Penthouse at The Stellar sees $1.38 mil profit

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/ EdgeProp
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January 14, 2019 7:00 AM SGT
Two of the top three deals closed over the period of Dec 21 to 30 last year came from condominiums located outside the prime districts. The most profitable deal was the sale of a penthouse unit at The Stellar, a freehold condo on West Coast Road in District 5.
The 2,271 sq ft unit on the fifth floor changed hands for $2.48 million ($1,092 psf) on Dec 27. The seller had bought the unit for $1.095 million ($482 psf) in 2006. This translates into a $1.38 million (126%) profit over a holding period of almost 13 years, or an annualised profit of 7%. The sale is also the most profitable transaction to date at the 162-unit development.
The seller of the penthouse unit at The Stellar made a 126% profit on Dec 27 (Pictures: Samuel Isaac Chua/The Edge Singapore)
So far, just two out of the 123 resale transactions at The Stellar were not profitable, and profits have ranged from $8,000 to $1.38 million, based on the matching of URA caveats. The second most profitable deal at The Stellar occurred in 2011, when a 1,733 sq ft unit on the ground floor was sold for $2 million ($1,154 psf). The seller walked away with a $1.07 million (114%) profit, having purchased it for $934,000 ($539 psf) in 2006.
The second most profitable deal during the period in review was the sale of a 1,281 sq ft, three-bedroom unit at Tiara in prime District 9 on Dec 21. The 264-unit, freehold development located on Kim Seng Walk was completed in 1995.
The unit fetched $2.6 million ($2,036 psf) and had been bought for $1.42 million ($1,109 psf) in 2006. The transaction made the seller a $1.19 million (84%) profit, or an annualised profit of 5% over 12 years.
Meanwhile, in District 3, the sale of a unit at The Metropolitan Condominium on Alexandra View was the third most profitable deal during the period in review. The 1,787 sq ft unit fetched $2.55 million ($1,427 psf) on Dec 27 last year. The four-bedroom unit on the 38th floor had been bought for $1.43 million ($798 psf) in December 2006. The seller made a $1.12 million (79%) profit over 12 years, or an annualised profit...