Resale condo unit at Butterworth 8 scores $2.32 mil in profit
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A four-bedroom unit at Butterworth 8 — a condo in District 15 — was the star performer in profitable condo resale transactions for the week (May 26 to June 2).
On May 29, the 1,776 sq ft apartment on the 12th floor changed hands for $3.6 million ($2,027 psf). The owner, who had purchased the unit in February 2002 for $1.28 million ($721 psf), made a profit of $2.32 million (181%) or a 4.3% gain annualised over more than 24 years.
The $2.32 million gain from the sale of a four-bedder at Butterworth 8 tops the list of profitable resale condo transactions this week (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Caveats lodged show that this is the most profitable deal at Butterworth 8 to date, surpassing a previous record set in March.
That was when a 1,313 sq ft three-bedder was sold for $2.68 million. The unit, bought from the developer in February 2002 for around $919,000, yielded a profit of $1.76 million and an annualised gain of 4.5% over 24 years.
Tucked away on Butterworth Lane, near Tanjong Katong, Butterworth 8 is a freehold condo that was completed in 2004. It comprises 216 units across four blocks in two- to four-bedroom layouts spanning 1,023 to 1,970 sq ft.
Paya Lebar MRT Interchange (East-West and Circle lines) is a 12-minute walk away. Several schools, such as Tanjong Katong Girls’, Haig Girls’ and Chung Cheng High, are within 1km of the development.
Excluding the March and May 29 transactions, there were two other resale deals at Butterworth 8 this year. Those units changed hands at $2.58 million and $2.78 million, garnering profits of $800,000 and $1.28 million, respectively.
The runner-up in profitable condo resale deals was Shelford View. At the freehold condo in Bukit Timah, a 3,122 sq ft two-bedder on the fourth floor fetched $5.88 million ($1,884 psf) on May 28.
Its $3.88 million purchase price ($1,243 psf) translates to a $2 million profit (51.6%), or an annualised gain of 4% over 10½ years.
At the 20-unit Shelford View, a seller raked in $2 million in profit (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Still, that transaction falls short of a previous record set 13 years ago in 2013. That was when a 2,669 sq ft, two-bedroom apartment was sold for $3.8 million. The unit, purchased for $1.36 million in 2004, brought in a profit of $2.44 million.
Completed in 1983, Shelford View is a low-rise boutique development with just 20 units. These come in two- and three-bedroom configurations measuring from 2,669 to 5,134 sq ft.
Nearby are educational institutions such as Raffles Girls’ School, Hwa Chong Institution and National Junior College. Tan Kah Kee MRT Station on the Downtown Line is a 12-minute walk away, along with amenities at Coronation Plaza.
Incurring the steepest decline for the week was a four-bedder at Orchard Scotts. The 2,508 sq ft unit on the 15th floor was sold for $4.25 million on June 2.
Originally purchased in October 2010 for $6.65 million, the transaction resulted in a deficit of about $2.4 million (36.1%), or an annualised loss of 2.8% over almost 16 years.
Situated in prime District 9, Orchard Scotts is a 99-year leasehold condo that was completed in 2008. The 387 units housed in the three towers of the luxury condo come in two- to four-bedroom and penthouse layouts, ranging from 958 and 4,435 sq ft.
Newton MRT Station on the Downtown Line is five minutes away on foot, with Orchard Road just one stop away.
Orchard Scotts has seen two other resale deals this year, both of which were in the black. A 2,282 sq ft unit and a 936 sq ft unit were sold for $2.09 million and $4.04 million, netting profits of $190,000 and $1.15 million, respectively.
Based on lodged caveats, the biggest loss made at the development was in 2017. A 2,336 sq ft, three-bedroom unit, bought for $8.46 million in 2013, was sold for $3.68 million — translating to a loss of $4.78 million.
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