RiverGate unit reaps $1.04 mil profit

By Bong Xin Ying / EdgeProp | December 24, 2018 8:00 AM SGT
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At RiverGate, off Robertson Quay in prime District 9, the seller of a 1,507 sq ft unit made the top gain of $1.04 million over the week of Dec 4 to 11. The three-bedroom unit on the 32nd floor was purchased for $2.26 million ($1,500 psf) in a sub-sale in May 2009, and sold for $3.3 million ($2,190 psf) on Dec 5.
A 1,507 sq ft unit at RiverGate was sold for a 46% profit over the week of Dec 4 to 11 (Credit: Samuel Isaac Chua/ The Edge Singapore)
The seller raked in a 46% profit, or an annualised profit of 4%, over a holding period of 9.6 years. Including this latest deal, there have been 12 transactions at RiverGate this year, of which nine have been profitable. The profits range from $194,000 to $2.01 million.
The freehold RiverGate was developed by CapitaLand and completed in 2009. There are a total of 545 units in three 43-storey towers. The project is a one-minute drive from Robertson Walk and a three-minute drive from Great World City.
Meanwhile, the second-highest gain — a profit of $978,000, or 144% — made during the week in review was at Tanjong Ria Condominium, on Tanjong Rhu Road in District 15.
A 1,399 sq ft, three-bedroom unit, purchased for $680,000 ($486 psf) in October 2001, was sold for $1.658 million ($1,185 psf) on Dec 7. The seller made an annualised profit of 5% over a holding period of 17.1 years. The gain was also the all-time highest resale profit seen at Tanjong Ria. The second-highest resale profit at the development was made by the seller of a similar-sized unit on the third floor. It was bought for $565,000 ($404 psf) in April 2005 and sold for $1.5 million ($1,072 psf) in May 2013, netting the seller a 165% profit of $935,000 over 8.1 years.
The latest resale transaction is the ninth at the development this year. There have been 110 profitable and 27 non-profitable transactions at Tanjong Ria since 1995, with profits ranging from $2,000 to $978,000 and losses ranging from $3,900 to $450,000.
The seller of a 1,399 sq ft unit at Tanjong Ria Condominium made a profit of $978,000, or 144% (Credit: Albert Chua/ The Edge Singapore)
The 99-year leasehold Tanjong Ria was developed by Hong Leong Holdings and completed in 1997. There are a total of 168 units over 18 floors.
The sale of a unit at Eng Hoon Mansions, on Eng Hoon Street in District 3, was the third most profitable transaction over the week in review. The seller made a profit of $912,000, or 137%. He bought the 1,335 sq ft, three-bedroom unit on the second floor for $668,000 ($500 psf) in December 2005 and sold it for $1.58 million ($1,184 psf) on Dec 7. He reaped an annualised profit of 7% over a holding period of 13 years.
On the other hand, the greatest loss incurred over the week in review was from the resale of a 1,959 sq ft, three-bedroom unit at the freehold Miro in prime District 11. Purchased in September 2013 for $3.908 million ($1,995 psf), the property was sold on Dec 7 for $3 million ($1,531 psf). The seller incurred a 23% loss of $908,400, or an annualised loss of 5% over a 5.2-year holding period. The condo, on Lincoln Road, is an eight-minute walk from Newton MRT station, which is on the NorthSouth and Downtown Lines.

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