Penthouse at Hazel Park sold for $1.67 mil profit

By Lin Zhiqin
/ EdgeProp |
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A 2,734 sq ft penthouse at Hazel Park Condominium changed hands for $2.8 million ($1,024 psf) on March 23. The previous owner reaped a $1.67 million (148%) profit, having paid $1.13 million ($413 psf) for it 15 years ago. The profit is 6% a year.
The transaction at the 999-year leasehold condo that was completed in 2000 was the most profitable deal for private non-landed residences sold in the week of March 20 to 27, according to URA caveat data as at April 3. It also marks the highest profit on record at the 696-unit Hazel Park Condo, which comprises three five-storey blocks and three 19-storey blocks.
All three transactions at Hazel Park Condo that fetched more than a million in profit were of penthouses
Only three units at Hazel Park Condo have fetched profits of more than a million, according to caveats lodged. All three are penthouses located on the 19th floor of the same block. The sale of another 2,734 sq ft penthouse for $2.6 million ($951 psf) in December 2012 fetched the second-highest profit of $1.56 million (150%). It was purchased for $1.04 million ($380 psf) in March 2006 and the previous owner enjoyed a 15% annualised gain.
A larger, 2,874 sq ft penthouse was bought at $1.2 million ($418 psf) in November 2002 and sold for nearly double that price in August 2015. The seller walked away with a $1.16 million (97%) profit.
Hazel Park Condo is located in District 23, close to Bukit Panjang Primary School and within walking distance of the Cashew MRT station on the Downtown Line.
At the freehold Clydesview in District 3, a 2,411 sq ft unit fetched a $1.63 million (130%) profit on March 20. It was the second-most profitable deal in the week of March 20 to 27 and the highest profit achieved at the condo. The previous owner paid $1.25 million ($518 psf) for the unit in September 2005 and sold it for $2.88 million ($1.194 psf).
Profits averaged $631,875, or 46%, across the eight profitable transactions done at Clydesview since 2010
Completed in 1991, Clydesview has just 32 units. Last December, a 2,131 sq ft unit fetched the second-highest profit on record at the condo when it changed hands for $2.75 million ($1,290 psf). Having acquired it at $1.18 million ($554 psf) in September 2005, the previous owner enjoyed a $1.57 million (133%) profit.
According to caveats lodged, there have been no unprofitable transactions at Clydesview since 2010 and profits average $631,875 (46%) across the eight profitable transactions. The most recent unprofitable transaction was in June 2009, when the seller of a 2,110 sq ft unit incurred a $550,000 (20%) loss. He paid $2.7 million ($1,280 psf) for it in July 2007 and sold it for $2.15 million ($1,019 psf) less than two years later. Clydesview is located in the vicinity of the Redhill MRT station and adjacent to Crescent Girls’ School.
Source: URA, EdgeProp

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