Seller of Maple Woods unit reaps $2.63 mil profit

SINGAPORE (EDGEPROP) - The top gain of $2.63 million during the week of Jan 19 to 26 was from the sale of a unit at Maple Woods. The 2,917 sq ft unit on the sixth floor was bought for $2.37 million ($812 psf) in October 2006 and sold for $5 million ($1,714 psf) on Jan 22. The seller therefore made a 111% profit, or an annualised profit of 5% over 14 years.

Located along Bukit Timah Road in District 21, Maple Woods is a freehold condominium that was developed by Wing Tai Holdings and completed in 1997. Comprising 697 units in a 10-storey building, it is a four-minute walk to King Albert Park MRT Station on the Downtown Line.

The second highest gain made over the week — a 213% profit of $1.48 million — was achieved at Park East, located along Jalan Tua Kong in District 15. The 1,690 sq ft unit on the fourth floor was purchased for $695,000 ($411 psf) in September 2003 and sold for $2.18 million ($1,287 psf) on Jan 21. This means that the seller made an annualised profit of 7% over 17 years.

Park East, which comprises 211 freehold units, was completed in 1994. It is a 15-minute walk to Bedok MRT Station on the East-West Line.

The third highest profit was achieved by a unit sold at Pandan Valley, which reaped a 92% profit of $1.44 million for the seller. The 2,669 sq ft unit on the seventh floor was bought in August 1997 for $1.56 million ($584 psf), and sold for $3 million ($1,124 psf) on Jan 26. The seller therefore made an annualised profit of 3% over 23½ years.

Pandan Valley, located off Ulu Pandan Road in District 21, comprises 623 freehold units. Completed in 1978, it is one of the oldest and largest developments in Singapore, sitting on a sprawling 865,127 sq ft site. It is a seven-minute walk to Dover MRT Station on the East-West Line.

The greatest loss incurred over the week in review was from the resale of a 2,530 sq ft unit at Orchard View, which is located in Angullia Park. The unit was sold on Jan 21 for $6.25 million ($2,471 psf), having been bought previously in March 2011 for $8.47 million ($3,347 psf). The seller therefore suffered a 26% loss of $2.22 million. Over a holding period of almost 10 years, this translates into an annualised loss of 3%.

Completed in 2010, Orchard View is a freehold condominium located in District 9. It is a five-minute walk from Orchard MRT Station on the North-South Line, and nearby amenities include Forum The Shopping Mall and Shaw House, both located on Orchard Road.