Large condo units sold for million-dollar profits

By
/ The Edge Property
|
June 18, 2017 8:00 AM SGT
There were four condominium transactions in the week of May 30 to June 6 that saw the sellers making profits of more than $1 million. Three of the transactions were for large units of more than 2,000 sq ft.
The most profitable transaction of the week was the sale of a 2,260 sq ft, three-bedroom unit at Four Seasons Park in prime District 10. The seller made a $1.2 million profit on June 1. He purchased the unit for $3.55 million ($1,570 psf) in April 2009 and sold it for $4.75 million ($2,102 psf), translating into a profit of 34%, or 4% annualised over eight years.
The most profitable transaction of the week was the sale of a 2,260 sq ft unit at Four Seasons Park. Find the most affordable listing in the project here
Based on URA caveat data, the unit changed hands at a $250,000 profit in April 2009. The previous seller purchased it for $3.3 million ($1,460 psf) in April 2006. The freehold Four Seasons Park comprises 202 units in three 26-storey blocks sitting on a land area of 299,775 sq ft. It is located across Orchard Boulevard from Four Seasons Hotel. Four Seasons Park was developed by listed property group Hotel Properties, controlled by Singaporean tycoon Ong Beng Seng. It was launched in the early 1990s and completed in 1994.
Also on June 1, a 2,024 sq ft unit at Thomson View Condominium was sold for a $1.17 million profit. The previous owner purchased the unit for $540,000 ($267 psf) in June 2003 and sold it for $1.71 million ($845 psf). He recognised a 217% profit, or a 9% annualised profit over a 14- year holding period.
Based on URA caveat data, the unit changed hands at a $348,000 loss in June 2003. The previous owner purchased it for $888,000 ($439 psf) in May 1995. The sale reflects a 39% loss, or 6% a year over eight years.
There have been no unprofitable transactions at Thomson View Condominium since October 2008. Find out more about the project here