Sale of Dormer Park four-bedder reaps record gain of $3.66 mil
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The sale of a four-bedroom unit at Dormer Park was the most profitable condo resale transaction during the week of Nov 18 to 25. The owner of the 2,465 sq ft unit on the ninth floor took home a record profit of $3.66 million when it sold for $5.35 million ($2,170 psf) on Nov 25. The unit was previously acquired in August 2001 for $1.69 million ($686 psf). As a result, the owner reaped a capital gain of 216.3%, which translates to an annualised profit of 4.9% over a holding period of just over 24 years.
The recent deal at Dormer Park surpasses the previous record profit at the condo, which came from the sale of a 2,347 sq ft, four-bedroom unit on the seventh floor for $3.58 million ($1,526 psf) in December 2010. The seller had previously bought the unit for $1.20 million ($511 psf) in May 2003, thus earning a profit of $2.38 million, or an annualised profit of 15.4% over more than seven years.
Completed in 1993, Dormer Park is a freehold development comprising 92 residential units across two four-storey blocks and a single nine-storey block. It offers apartments ranging from two- to four-bedders spanning 1,227 sq ft to 2,540 sq ft. The development is part of a collection of luxury condos along Jervois Road, including the 109-unit Mon Jervois and the 108-unit Jervois Lodge. It is also located near the Bishopsgate-Chatsworth Good Class Bungalow (GCB) enclave.
Based on lodged caveats, there have been seven other resale deals at Dormer Park so far this year, six of which were profitable. The units, measuring between 1,238 sq ft and 2,465 sq ft, achieved gains between $870,000 and $1.86 million.
A 2,465 sq ft, four-bedroom unit established a new record gain at Dormer Park when it transacted for $5.35 million ($2,170 psf) on Nov 25 (Photo: Google Maps)
The transaction that raked in the second-highest profit during the period in review was the sale of a 3,229 sq ft unit at Gallop Green, a freehold project in prime District 10. The four-bedroom unit on the third floor sold for $8.63 million ($2,672 psf) on Nov 21. It had previously fetched $6.14 million ($1,900 psf) in September 2012. Thus, the sale generated a $2.49 million (40.6%) profit, which reflects an annualised profit of 2.6% over a holding period of slightly more than 13 years.
The deal marks the fifth-highest gain made on a unit at Gallop Green. The most profitable deal at the development was the sale of another 3,229 sq ft unit for $7.85 million ($2,431 psf) in September 2023. The seller, who bought the unit for $4.52 million ($1,400 psf) in July 2009, walked away with a profit of $3.33 million or an annualised profit of 4% over more than 14 years.
A 3,229 sq ft unit at Gallop Green was resold for $8.63 million on Nov 21, netting a $2.49 million gain (Photo: EdgeProp Singapore)
The 53-unit Gallop Green, located along Woollerton Park, was completed in 1997. The development comprises four residential blocks housing units measuring between 2,917 sq ft and 5,102 sq ft. It is surrounded by several GCB areas, including Gallop Road/Woollerton Park and Cluny Hill.
In contrast, the week’s most unprofitable transaction occurred at Marina Bay Suites. The seller of a 1,604 sq ft, three-bedroom unit at the development incurred a loss of $460,348 (13.8%) when it transacted for $2.88 million ($1,796 psf) on Nov 21. It was previously purchased for $3.29 million ($2,049 psf) in December 2009. Hence, this resulted in an annualised loss of 0.9% after holding the unit for almost 16 years.
A three-bedroom unit at Marina Bay Suites was sold for $2.88 million on Nov 21, resulting in a $460,348 loss (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Caveats lodged with URA show that Marina Bay Suites has recorded around 52 unprofitable transactions so far, compared to just 12 profitable ones. Losses at the development ranged from $7,000 for the sale of a 1,615 sq ft unit for $3.1 million ($1,920 psf) in March 2022 to $3.25 million from the sale of a 2,691 sq ft unit for $5 million ($1,858 psf) in August 2022.
Marina Bay Suites is a 99-year leasehold development located on Central Boulevard in the Marina Bay financial district. Completed in 2013, the two residential towers are part of the Marina Bay Financial Centre mixed-use complex and comprise 221 units, offering three- and four-bedroom apartments ranging from 1,572 sq ft to 2,691 sq ft.
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