Resale unit at Caribbean At Keppel Bay reaps $2.4 mil profit

SINGAPORE (EDGEPROP) - The sale of a unit at Caribbean at Keppel Bay, on Keppel Bay Drive, made the top gain of $2.4 million over the week of Dec 3 to 10. The 2,723 sq ft unit on the first floor was bought for $2.35 million ($864 psf) in October 2000 and sold for $4.75 million ($1,744 psf) on Dec 4. The seller therefore made a 102% profit, or an annualised profit of 4% over about 19 years.

Located in District 4, Caribbean at Keppel Bay was completed in 2004 and comprises 969 units on a 99-year leasehold. It is a 10-minute walk to Harbourfront MRT Interchange Station on the North East and Circle Lines.

The second top gain made over the week – a 101% profit of $1.39 million – was at Richmond Park, on Bideford Road. The 1,012 sq ft unit on the 23rd floor was purchased for $1.37 million ($1,349 psf) in April 2006 and sold for $2.75 million ($2,718 psf) on Dec 6. This means that the seller made an annualised profit of 5% over about 14 years.

Richmond Park, in District 9, comprises 159 freehold units. It was completed in 1996 and is a 12-minute walk to Orchard MRT Station on the North-South Line.

A unit sold at Park Infinia at Wee Nam, along Lincoln Road in District 11, made the third largest gain over the week, netting a 151% profit of $1.3 million for the seller. The 1,001 sq ft unit on the 12th floor was bought in May 2006 for $860,000 ($859 psf), and sold for $2.16 million ($2,156 psf) on Dec 9. The seller therefore made an annualised profit of 7% over about 14 years.

Park Infinia at Wee Nam, completed in 2008, comprises 486 freehold units. It is 10 minutes by foot to Newton MRT Interchange Station on the North-South and Downtown Lines.

On the other hand, the greatest loss incurred over the week was from the resale of a 1,410 sq ft unit at Buckley Classique in District 11. Having sold the property for $2.6 million ($1,844 psf) on Dec 5, the seller suffered a 12% loss of $341,500. The unit was purchased in September 2011 for $2.94 million ($2,086 psf). Over a holding period of eight years, this translates into an annualised loss of 1%.

Buckley Classique is a 64-unit, freehold project along Buckley Road. Completed in 2014, it is an eight-minute walk to Novena MRT Station on the North-South Line.