Profit of $2.5 mil at Astrid Meadows

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/ The Edge Property
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March 26, 2017 8:00 AM SGT
On March 9, a 2,583 sq ft unit at Astrid Meadows in prime District 10 was sold at a $2.5 million profit. The seller bought the unit at $1.8 million, or $706 psf, in October 1998 and sold it at $4.3 million, or $1,657 psf. The profit works out to 135%, or 5% a year, over a holding period of 18 years.
There were four rental contracts for units ranging from 2,500 to 2,600 sq ft at Astrid Meadows in 2H2016, with monthly rents averaging $9,550. This implies a 3% gross rental yield for the recently transacted unit.
Based on the matching of URA caveat data, four units at Astrid Meadows were sold at profits ranging from $498,000 to $1.6 million last year, while one unit was sold at a $135,000 loss. The seller who incurred the loss bought the unit at $3.4 million, or $1,653 psf, in February 2011 and sold it at $3.2 million, or $1,587 psf, in September 2016. Astrid Meadows is a freehold condominium with 208 units. It was completed in 1990.
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Four units at Astrid Meadows were sold at profits ranging from $498,000 to $1.6 million last year. Find the most affordable listing in the project here
A 2,766 sq ft unit at Peach Garden in District 15 fetched the second-biggest profit of $1.7 million, for private non-landed houses sold in the week of March 7 to 14. The seller bought the unit at $1.4 million, or $506 psf, in 1995 and sold it at $3.1 million, or $1,124 psf, on March 7. The profit works out to 122%, or 4% a year, over a holding period of 22 years.
There were three rental contracts for units ranging from 2,700 to 2,800 sq ft at Peach Garden in 2H2016, with monthly rents averaging $5,433. This implies a 2% gross rental yield for the recently transacted unit.
Based on the matching of URA caveat data, there have been 17 profitable transactions and no unprofitable transaction at Peach Garden since 2006. The freehold Peach Garden was completed in 1975. It is located within walking distance of the upcoming Tanjong Katong MRT station and comprises 72 apartment units.
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There have been 119 profitable transactions at Costa Rhu since 2012. Find the most affordable listing in the project here
At Costa Rhu, also located in District 15, a 1,776 sq ft unit fetched the third-biggest profit, of $1.3 million, for the week. The seller bought the unit at $838,000, or $472 psf, in November 2005 and sold it at $2.1 million, or $1,194 psf, on March 14. The profit works out to 153%, or 9% a year, over a holding period of 11 years.
There were 12 rental contracts for units ranging from 1,700 to 1,800 sq ft at Costa Rhu in 2H20116, with monthly rents averaging $5,175. This implies a 3% gross rental yield for the recently transacted unit.
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Based on the matching of URA caveat data, there have been 119 profitable transactions and two unprofitable transactions at Costa Rhu since 2012. The unprofitable transactions were for two units that were bought at $1,166 and $1,274 psf in 2011 and sold at the same price in March 2016 and February this year. Costa Rhu is a 99-year leasehold condo with 737 units. It was completed in 1997.
Separately, the seller of a 1,604 sq ft unit at The Fernhill in prime District 10 incurred a $1.05 million loss on March 13. The seller bought the unit at $3.6 million, or $2,265 psf, in June 2007 and sold it at $2.6 million, or $1,609 psf. The loss works out to 29%, or 3% a year, over a holding period of 10 years.
Based on the matching of URA caveat data, the same unit was flipped for a $1.4 million profit in June 2007. The previous seller bought the unit from the developer at $2.3 million, or $1,410 psf, in January and sold it in a sub-sale for $3.6 million, or $2,265 psf, in June.
There was one rental contract for units ranging from 1,600 to 1,700 sq ft at The Fernhill in 2H2016, with a monthly rent of $5,000. Completed in 2009, The Fernhill is a freehold development with 25 apartment units. It is within walking distance of the upcoming Stevens MRT station.
This article appeared in The Edge Property Pullout, Issue 772 (Mar 27, 2017) of The Edge