Sellers reap $1 mil profit at Sheares Ville and Citylights
By Esther Hoon
/ The Edge Property |
Two non-landed homes fetched a profit of over $1 million in the week of Aug 23 to 30. The larger profit of $1.2 million accrued to a 1,475 sq ft unit at Sheares Ville, a 65-unit freehold apartment on Holt Road in prime District 10. The unit was held for 11 years before it was resold at $1,546 psf on Aug 30. The seller had purchased it at $766 psf in September 2005, yielding an annualised gain of 7%. In addition, a 1,475 sq ft unit on the third floor in the same development and a 1,528 sq ft unit on the seventh floor changed hands at profits of more than $900,000 in the same month.
A 1,475 sq ft unit at Sheares Ville was sold at a profit of $1.2 million
The smaller profit of $1 million was traced to a 1,851 sq ft unit at Citylights near Lavender MRT station. It was purchased in a sub-sale at $885 psf in April 2007 and resold at $1,431 psf last month, which translates into an annualised gain of 5%. Based on URA caveat records, there were 18 resale transactions at the project so far this year. The majority of the sales were profitable, but four were in the red. All four homes sold unprofitably were previously purchased in 2010 and 2011. Two were one-bedroom units measuring 560 sq ft, which were sold at a loss of $100,000 and $20,000 in March and April respectively. The biggest loss from the development this year, which amounted to $200,000, was traced to a 1,840 sq ft unit that was sold in February. Citylights is a 99-year leasehold, 600-unit condo that was completed in 2007.
In the landed segment, a terraced house on Coronation Road in prime District 10 was sold for a profit of $3.8 million after being held for 13 years. The property, which sits on a 1,927 sq ft, 999-year leasehold site, fetched $2,595 psf on land on Aug 23, the highest recorded so far in the estate. The seller had purchased it at $638 psf in June 2003. The annualised gain works out to 11%.
On the same day, a freehold semi-detached house on Greendale Avenue in prime District 11 changed hands for a $2.3 million profit. The seller, who had held the unit for close to 16 years, had purchased the property with a land size of 3,649 sq ft at $850 psf on land in September 2000. He resold the unit at $1,481 psf, translating into a 4% annualised gain. The computed gains for landed properties exclude refurbishment or renovation costs that the seller might have incurred.
Meanwhile, in prime District 9, another seller at Scotts Square incurred a loss of $647,088 from the sale of his 624 sq ft unit. He had purchased the unit from the developer at $4,058 psf in August 2007. The unit was resold at $3,021 psf on Aug 25, resulting in an annualised loss of 3%.
At Reflections at Keppel Bay, a 1,733 sq ft unit on the 22nd floor fetched a record low of $1,275 psf on Aug 30. The transaction resulted in a loss of $570,000 for the seller, who had purchased the unit from a sub-sale at $1,604 psf in May 2008.
This article appeared in The Edge Property Pullout, Issue 745 (Sep 12, 2016) of The Edge Singapore.
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