Seller of 8 @ Mount Sophia unit makes $1.1 mil profit

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - Despite being eight weeks into the “circuit breaker”, the seller of a three-bedroom unit at 8 @ Mount Sophia managed to turn in a healthy profit when the property was sold on May 26. It was also the most profitable deal recorded during the week in review from May 19 to 26.
According to caveats lodged with URA Realis, the 2,497 sq ft unit fetched $2.62 million ($1,049 psf). It was purchased for $1.51 million ($604 psf) in March 2005. Thus, the seller made a $1.1 million (74%) profit on the transaction, which translates to an annualised profit of 3.7% over 15 years.
A three-bedroom unit at 8 @ Mount Sophia, located in the highly desirable Mount Sophia residential enclave, fetched $2.62 million ($1,049 psf) on May 26 (Picture: Samuel Isaac Chua/The Edge Singapore)
The 103-year leasehold 8 @ Mount Sophia is a 313-unit condominium that was completed in 2007. It is located near Dhoby Ghaut MRT Interchange Station and Plaza Singapura shopping mall, and is within the highly desirable Mount Sophia residential enclave. The area is populated by other high-end residential projects such as Suites at Orchard, Sophia Hills and the upcoming Haus on Handy, a 188-unit residential development on Handy Road.
The most profitable resale transaction ever recorded at 8 @ Mount Sophia was in July 2007 when a 2,626 sq ft, three-bedroom unit changed hands for $3.31 million ($1,265 psf). This sale earned the seller a $1.87 million or 130% profit at the time.
But when the same unit was sold in June 2019, it changed hands for $2.68 million ($1,025 psf), or a $628,760 (19%) loss for the seller.
The second most profitable resale transaction during the week in review occurred at Seasons Park in Yio Chu Kang in District 26. The 1,292 sq ft, three-bedroom unit fetched $950,000 ($735 psf) when it was sold on May 19.
Based on caveats, the seller bought the property for $510,000 ($395 psf) in August 2005. The sale thus gave the seller a profit of $440,000 (86%). Over a holding period of close to 15 years, this translates into an annualised profit of 4.3%.
Located along Yio Chu Kang Road, Seasons Park is a 99-year leasehold condominium completed in 1997. It is situated between Yio Chu Kang MRT Station on the East-West Line and the upcoming Lentor MRT Station on the Thomson-East Coast Line, and is behind Anderson Primary School. The 390-unit condominium comprises a mix of two- to four-bedroom units, ranging from 1,033 sq ft to 2,885 sq ft.
However, the most unprofitable resale transaction recorded during the week in review was for a 527 sq ft unit at Vida, a freehold condominium located in the Cairnhill neighbourhood in prime District 9.
The unit was sold for $1.13 million ($2,142 psf) on May 21, but the owner bought the unit for $1.34 million ($2,541 psf) in December 2009. This resulted in a loss of $210,000 (16%) and also translates to an annualised loss of 1.6% over 10 years.
Vida is located on Peck Hay Road off Clemenceau Avenue North. The freehold development was completed in 2009 and comprises a total of 137 units ranging from 506 sq ft to 2,637 sq ft. It is a 10-minute walk to Newton MRT Interchange Station on the North-South and Downtown Lines.
For price trends, recent transactions, other project info, check out these projects' research page: 8 @ Mount Sophia, Seasons Park, Vida
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