Seller of Urban Resort Condominium unit reaps $5.4 mil profit

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/ EdgeProp
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July 28, 2018 12:00 PM SGT
The transaction at Urban Resort Condominium was the most profitable resale for the week in review; the seller gained $5.4 million from the sale (Credit: The Edge Singapore)
The seller of a unit at Urban Resort Condominium in the Cairnhill neighbourhood raked in the highest profit for resales over July 10 to 17. He reaped a 64% profit of $5.4 million from the sale of a 4,715 sq ft, four-bedroom unit on the 17th floor. The home was sold for $13.9 million ($2,948 psf) on July 12, and was first purchased in 2016 for $8.5 million ($1,803 psf). The seller therefore made an annualised profit of 23% over 2.4 years. Incidentally, this transaction marks the highest sale price fetched at the development.
The transaction is the second sale this year at Urban Resort Condominium, in District 9. The previous resale happened in January, when a 2,121 sq ft, three-bedroom unit on the fifth floor was sold for $4.9 million ($2,311 psf). The seller purchased that unit from the developer in 2013, for $5.335 million ($2,525 psf). He made an 8% loss of $453,500, or an annualised loss of 2% over 4.6 years.
The second highest profitable deal for the week under review was for a 2,347 sq ft, four-bedroom unit at The Tomlinson in prime District 10. The Tomlinson is a 13-minute walk to Orchard MRT Station, and a five-minute drive to ION Orchard shopping mall. The unit on the eighth floor fetched $5.15 million ($2,195 psf) on July 12. From the sale, the owner raked in a 47% profit of $1.65 million, or an annualised profit of 3% over 12.3 years. It was purchased in 2006 for $3.5 million ($1,492 psf).
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The third most profitable transaction for the week happened at Astridville, off Coronation Road West. The 2,433 sq ft, three-bedroom unit was sold for $3.35 million ($1,377 psf) on July 12. The seller made a 94% gain of $1.63 million, or an annualised profit of 6% over 11.6 years. The unit was bought in 2006 for $1.73 million ($709 psf).
Astridville is an 18-unit boutique development completed in 1985, and comprises three-bedroom and maisonnette units. It is also located in District 10.
A seller who sold a 1,389 sq ft unit at Leonie Hill Residences in District 9 made the fourth highest gain for the week, after selling the home on the 26th floor for $2.95 million ($2,125 psf). He reaped a 120% profit of $1.61 million, or an annualised profit of 5% over 15.8 years. The unit was bought in 2002 at $1.34 million ($964 psf).
Leonie Hill Residences is a two-minute drive to the Orchard Road shopping belt.
The seller of a unit at Jardin sustained the highest loss for the week in review, losing $461,000 after holding on to the property for 6.8 years (Credit: The Edge Singapore)
Meanwhile, the top loss was for a one-bedroom unit at Jardin, along Dunearn Road in District 21. After selling the 990 sq ft unit on the third floor for $1.3 million ($1,313 psf), the seller incurred a 26% loss of $461,000, or an annualised loss of 4% over 6.8 years. The unit was bought in 2011 from the developer for $1.76 million ($1,778 psf).
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Jardin is a five-minute drive to Bukit Timah Nature Reserve, and an 11-minute walk to Beauty World MRT station on the Downtown Line.