Seller of three-bedder at Sheares Ville makes $2 mil gain
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The sale of a three-bedroom apartment at Sheares Ville, a freehold condo at Holt Road, just off Jervois Road in District 10, was the most profitable condo resale transaction recorded during the week of March 28 to April 4. The 2,626 sq ft unit on the first floor fetched $3.56 million ($1,355 psf) on March 30, based on caveats lodged. It was purchased by the seller in September 2004 from the developer for $1.55 million ($590 psf). This means they raked in a profit of $2.01 million or 130% over a holding period of 18½ years.
This is the first transaction to take place at Sheares Ville this year and the second most profitable transaction recorded at the development. The most profitable transaction took place in April 2012, when a 4,704 sq ft penthouse unit was sold for $5.4 million ($1,148 psf). The seller made a gain of $2.7 million on the unit, which they had purchased for $2.7 million ($574 psf) in July 2005.
The 2,626 sq ft unit at Sheares Ville fetched $3.56 million ($1,355 psf) on March 30 (Picture: Albert Chua/The Edge Singapore)
Sheares Ville is a 65-unit apartment that was completed in 2003. Units in the 12-storey building comprise a mix of three- and four-bedders between 1,399 and 2,626 sq ft. There are also three penthouses of 4,392 to 4,768 sq ft. Located along Holt Road, the development is situated just across the street from the Malaysian High Commission and the exclusive Jervois Road neighbourhood.
The second most profitable condo resale transaction during the period in review was the sale of a 1,668 sq ft unit at Kensington Park Condominium. On April 3, the ninth-floor unit changed hands for $2.7 million ($1,618 psf), reaping the seller a profit of $1.77 million. They bought the unit for $935,000 ($560 psf) in October 1999. Thus, they made a 189% profit over 23½ years.
The transaction marks a new psfprice high for Kensington Park, beating the previous record of $1,448 psf logged in January 2022, when a 1,658 sq ft unit was sold for $2.4 million. This is also the first transaction recorded at the condo since the January 2022 transaction.
A 1,668 sq ft unit at Kensington Park changed hands for $2.7 million on April 3, reaping the seller a profit of $1.77 million (Picture: Samuel Isaac Chua/The Edge Singapore)
Kensington Park is a 999-year leasehold development located on Kensington Park Drive, off Serangoon North Avenue 1. The condo, completed in 1990, sits on a sprawling 491,000 sq ft site. It has 314 units housed in three high-rise blocks and three low-rise blocks.
In February, Kensington Park was launched for collective sale at $1.28 billion, with the tender closing on Feb 22. This is the third collective sale attempt made by the owners, following the first attempt made in 2018, which was aborted after the collective sale committee failed to obtain the 80% threshold of consent from owners. In May 2022, the condo was put up for en bloc sale at the same guide price of $1.28 billion. (See potential condos with en bloc calculator)
Meanwhile, the most unprofitable transaction recorded during the period in review is the sale of a one-bedroom apartment at Marina Bay Residences. The 710 sq ft unit on the 41st floor fetched $1.51 million ($2,125 psf) on March 30. The seller bought the unit in February 2018 for $1.6 million ($2,252 psf); they made a loss of $90,000 (5.6%) across a period of over five years.
This is the third transaction recorded at Marina Bay Residences to date this year. The previous two transactions were also done below the purchase price. On Jan 3, a 743 sq ft unit on the 31st floor was sold for $1.5 million ($2,020 psf), with the seller making a loss of $120,000. On Jan 16, a 1,981 sq ft unit on the 14th floor changed hands for $5.23 million ($2,641 psf). The seller made a loss of $118,700 on the transaction.
The seller of a 710 sq ft unit at Marina Bay Residences made a loss of $90,000 when it was sold for $1.51 million on March 30 (Picture: Samuel Isaac Chua/The Edge Singapore)
Located in District 1, Marina Bay Residences is a development by Keppel Land, Hongkong Land and Cheung Kong Holdings which was completed in 2010. The 99-year leasehold project has 428 units. Units range from one- to four-bedroom apartments of 710 to 2,379 sq ft. There are also nine penthouse units of 3,606 to 4,672 sq ft, as well as a triplex penthouse unit measuring 11,011 sq ft which comes with a roof terrace and private pool.
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