Seller at Leonie Towers scores $3.6 mil profit on resale
Ask Buddy
Leonie Towers topped the list of profitable resale transactions during the seven-day period from Dec 2 to 9. The sale of a 3,251 sq ft, four-bedroom unit in the development recorded the top gain for the week when it changed hands for $6.25 million ($1,923 psf) on Dec 4. The 11th-floor unit was previously purchased for about $2.65 million ($815 psf) in October 2005. Hence, the seller made a profit of $3.6 million (136%), representing an annualised gain of 4.3% over more than 20 years.
The latest deal marks the first transaction at Leonie Towers this year and the fourth most profitable transaction at the development to date. The record gain belongs to the resale of a 6,243 sq ft, four-bedroom penthouse. The penthouse was purchased for $5.1 million ($817 psf) in April 2006 and changed hands for $9.8 million ($1,570 psf) in July 2007. As a result, the seller raked in a record profit of $4.7 million, or an annualised profit of 69% over slightly more than a year.
A 3,251 sq ft, four-bedroom unit at the development changed hands for $6.25 million ($1,923 psf) on Dec 4 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Most of Leonie Towers’ recent transactions have been profitable deals. Last year, five resale deals were completed, with available caveats showing gains for at least three units. The units, measuring between 2,906 sq ft and 3,251 sq ft, achieved gains ranging from $788,800 to $3.92 million.
Completed in 1976, Leonie Towers is a freehold development located along Leonie Hill in prime District 9. The 92-unit development comprises a mix of four-bedroom units spanning 2,906 sq ft to 3,251 sq ft, as well as penthouses of 6,243 sq ft to 6,545 sq ft.
Meanwhile, the second-highest gain for the week in review was achieved at The Sterling, a freehold development in District 21. The seller of a 1,948 sq ft, three-bedder on the tenth floor walked away with a profit of $2.51 million (129.1%) when the unit changed hands for $4.45 million ($2,284 psf) on Dec 8. The unit had previously been purchased for $1.94 million ($997 psf) in June 2000. Hence, the seller netted an annualised gain of 3.3% after holding the unit for 25½ years.
The seller of a 1,948 sq ft, three-bedder scored a profit of $2.51 million (129.1%) when the unit sold for $4.45 million on Dec 8 (Photo: EdgeProp Singapore)
This is the most profitable resale transaction recorded to date at The Sterling. It surpasses the previous record of $2.07 million, set by the sale of a 1,528 sq ft, three-bedroom unit for $3.45 million ($2,257 psf) on April 29. The seller had purchased the apartment in May 2000 for $1.38 million ($903 psf), reflecting an annualised profit of 3.7% over almost 25 years.
Located along Bukit Timah Road, The Sterling is a 232-unit development completed in 2000. The development comprises two 10-storey residential towers housing a mix of one- to four-bedroom apartments ranging from 753 sq ft to 2,250 sq ft. The Sterling sits next to King Albert Park MRT Station on the Downtown Line.
On the other hand, a 1,755 sq ft unit at Reflections at Keppel Bay recorded the top loss of $965,250 during the period in review. The seller incurred a 26.3% loss after selling the four-bedroom unit for $2.7 million ($1,539 psf) on Dec 5. It was bought for $3.67 million ($2,089 psf) in May 2014. This reflects an annualised loss of 2.6% over more than 11½ years.
A four-bedroom unit incurred a loss of $965,250, selling for $2.7 million ($1,539 psf) on Dec 5 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Based on resale caveats compiled by EdgeProp Singapore, 61 resale transactions have been recorded at Reflections at Keppel Bay so far this year, 28 of which were unprofitable, with losses ranging from $13,600 to $1.38 million. The most unprofitable deal at the condo this year involved a three-bedroom unit, which changed hands for $2.8 million ($1,616 psf) on July 3. The unit was purchased for $4.18 million ($2,412 psf) in August 2013, resulting in an annualised loss of 3.3% over almost 12 years.
Completed in 2011, Reflections at Keppel Bay is a 99-year leasehold luxury waterfront development in District 4. The 1,129-unit development comprises six high-rise residential towers ranging from 24 to 41 storeys, along with 11 low-rise villa apartment blocks.
Check out the latest listings for Leonie Towers properties
Ask Buddy
Follow Us
Property updates, 24/7.
Subscribe to Newsletter
Market insights, delivered weekly.
Top Articles
Search