Four-bedder at Leonie Gardens sold for $2.4 mil profit
/ EdgeProp Singapore |
The sale of a four-bedroom unit at Leonie Gardens was the most profitable condo resale transaction recorded during the week of Feb 27 to March 5. The 2,540 sq ft unit on the 13th floor changed hands for $4.61 million ($1,814 psf) on Feb 28. It was purchased by the seller in October 2006 for $2.2 million ($866 psf). Thus, they raked in a profit of $2.41 million or 109% after owning the apartment for nearly 17½ years.
This is the fourth most profitable resale transaction to have taken place at Leonie Gardens, based on caveats lodged. The most profitable deal at the condo was the sale of a penthouse measuring 4,295 sq ft for $9.5 million ($2,212 psf) in July 2021. The seller, who bought the unit in April 2007 for $5.6 million ($1,304 psf), reaped a profit of $3.9 million.
The 2,540 sq ft unit at Leonie Gardens changed hands for $4.61 million ($1,814 psf) on Feb 28 (Picture: Samuel Isaac Chua/The Edge Singapore)
Leonie Gardens is a 99-year leasehold condo comprising 138 units that was completed in 1993. Located on Leonie Hill, it is close to the Orchard Road shopping belt. Units include three- to five-bedders of between 1,733 and 3,348 sq ft. There are also two penthouses of 4,295 and 4,306 sq ft respectively.
Owners at Leonie Gardens made a collective sale attempt in May 2018 at a reserve price of $800 million, with the tender closing without any bids. It was relaunched for sale in December 2018 at the same reserve price but did not find a buyer.
The second most profitable condo resale transaction took place at Gardenville. A 2,583 sq ft, three-bedroom unit on the 10th floor fetched $4.98 million ($1,928 psf) on March 5. The seller — who acquired the unit from the developer in March 1999 for $2.9 million ($1,117 psf) — netted a gain of $2.1 million (72%) across a holding period of 25 years.
This is the most profitable transaction that has occurred at Gardenville to date. It beats the previous record gain of $1.62 million from the sale of a 1,808 sq ft unit for $3.7 million ($2,046 psf) in February 2008. The seller had purchased the unit in May 2005 for $2.08 million ($1,150 psf).
The seller of a 2,583 sq ft unit at Gardenville made a gain of $2.1 million when it fetched $4.98 million ($1,928 psf) on March 5 (Picture: Far East Organization website)
Gardenville is a freehold condo on Walshe Road, off Stevens Road in prime District 10. Built in 1999, it consists of a wide block with 56 residences. Typical units comprise three-bedroom apartments of between 1,335 and 1,916 sq ft. There are also three- to five-bedroom duplex penthouses of 2,583 to 4,790 sq ft.
On the other hand, the least profitable condo resale transaction during the week in review took place at Lumiere. A 678 sq ft, one-bedroom unit on the 33rd floor was sold for $1.15 million ($1,696 psf) on March 1. It was acquired by the seller in September 2012 for $1.41 million ($2,080 psf). Hence, they made a loss of about $260,000 (18%) on the transaction.
A 678 sq ft unit at Lumiere was sold for $1.15 million ($1,696 psf) on March 1, with the seller making a loss of about $260,000 (Picture: Samuel Isaac Chua/The Edge Singapore)
Lumiere is a 168-unit condo on Mistri Road, located between Anson Road and Shenton Way in the CBD. Completed in 2010, it has a 99-year leasehold tenure. Units comprise a mix of studios and one-bedders of between 484 and 678 sq ft; and two-bedders from 915 to 1,184 sq ft. There are also two 3-bedroom duplexes of 2,326 and 2,551 sq ft, as well as a five-bedroom duplex penthouse of 5,091 sq ft.
The condo has seen two other resale transactions this year, based on caveats lodged. On Feb 8, a 635 sq ft unit fetched $1.11 million ($1,748 psf), with the seller netting a gain of about $18,000, having purchased the unit in February 2010 for $1.09 million ($1,720 psf). Prior to that, a 678 sq ft unit was sold for $1.07 million ($1,570 psf) on Jan 30. The seller, who bought the unit in December 2007 for $1.1 million ($1,615 psf), made a loss of $30,000 on the deal.
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