Lutheran Towers unit rakes in $1.23 mil profit

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August 19, 2018 1:45 PM SGT
The seller of the unit at Lutheran Towers reaped the highest gain in resales over the first week of August (Credit: Albert Chua/The Edge Singapore)
The seller of a unit at Lutheran Towers off Farrer Road, in District 10, made the top gain of $1.23 million over the week of July 31 to Aug 7.
The 1,916 sq ft, four-bedroom unit on the 14th floor was purchased in March 2002 for $597,000 ($312 psf), and sold for $1.83 million ($955 psf) on Aug 3. The seller reaped a 207% profit, or an annualised profit of 7% over a holding period of 16.4 years. The profit is also the highest fetched among all resales in the development, which is a six-minute walk from the Botanic Gardens MRT station.
The second-highest profit reaped at Lutheran Towers was from the resale of a similar- sized unit on the 11th floor. The seller purchased the unit for $1.05 million ($548 psf) in April 2008 and sold it for $1.685 million ($879 psf) in November 2017. The seller walked away with a 60% profit of $635,000, or an annualised profit of 5% over 9.6 years. This is the third time the property has changed hands, according to caveats lodged with URA Realis. The first resale resulted in a $262,100 loss for its owner.
Meanwhile, the second top gain over the week in review was from the resale of a 2,260 sq ft, three-bedroom unit at Regency Park. The seller bought the fourth-floor unit for $3.38 million ($1,495 psf) in June 2011 and sold it for $4.48 million ($1,982 psf) on Aug 6. He reaped a 33% profit of $1.1 million, or an annualised profit of 4% over 7.1 years. Regency Park is off Grange Road in District 10, and is a four-minute drive from ION Orchard.
The resale of the Regency Park unit marks the second time it has changed hands. The previous owner had purchased the unit in June 1998 for $1.92 million ($849 psf). After selling it for $3.38 million ($1,495 psf), he made a 76% profit of $1.46 million over 13.1 years, yielding an annualised profit of 4%.
A resale at Trellis Towers in Toa Payoh, District 12, raked in the third-highest profit for the week. The...