Resale three-bedder at Sommerville Park records $2.74 million profit
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The sale of a three-bedroom unit at Sommerville Park was the most profitable condo resale transaction over the week of Sept 16 to Sept 23. The 2,508 sq ft unit on the third floor fetched around $4.63 million ($1,845 psf) on Sept 16. The unit had been bought for about $1.89 million ($754 psf) in May 2006. As a result, the seller made a profit of $2.74 million (144.9%), translating to an annualised gain of 4.7% after holding the unit for over 13 years.
This marks the second most profitable condo resale transaction Somerville Park has seen to date. The largest profit ever made on a unit at the condo came from the sale of a 1,948 sq ft, three-bedroom unit for $3.95 million ($2,027 psf) in July 2024. The seller had purchased the unit for about $1.16 million ($595 psf), thus reaping a gain of $2.79 million, or an annualised gain of 6.9% after holding the unit for more than 18 years.
A three-bedroom unit at Sommerville Park was sold for $4.63 million on Sept 16, netting a gain of $2.74 million (Photo: EdgeProp Singapore)
Completed in 1985, Somerville Park is a freehold development on Farrer Drive. It comprises 396 condo units and 57 strata landed houses. Condo units span across four residential towers and offer one- to three-bedroom units, while the landed residences include a mix of townhouses and two-storey maisonettes.
Besides the Sept 16 transaction, the development has seen 12 other units change hands to date this year, 10 of which were profitable deals. The units, measuring between 463 sq ft and 1,959 sq ft, were transacted at gains of between $130,000 and $2.39 million.
Leedon Residence saw the second most profitable resale deal during the week, with the sale of a 2,669 sq ft, four-bedroom unit for $7.5 million ($2,810 psf) on Sept 17. Based on lodged caveats, the unit last changed hands in January 2016 for around $4.97 million ($1,862 psf). This means the seller netted a profit of $2.53 million (50.9%), reflecting an annualised profit of 4.3% over a holding period of almost 10 years.
The deal is the eighth most profitable resale transaction registered to date at the development. The record profit belongs to the sale of a 6,125 sq ft triplex penthouse for around $16 million ($2,612 psf) on March 26. The seller, who bought the unit in April 2017 for about $12 million ($1,959 psf), reaped a $4 million profit after holding the unit for almost eight years.
The 2,669 sq ft unit at Leedon Residence was sold for $7.5 million ($2,810 psf) on Sept 17 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Leedon Residence is a freehold development along Leedon Heights in prime District 10. Completed in 2015, the 381-unit development comprises 12 residential blocks, which house a mix of two- to five-bedders ranging between 1,044 sq ft and 4,704 sq ft. The first floor of the development also offers garden suites comprising three- to five-bedroom units spanning 3,789 to 8,051 sq ft, while the top floors house three- to five-bedroom penthouses measuring 3,283 to 7,718 sq ft.
Excluding the Sept 17 and March 26 transactions, there have been six other resale deals at Leedon Residence so far this year, all of which were profitable. The highest profit was recorded from the sale of an 8,051 sq ft, five-bedroom unit, which sold for $15.8 million ($1,962 psf) on June 30, resulting in a $3.3 million gain.
Meanwhile, the most unprofitable resale deal during the week was the sale of a unit at The Scotts Tower. A two-bedroom unit measuring 872 sq ft fetched around $1.83 million ($2,099 psf) on Sept 18. The unit last changed hands in May 2013 for $3.52 million ($4,035 psf), which means the seller incurred a loss of $1.69 million (48%) after owning the unit for more than 12 years.
A 872 sq ft unit at The Scotts Tower fetched around $1.83 million ($2,099 psf) on Sept 18, incurring a loss of $1.69 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Only two other units have been transacted at The Scotts Tower to date this year, both of which resulted in losses. The seller of a 872 sq ft unit incurred a loss of $950,000 when the unit was sold for $1.9 million ($2,179 psf) on May 5. Before that, an 850 sq ft, one-bedroom unit was transacted for $1.82 million ($2,140 psf) on Jan 13, causing the seller to incur a loss of around $1.13 million.
The Scotts Tower is a 103-year leasehold development located along Scotts Road in prime District 9. Completed in 2016, the development comprises a single 31-storey residential tower housing 231 units. Units include one- to three-bedroom apartments spanning 624 sq ft to 904 sq ft. The development also offers four-bedroom penthouses of 1,227 sq ft to 1,389 sq ft.
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