Seller at Four Seasons Park rakes in $3.3 mil profit
By Timothy Tay
/ EdgeProp |
The seller of a four-bedroom unit at Four Seasons Park in prime District 10 raked in a $3.3 million profit (150%) on April 16. It was the most profitable sale recorded in the week of April 10 to 17. The 2,260 sq ft unit is on the fourth floor of one of the condo’s three 26-storey blocks. The seller bought it for $2.2 million ($973 psf) in 1999 and sold it for $5.5 million ($2,433 psf). This translates into an annualised profit of 5% over an 18-year holding period.
A 3,821 sq ft unit on the 22nd floor fetched a $5.05 million (81%) profit when it was sold in October 2017. The previous owner bought the six-bedroom unit for $6.25 million ($1,636 psf) in 1999, and sold it for $11.3 million ($2,957 psf). Prices at the freehold condo have reached levels last seen during the previous property boom in 2010 to 2013, when the average psf price was about $2,700. Six units have changed hands at the 202-unit condo over the past two years at prices ranging from $2,102 to $2,957 psf.
Completed in 1994, Four Seasons Park comprises a mix of three- and four-bedroom units of 2,260 to 2,857 sq ft, six-bedroom units of 3,821 sq ft and penthouses of 6,017 sq ft. It was developed by listed property group Hotel Properties, which is controlled by tycoon Ong Beng Seng. The developer also owns the Four Seasons Hotel across the road.
Prices at the freehold Four Seasons Park condominium are on an uptrend and have reached the levels achieved during the previous peak in 2010 to 2013 (Picture: Samuel Issac Chua/The Edge Singapore)
Also in District 10 is the freehold 72 Grange condo, where a 3,853 sq ft unit was sold for $7.3 million ($1,894 psf) on April 12. The seller of the three-bedroom unit bought it for $4.3 million ($1,116 psf) in October 2006 and pocketed a $3 million (70%) profit when the unit was sold. This translates into an annualised profit of 5% over an 11-year holding period. It was the second-most-profitable transaction recorded during the week in review.
This is the first unit that has changed hands at the 18-unit condo since 2011. According to URA caveat data, the last unit sold was a 3,627 sq ft unit on the 10th floor, and it fetched a $6.6 million (210%) profit. It was also the most profitable transaction recorded at the condo. The seller bought the two-bedroom unit for $3.15 million ($868 psf) in 2005 and sold it for $9.75 million ($2,688 psf) in 2011. This translates into an annualised profit of 20% over a six-year holding period.
Completed in 1995, 72 Grange comprises a mix of two- and three-bedroom units ranging from 3,692 to 4,305 sq ft.
In District 15, at the 99-unit condo Camelot By-The-Water, the seller of a 2,874 sq ft, three-bedroom unit made a $2.69 million (154%) profit. The fifth-floor unit was bought for $1.76 million ($611 psf) in 2006 and sold for $4.45 million ($1,550 psf) on April 11. This translates into an annualised profit of 85% over a 12-year holding period.
This is the first time since 2014 that a unit at the 99-year leasehold development has been sold at more than $1,500 psf. The last time a unit was sold above this level was in December 2014, when a 2,626 sq ft unit fetched $4.7 million ($1,790 psf). The previous owner bought the unit for $3.2 million ($1,218 psf) in 2007 and made a $1.5 million profit (47%) from selling it.
Camelot By-The-Water was completed in 2000 and comprises a mix of three- and four-bedroom units of 2,433 to 3,531 sq ft as well as penthouses of 5,048 to 5,500 sq ft.
This article appeared in the EdgeProp pullout, issue #828 (April 30, 2018)
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