Resale unit at Palm Spring in District 10 reaps $1.15 mil profit

SINGAPORE (EDGEPROP) - The seller of a unit at Cashew Heights Condominium made the top gain of $1.24 million over the week of Sept 24 to Oct 1. The 1,658 sq ft unit on the seventh floor was bought for $663,000 ($400 psf) in December 2005 and sold for $1.9 million ($1,146 psf) on Sept 26. The seller made a 187% profit, or an annualised profit of 8% over almost 14 years.

Located in District 23, Cashew Heights Condominium was completed in 1992 and comprises 596 units on a 999-year leasehold. It is a nine-minute walk to Petir LRT Station.

The second top gain made over the week – a 61% profit of $1.15 million – was at Palm Spring, on Ewe Boon Road in District 10. The 1,938 sq ft unit on the first floor was purchased for $1.88 million ($970 psf) in January 1996 and sold for $3.03 million ($1,561 psf) on Sept 26. This means that the seller made an annualised profit of 2% over 24 years.

Palm Spring comprises 167 freehold units across 10 storeys and was completed in 1997. It is 13 minutes by foot to Stevens MRT Station on the Downtown Line.

A unit sold at Varsity Park Condominium, along West Coast Road in District 5, made the third most profitable transaction over the week, netting a 152% profit of $1.03 million for the seller. The 1,496 sq ft, three-bedroom unit on the fourth floor was bought in October 2004 for $674,446 ($451 psf), and sold for $1.7 million ($1,136 psf) on Sept 25. The seller therefore made an annualised profit of 6% over 15 years.

Varsity Park Condominium, completed in 2008, comprises 530 units on a 99-year leasehold. It is 15 minutes by bus to Kent Ridge MRT Station on the Circle Line.

On the other hand, the greatest loss incurred over the week was from the resale of a 1,044 sq ft unit at Rhapsody On Mount Elizabeth. Having sold the property for $2.09 million ($2,000 psf) on Sept 25, the seller sustained an 8% loss of $187,000. The unit was purchased in August 2010 for $2.28 million ($2,179 psf). Over a holding period of nine years, this translates into an annualised loss of 1%.

Rhapsody On Mount Elizabeth is a 32-unit, freehold project on Mount Elizabeth in District 9. Completed in 2010, it is a 13-minute walk to Orchard MRT Station on the NorthSouth Line.