Leonie Towers unit sold at $3.1 mil profit

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/ EdgeProp
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September 17, 2018 8:00 AM SGT
A 3,251 sq ft, four-bedroom unit on the 18th floor of Leonie Towers, located in prime District 9, posted the highest gain of $3.1 million (132%) for the week of Aug 28 to Sept 4, according to URA caveats.
The unit changed hands for $5.45 million ($1,677 psf) on Aug 29. The seller bought it in August 2005 for $2.35 million ($723 psf). This translates into an annualised profit of 7% over a 13.1-year holding period.
The freehold, 92-unit Leonie Towers is located in prime District 9 (Credit: Samuel Isaac Chua/ The Edge Singapore)
This is the first transaction at Leonie Towers this year and the third-highest profitable sale to date. The previous transaction at the development was in April last year, when a 2,960 sq ft, four-bedroom unit on the 10th floor was sold for $4.05 million ($1,368 psf).
The all-time-high profit at Leonie Towers was from the resale of a 6,243 sq ft, four-bedroom penthouse on the 24th floor, according to caveats lodged. The penthouse was purchased for $5.1 million ($817 psf) in April 2006 and sold for $9.8 million ($1,570 psf) in July 2007. This translated into a profit of $4.7 million, or an annualised profit of 69% over 1.2 years.
There have been 23 profitable and three non-profitable deals at Leonie Towers since 1996, with profits ranging from $100,000 to $4.7 million and losses ranging from $198,000 to $1.02 million.
The 92-unit freehold Leonie Towers was developed by Hock Seng Enterprises. It comprises four-bedroom units of between 2,906 sq ft and 3,251 The freehold, 92-unit Leonie Towers is located in prime District 9 sq ft each, and penthouses of 6,243 sq ft to 6,545 sq ft each.
Meanwhile, the second-highest gain — a profit of $1.15 million — for the week in review was achieved at 28 Shelford, in District 11. The seller bought the 1,184 sq ft, three-bedroom unit on the ground floor for $730,000 ($617 psf) in August 2003, and sold it for $1.88 million ($1,588 psf) on Aug 29. This translates into a gain of 158%. Over a holding period of 15.1 years, the seller made a 6% annualised profit.
This is the third time the unit has changed hands, according...