Resale at Sommerville Park reaps $2 mil profit

SINGAPORE (EDGEPROP) - The seller of a unit at Sommerville Park, along Farrer Drive, made the top gain of $2 million over the week of Sept 1 to 8. The 2,680 sq ft unit on the first floor was bought for $2 million ($746 psf) in April 1995 and sold for $4 million ($1,492 psf) on Sept 4. The seller therefore made a 100% profit, or an annualised profit of 3% over 25 years.

Located in District 10, Sommerville Park was completed in 1990. The freehold development comprises 456 units and is a nine-minute walk to Farrer Road MRT Station on the Circle Line.

The second top gain made over the week — a 172% profit of $1.84 million — was at Pinewood Gardens, along Balmoral Park. The 1,625 sq ft unit on the third floor was purchased for $1.07 million ($655 psf) in September 2004 and sold for $2.9 million ($1,784 psf) on Sept 3. This means that the seller made an annualised profit of 6% over 16 years.

Pinewood Gardens, in District 10, comprises 149 freehold units. It was completed in 1990.

A unit sold at Fernwood Towers, along Fernwood Terrace in District 15, made the third largest gain over the week, netting a 132% profit of $1.07 million for the seller. The 1,636 sq ft unit on the seventh floor was bought in December 2006 for $810,000 ($495 psf), and sold for $1.88 million ($1,149 psf) on Sept 4. The seller therefore made an annualised profit of 6% over almost 14 years.

Fernwood Towers comprises 215 freehold units. Completed in 1994, it is 11 minutes by foot to the upcoming Siglap MRT Station on the Thomson-East Coast Line, which is slated for completion in 2023.

On the other hand, the greatest loss incurred over the week in review was from the resale of a 2,174 sq ft unit at Reflections at Keppel Bay in District 4. Having sold the property for $3.5 million ($1,610 psf) on Sept 2, the seller suffered a 28% loss of $1.35 million. The unit was purchased in May 2007 for $4.85 million ($2,228 psf). Over a holding period of 13 years, this translates into an annualised loss of 2%.

Reflections at Keppel Bay, along Keppel Bay View, comprises 1,129 units on a 99-year leasehold. Completed in 2011, it is an 11-minute walk to Telok Blangah MRT Station on the Circle Line.