Rivergate resale unit reaps $2 mil profit

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/ EdgeProp
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December 1, 2018 8:00 AM SGT
A resale unit at Rivergate raked in a profit of 81% when it was sold on Nov 15 (Credit: Samuel Isaac Chua/ The Edge Singapore)
The seller of a unit at Rivergate, off Robertson Quay in District 9, made the top gain of $2.01 million over the week of Nov 13 to 20. The 2,077 sq ft, four-bedroom unit on the 21st floor was bought for $2.49 million ($1,197 psf) in March 2006, and sold for $4.5 million ($2,166 psf) on Nov 15, 2018. The seller reaped an 81% profit, or an annualised profit of 5% over 12.7 years.
Rivergate comprises 545 units in three 43-storey towers. Completed in 2009, the freehold project is within a 15-minute walk to two future MRT stations — Havelock and Great World — on the Thomson East Coast line. Both are slated for completion in 2021.
The second top gain made over the week in review — a 99% profit of $1.88 million — was at The Metz, on Devonshire Road in District 9. The 1,496 sq ft, three-bedroom unit on the 10th floor was purchased for $1.9 million ($1,270 psf) in May 2005, and sold for $3.78 million ($2,525 psf) on Nov 16, 2018. This means that the seller made an annualised profit of 5% over 13.5 years.
The Metz is a 169-unit freehold development in the River Valley neighbourhood. Completed in 2007, it is a four-minute walk to Somerset MRT station on the North-South line and a 10-minute walk to the Orchard Road shopping belt.
A unit sold at The Equatorial, off Bukit Timah Road in District 10, made the third most profitable transaction during the week in review, raking in a 99% profit of $1.44 million for the seller. The 1,690 sq ft, three-bedroom unit on the second floor was bought for $1.46 million ($864 psf) in June 2006, and sold for $2.9 million ($1,716 psf) on Nov 20, 2018. The seller therefore made an annualised profit of 6% over 12.4 years.
The freehold The Equatorial comprises 95 units and was completed in 2001. Located on Stevens Road, the condo is a three-minute walk to Stevens MRT station on the Downtown line.
The seller of a unit at The Sail @ Marina Bay sustained a 24% loss of $915,450 (Credit: Samuel Isaac Chua/ The Edge Singapore)