Pebble Bay resale unit reaps $2.9 mil profit
By Charlene Chin
/ EdgeProp |
A unit sold on March 27 at Pebble Bay, on Tanjong Rhu Road in District 15, made the top gain of $2.85 million in the week of March 26 to April 2. The 2,809 sq ft, four-bedroom unit on the third floor was purchased for $2.26 million ($804 psf) in March 1995, and sold for $5.1 million ($1,815 psf). The seller reaped a 127% profit, or an annualised profit of 3% over 24 years.
Pebble Bay is a 510-unit condominium developed by CapitaLand. It is a 10-minute walk to Stadium MRT Station on the Circle Line. The upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line, which is slated for completion in 2023, will be right next to the condo.
The second top gain made over the week – a 162% profit of $2.04 million – was at Allsworth Park, along Holland Road in District 10. The 1,959 sq ft, three-bedroom unit on the eighth floor was bought for $1.26 million ($643 psf) in April 2001, and sold for $3.3 million ($1,684 psf) on March 28. This means that the seller made an annualised profit of 5% over 18 years.
Completed in 1985, Allsworth Park is a 999-year leasehold condo, comprising 156 units. The nearest MRT station is Dover on the East-West Line at 3.1km away. It is within close vicinity to educational institutions such as Nexus International School and Henry Park Primary School, which are about 12 minutes away by foot.
A unit sold at Casa Esperanza, on Bukit Timah Road in District 21, was the third most profitable transaction over the week, raking in a 108% profit of $1.66 million for the seller. The 2,164 sq ft, three-bedroom unit on the 10th floor was purchased in June 1999 for $1.54 million ($710 psf), and sold for $3.2 million ($1,479 psf) on March 27. The seller thus made an annualised profit of 4% over 20 years.
Casa Esperanza is a boutique freehold condo, comprising 90 units in two 10-storey blocks. It was developed by NT One Development, and completed in 1992. King Albert Park MRT Station on the Downtown Line is two minutes away by foot. The units at the development are larger than those at its newer counterparts: two-bedroom units range between 1,152 and 1,378 sq ft, while the three-bedroom units are sized between 1,841 and 2,024 sq ft.
A 2,282 sq ft unit at Orchard Scotts was sold for $3.3 million, or at a loss of 27% for the seller (Credit: Samuel Isaac Chua The Edge Singapore)
Meanwhile the greatest loss incurred over the week was from the resale of a 2,282 sq ft unit at Orchard Scotts, off Scotts Road in District 9. Having sold the property for $3.3 million ($1,446 psf) on March 28, the seller sustained a 27% loss of $1.25 million. The unit was purchased in December 2010 for $4.55 million ($1,994 psf). Over a holding period of eight years, this translates into an annualised loss of 4%.
Orchard Scotts, a 99-year leasehold development, comprises 387 units across three towers. It was completed in 2008, and is built on the site of the former 196-unit HUDC Anthony Garden. The condo is an eight-minute walk to Newton MRT Station.
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