Sale of Yong An Park penthouse rakes in $6.5 mil profit
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The sale of a penthouse at Yong An Park was the most profitable transaction between Feb 14 and 25. The 6,878 sq ft unit on the 25th floor, bought for $8.5 million ($1,236 psf) in April 2011, was sold for $15 million ($2,181 psf) on Feb 20. Thus, the seller made a 76% profit of $6.5 million, translating to an annualised profit of 4.2% over close to 14 years.
This resale is the fourth most profitable deal at Yong An Park, which typically involves penthouse units. For example, the most profitable resale at the condo was the sale of a 6,577 sq ft penthouse for $12.5 million ($1,901 psf) in September 2021, translating into a record profit of $8.7 million (229%). This was followed by the sale of a 6,695 sq ft penthouse in June 2020 for $10.1 million ($1,509 psf), posting a profit of $6.8 million (206%).
Yong An Park is a freehold condo on River Valley Road in prime District 9. It is next to Great World MRT Station on the Thomson-East Coast Line (TEL). River Valley Primary School and Great World City shopping mall are close by.
The development was completed in 1986 and comprises 288 residential units. Typical units consist of one- to four-bedroom units between 1,023 sq ft and 3,778 sq ft and three- to five-bedroom penthouses between 3,466 sq ft and 6,878 sq ft. The unit mix also includes a collection of six-bedroom strata-titled townhouses.
The 6,878 sq ft penthouse at Yong An Park was sold for $15 mil ($2,181 psf) on Feb 20. (Picture: Samuel Isaac Chua/The Edge Singapore)
Based on a compilation of resale caveats by EdgeProp Singapore, Yong An Park commands one of the highest average selling prices at $2,344 psf in its vicinity. Its price is surpassed by new projects like RV Altitude ($2,848 psf), which was completed in 2023, and condos facing Great World City, such as The Trillium ($2,583 psf) and The Cosmopolitan ($2,817 psf).
Meanwhile, the second-most profitable transaction during the period involved a 1,604 sq ft unit at The Anchorage on Alexandra Road. The two-bedroom unit on the first floor was sold for $2.95 million ($1,839 psf) on Feb 19. It had been purchased for $960,796 ($599 psf) in Oct 2002. The seller reaped a profit of $1.99 million (207%) on the sale, translating to an annualised profit of 5.1% over 22 years.
This sale comes close to the all-time profitable deal at The Anchorage, which saw a 1,798 sq ft unit on the 16th floor change hands for $3.58 million ($1,992 psf) in November 2023. The unit was acquired for $1.08 million ($601 psf) in May 2006. Thus, that seller raked in a record profit of $2.5 million.
The sale of a 1,604 sq ft unit at The Anchorage reaped a $1.99 mil profit when sold on Feb 19. (Picture: Samuel Isaac Chua/The Edge Singapore)
Completed in 1995, The Anchorage is a freehold condo redeveloped on the former site of F&N Singapore’s Anchor Brewery. The 775-unit residential development is next to Anchorpoint Shopping Centre, opposite Ikea Alexandra. The condo is also close to Queenstown MRT Station on the East-West Line.
Excluding the most recent transaction at The Anchorage, there have been three resale transactions at the condo so far this year, with prices ranging from $2.3 million ($1,978 psf) for a 1,163 sq ft unit on the 6th floor that made a profit of $1.16 million, to $2.9 million ($2,043 psf) for a 1,421 sq ft unit on the 10th floor that resulted in a profit of $1.56 million.
At the other end of the table, the largest unprofitable sale occurred at Helios Residences, where a 1,668 sq ft three-bedroom unit on the 13th floor changed hands for $3.9 million ($2,339 psf). This resulted in a loss of $2.09 million (35%) as the unit was acquired for $5.98 million ($3,590 psf) in May 2013. This translates to an annualised loss of 3.6% over nearly 12 years.
Earlier this year, the sale of a similar-sized three-bedder on the 17th floor of Helios Residences also resulted in a loss. The unit fetched $4.23 million ($2,535 psf) when it was sold on Jan 4. It had been purchased for $5.98 million ($3,587 psf) in July 2011. As a result, that seller incurred a loss of $1.75 million or an annualised loss of 2.6% over 13 years.
A three-bedder at Helios Residences made a $2.09 mil loss when sold on Feb 20. (Picture: Samuel Isaac Chua/The Edge Singapore)
A compilation of resale caveats at Helios Residences by EdgeProp Singapore indicates that prices at the freehold development have been on a downward trend in recent years. Selling prices slipped from $3,287 psf in March 2010 to $2,427 psf in March 2020. The average selling price at the condo today is about $2,398 psf.
Helios Residences is a 140-unit development on Cairnhill Circle in prime District 9. It is close to the Orchard Road shopping belt and Newton area. The condo comprises two- and three-bedroom units of 1,281 sq ft to 2,002 sq ft.
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