Glentrees resale unit rakes in $2.3 mil profit

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/ EdgeProp
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December 8, 2018 12:00 PM SGT
Over the week of Nov 20 to 27, the top gain was made by the seller of a unit at Glentrees, located on Mount Sinai Lane in District 10. The seller had reaped a profit after holding the property for the long term. The unit was purchased for $1.69 million ($461 psf) in 2004 when the project was first launched, and sold recently for $4 million ($1,090 psf), according to a caveat lodged on Nov 23. This is more than double the unit’s original purchase price 14 years ago, and translates into a capital appreciation of $2.3 million, making it the top deal of the week.
A resale unit at Glentrees made a profit of 136% when it was sold on Nov 23 (Credit: The Edge Singapore)
The unit is a 3,671 sq ft, four-bedroom duplex on the first level of the low-rise development, and comes with a private enclosed space overlooking greenery.
Developed by CapitaLand and completed in 2005, Glentrees is a 999-year leasehold project. It contains just 176 units housed in eight 5-storey blocks. The units have a landed housing feel, and range from apartments of 1,346 sq ft, to loft units with roof gardens of 2,691 sq ft and maisonettes or duplexes on the first level, sized from 2,809 to 3,671 sq ft.
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Glentrees is popular with families, given its proximity to Henry Park Primary School just next door. The project is located just a six-minute drive from Holland Village and a 10- to 15-minute drive from Orchard Road and the CBD.
Another seller who benefited from holding a property for the long term was the owner of a unit at Valley Park. The 728-unit, 999-year leasehold condominium is located on River Valley Road, and is also in prime District 10. It is conveniently located near shopping malls such as Valley Point and Great World City.
The seller of the unit at Valley Park purchased the 1,701 sq ft, three-bedroom unit on the 18th floor of one of the six 20-storey blocks for $1.35 million ($791 psf) in a resale back in 2003. The unit changed hands recently for $2.95 million ($1,735 psf), according to a caveat lodged on Nov 23. The seller saw a capital gain of $1.6 million.
A unit sold at Windy Heights, on Jalan Daud in District 14, was the third most profitable transaction during the week in review, raking in a 193% profit of $1.45 million for the seller. The 2,476 sq ft, four-bedroom unit on the ninth floor was bought for $750,000 ($303 psf) in January 2002 and sold for $2.2 million ($889 psf) on Nov 22, 2018. The seller made an annualised profit of 7% over 16.9 years.
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The freehold Windy Heights comprises 192 apartments, eight penthouses and two commercial units. The project is located in the Kembangan area. It was put up for collective sale in April this year with a reserve price of $806.2 million. It was relaunched for collective sale in August at a lower price tag of $750 million. The tender closed in early September and is now nearing the end of its 10-week private treaty phase.
Meanwhile, the owner of a 1,432 sq ft, three-bedroom unit at Aquarius By The Park fronting Bedok Reservoir Park incurred a slight loss in selling the property. The seller had purchased the unit in a resale in May 2012 for $1.26 million ($880 psf). The unit was sold recently for $1.178 million ($823 psf), according to a caveat lodged on Nov 26. A quarius By The Park is a 720-unit, 99-year leasehold project that was completed in 2000.
The seller of a unit at Aquarius By The Park sustained a 7% loss of $82,000 (Credit: Samuel Isaac Chua/The Edge Singapore)