Resale unit at Richmond Park reaps $1.85 mil profit

By Bong Xin Ying / EdgeProp Singapore | May 30, 2019 4:56 PM SGT
At Richmond Park, on Bideford Road in prime District 9, the seller of a 1,550 sq ft unit made the top gain of $1.85 million over the week of May 14 to 21. The three-bedroom unit on the 16th floor was purchased for $2.53 million ($1,632 psf) in December 1999 and sold for $4.39 million ($2,830 psf) on May 16.
The seller made a 73% profit, or an annualised profit of 3% over a holding period of 19.5 years. This latest transaction is one of three transactions at Richmond Park this year. The development has seen a total of 68 profitable and 34 non-profitable transactions since 1995, and the profits range from $30,000 to $5.2 million.
A unit at Richmond Park, on Bideford Road in prime District 9, was sold for $4.39 million on May 16 (Credit: Samuel Isaac Chua/ The Edge Singapore)
Completed in 1996, the freehold Richmond Park was developed by the former DBS Land (now CapitaLand). It has a total of 159 units in a single 28-storey block. Unit sizes range from 1,012 sq ft two-bedders, to a 3,380 sq ft penthouse unit. Richmond Park is adjacent to the Paragon shopping mall and just across the road from Orchard MRT Station on the North-South Line, as well as the Orchard Road shopping belt.
Meanwhile, the second-highest gain – a profit of $1.125 million, or 115% – made during the week was at Nineteen Shelford Road in prime District 11.
The 1,561 sq ft, two-bedroom unit, purchased for $975,000 ($625 psf) in April 2002, was sold for $2.1 million ($1,345 psf) on May 15, making the seller an annualised profit of 5% over 17 years. This fourth-floor unit was also the second-highest resale profit seen at the condo. The all-time highest resale profit was made by the seller of a 1,604 sq ft, three-bedroom unit on the same floor. It was bought for $950,000 ($592 psf) in July 2006 and sold for $2.2 million ($1,372 psf) on March 15 this year, netting the seller a 132% profit of $1.25 million over 13 years.
The latest resale transaction is the fifth at the development this year. There have been 154 profitable and 47 non-profitable transactions at Nineteen Shelford Road since 1995, with profits ranging from $10,000 to $1.25 million and losses ranging from $3,000 to $520,000.
The freehold Nineteen Shelford Road is developed by Bonvests Holdings and was completed in 1997. The development has a total of 256 units over 10 floors.
On the other hand, the greatest loss incurred over the week was from the resale of a 1,711 sq ft, three-bedroom unit at the 99-year leasehold Reflections at Keppel Bay in District 4. Purchased in April 2007 for $3.998 million ($2,336 psf), the property was sold on May 17 for $3.13 million ($1,829 psf). The seller sustained a 22% loss of $868,700, or an annualised loss of 2% over a 12-year holding period. The condo, located on Keppel Bay View, off Telok Blangah Road, is developed by Keppel Land, the property arm of Keppel Corp. It was completed in 2011.
A 1,711 sq ft unit at Reflections at Keppel Bay was sold at a loss of $868,700 on May 17 (Credit: The Edge Singapore)