to the upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line.
The sale is the second most profitable transaction at the development. The most profitable deal is for a 4,209 sq ft unit that was sold in February 2018 for $5.45 million ($1,295 psf), after having been bought for $2.3 million ($546 psf) in March 2005. The seller earned a $3.15 million profit, which is annualised at 6.9% over 13 years.
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BLD-COSTA-RHU - EDGEPROP SINGAPORE
The unit at Costa Rhu was sold for $3.15 million ($1,421 psf) on April 14 (Photo: The Edge Singapore)
The second highest gain of the week occurred at The Wharf Residence, where a 4,639 sq ft, four-bedroom unit was sold for $7.82 million ($1,685 psf) on April 14. It was bought in November 2010 for $5.92 million ($1,277 psf). The seller made a 32% profit of $1.89 million, translating to an annualised profit of 2.7% over 10½ years.
The Wharf Residence is a 999-year leasehold condominium comprising 186 units in a 23-storey building. Developed by CapitaLand, the District 9 project is a nine-minute walk to Fort Canning MRT Station on the Downtown Line. It is also near Robertson Walk shopping mall, as well as cafes, bars and restaurants at Robertson Quay.
The sale of the four-bedroom unit is the second most profitable one at the project. The most profitable transaction was for a 4,618 sq ft unit that was bought in February 2010 for $5.17 million ($1,120 psf) and sold in January 2013 for $8 million ($1,732 psf). The seller therefore gained a profit of $2.83 million, which is annualised at 16.1% over three years.
Gains and losses - EDGEPROP SINGAPORE
The third most profitable deal of the week was the sale of a 2,110 sq ft unit at Ocean Park in District 15. The three-bedroom unit on the 12th floor was sold on April 17 for $3.2 million ($1,517 psf), 25½ years after it was bought for $1.49 million ($708 psf) in September 1995. The 114% profit of $1.71 million is annualised at 3%.
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The sale is the fifth most profitable deal at the development. The most profitable transaction at Ocean Park was the sale of a 3,897 sq ft unit in March 2011 for $4.3 million ($1,104 psf). As the seller bought the unit in May 2005 for $1.7 million ($434 psf), the profit was $2.6 million, which is annualised at 17.3% over almost six years.
Ocean Park is a freehold development by Primelands. Completed in 1983, the 30-storey building has 304 units. It is surrounded by a plethora of schools such as CHIJ Katong Convent, Tao Nan School, Ngee Ann Primary School and Victoria Junior College.
Orchard Scotts - EDGEPROP SINGAPORE
The most unprofitable deal of the week was the sale of a 2,228 sq ft unit at Orchard Scotts for $3.43 million (Photo: Samuel Isaac Chua/The Edge Singapore)
The most unprofitable deal of the week was the sale of a 2,228 sq ft, four-bedroom unit at Orchard Scotts in District 9. Previously bought for $4.6 million ($2,064 psf), the ninth-floor unit was sold for $3.43 million ($1,539 psf) on April 19, incurring a 25% loss of $1.17 million, or an annualised loss of 2.9% over close to a decade.
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There have been 32 unprofitable and 18 profitable transactions at Orchard Scotts. The most unprofitable deal at the development is the sale of a 2,336 sq ft unit in February 2017 at $3.68 million ($1,575 psf). It was bought in October 2013 for $8.46 million ($3,620 psf), which meant that the seller incurred a $4.78 million loss that is annualised at 22.1% over close to 3½ years.