Seller of four-bedroom unit at Gallop Gables reaps $3 mil profit

By Valerie Kor / EdgeProp Singapore | January 8, 2021 6:00 AM SGT
Gains and Losses - EDGEPROP SINGAPORE
SINGAPORE (EDGEPROP) - The top gain during the week of Dec 22 to 29 was from the sale of a four-bedroom unit on the fourth floor at Gallop Gables, which reaped a profit of $3.02 million for its seller. The 2,960 sq ft unit was purchased in August 2005 for $2.2 million ($764 psf) and was sold on Dec 29 last year for $5.2 million ($1,757 psf). The seller therefore gained a 139% profit, annualised at 5.8% over 15½ years.
Gallop Gables is a freehold condominium that was developed by Straits Developments and completed in 1997. Located on Farrer Road, the low-density development comprises 102 units in four-storey blocks. It is an eight-minute walk to Farrer Road MRT Station on the Circle Line.
Gallop Gables - EDGEPROP SINGAPORE
The seller of a four-bedroom unit at Gallop Gables achieved the top gain of $3 million during the week of Dec 22 to 29 (Photo: The Edge Singapore)
The second top gain of the week was achieved by the seller of a 2,056 sq ft, four-bedroom unit at Villa Chancery. The ground-floor unit changed hands on Dec 28 for $4.1 million ($1,994 psf), almost 14 years after it was previously bought in April 2007 for $2.2 million ($1,070 psf). The seller therefore gained an 86% profit of $1.9 million, which is an annualised 4.6%.
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Villa Chancery is a 26-unit freehold condominium in District 11. Built in 1986, its location at Chancery Lane is within close proximity to Novena MRT Station and the surrounding malls, such as Velocity @ Novena, Square 2 and United Square Shopping Mall.
The third highest profit was achieved by a two-bedroom unit on the 32nd storey of The Sail at Marina Bay, which reaped a profit of $1.36 million for its seller. The 936 sq ft unit was sold for $2.26 million ($2,412 psf), 16 years after it was purchased in November 2004 for $896,688 ($958 psf). The 152% profit works out to an annualised 5.9%.
The Sail is a 99-year leasehold condominium located in the heart of the CBD. It was jointly developed by City Developments and AIG Real Estate, and completed in 2008 to 2009. It comprises 1,111 units in a 70-storey tower that faces Marina Bay and a 63-storey tower that overlooks the CBD. Residents at The Sail can access Marina Bay Link Mall and Marina Bay Financial Centre, as well as the Raffles Place MRT Interchange Station and the Downtown MRT Station via underground walkways.
The Azure - EDGEPROP SINGAPORE
The seller of a three-bedroom unit at The Azure in Sentosa Cove incurred the top loss of $970,000 (Photo: Samuel Isaac Chua/The Edge Singapore)
On the other hand, the top loss of the week was incurred by the seller of a 1,744 sq ft, three-bedroom unit on the second floor at The Azure in Sentosa Cove. The unit was sold on Dec 22 for $2.39 million ($1,365 psf), having been bought previously in November 2011 for $3.35 million ($1,921 psf). The seller therefore incurred a 29% loss of $970,000, which is annualised at 3.7% over nine years.
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The Azure is a 99-year leasehold condominium comprising 116 units in a single six-storey building. Completed in 2008, it was developed by Frasers Centrepoint Homes. Units in the development face the sea. Nearby amenities include Quayside Village and One 15 Marina Club.
Top 15 gains and losses - EDGEPROP SINGAPORE