Resale at The Metropolitan reaps $1.06 mil profit

By
/ EdgeProp Singapore
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October 28, 2018 8:00 AM SGT
The seller of a unit at The Metropolitan Condominium on Alexandra Road in District 3 made the top gain of $1.06 million over the week of Oct 9 to 16. The 1,399 sq ft, three-bedroom unit on the 39th floor was purchased for $1.086 million ($776 psf) in November 2006 when it was newly launched for sale, and was sold for $2.15 million ($1,536 psf) on Oct 12.
The 99-year leasehold The Metropolitan is located in District 3 (Credit: Samuel Isaac Chua/ The Edge Singapore)
The seller raked in a 98% profit, or an annualised profit of 6% over a holding period of 11.9 years. This sale marks the first time the unit has changed hands, according to caveats lodged. Including this latest transaction, there have been 20 transactions at The Metropolitan this year, all of which have been profitable. The profits range from $80,000 to $1.22 million.
The all-time highest resale profit at the development was made by the seller of a 3,412 sq ft, four-bedroom penthouse. It was bought for $2.62 million ($767 psf) in November 2006 and sold for $3.95 million ($1,158 psf) in October 2012, netting the seller a 51% profit of $1.33 million over 5.9 years.
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Completed in 2009, The Metropolitan, a 99-year leasehold condo, was jointly developed by CapitaLand and Lippo Group International. It has a total of 382 units located in two 45-storey high towers. The unit sizes range from 721 sq ft for a two-bedroom apartment to 3,412 sq ft for a penthouse.
Meanwhile, the second-highest gain — a profit of $1.05 million, or 146% — made during the week in review was at Thomson Plaza, along Marigold Drive on Upper Thomson Road in District 20.
The 2,690 sq ft, four-bedroom apartment, purchased for $720,000 ($243 psf) in December 2006, was sold for $1.77 million ($598 psf) on Oct 17. This means the seller made an annualised profit of 8% over 11.8 years. This was also the third-highest profit ever seen at Thomson Plaza. The all-time highest resale profit at the development was made by the seller of a 3,240 sq ft, five-bedroom apartment. It was bought for $668,000 ($206 psf) in April 2004 and sold for $1.88 million ($580 psf) in October 2014, netting the seller a 181% profit of $1.21 million over 10½ years.
The latest resale transaction is the first at the development this year. There have been eight profitable and three non-profitable transactions at Thomson Plaza since 2001, with profits ranging from $100,000 to $1.21 million and losses varying slightly from $79,000 to $80,000.
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Thomson Plaza is an integrated development with only 20 apartments. The Thomson Plaza mall has 180 tenants. A 99-year leasehold development completed in 1979, Thomson Plaza was developed by DBS Land, which was merged with Pidemco Land to form CapitaLand in 2000.
The sale of a unit at 2 RVG, on River Valley Grove in prime District 9, was the third most profitable transaction over the week in review, raking in a profit of $982,000, or 120%. The two-bedroom unit on the 16th floor, which is a one-minute drive from Great World City, was bought for $818,000 ($884 psf) in September 2005 and sold for $1.8 million ($1,944 psf) on Oct 11. The seller made an annualised profit of 6% over a holding period of 13.1 years.
On the other hand, the greatest loss incurred over the week in review was from the resale of a 1,399 sq ft, four-bedroom unit at the 99- year leasehold Foresque Residences in District 23. Purchased in April 2014 for $1.8 million ($1,286 psf), the property was sold on Oct 11 for $1.58 million ($1,129 psf). The seller sustained a 12% loss of $220,000, or an annualised loss of 3% over a holding period of 4½ years. The condo, on Petir Road, is a three-minute drive from Bukit Panjang Plaza and a five-minute drive from The Rail Mall.
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A 1,399 sq ft unit at Foresque Residences was sold at a $220,000 loss on Oct 11 (Credit: Samuel Isaac Chua/ The Edge Singapore)