Simei leasehold condo fetches profit of almost $1 mil

By Esther Hoon / The Edge Property | September 23, 2016 9:40 AM SGT
A 2,099 sq ft, five-bedroom unit at Eastpoint Green condominium on Simei Street 3 fetched a hefty profit of $972,000 despite having a remaining lease of less than 80 years. The seller, who purchased the unit from the developer at $375 psf in November 1998, held the unit for close to 18 years before reselling it at $839 psf, or $1.8 million, on Sept 8. Still, this translates into an annualised gain of 5% and marks the most profitable transaction at the 99-year leasehold project historically in terms of absolute gain. On top of this, a 969 sq ft unit on the third floor of the project was sold at a profit of $175,000 a day later on Sept 9. Eastpoint Green was completed in 1999 and comprises 646 units.
A 2,099 sq ft, five-bedroom unit at Eastpoint Green was sold at a profit of $972,000 this month
Separately, two sellers reaped profits of more than $1 million from the high-end segment in the week of Sept 6 to 13. Both units, sold a day apart, were previously purchased in 2005 and held for 11 years. The annualised gain for both transactions works out to be 7%. The bigger profit of $2.3 million accrued to a 3,100 sq ft unit at The Belmont, a freehold apartment off Holland Road in prime district 10. The seller purchased the unit in August 2005 at $645 psf and resold it at $1,397 psf, or $4.3 million, on Sept 8. The smaller profit of $1.6 million accrued to a 2,293 sq ft unit at Cairnhill Plaza, which was sold for $1,374 psf, or $3.2 million. The unit was previously purchased at $675 psf in September 2005. Cairnhill Plaza is a 204-unit, freehold apartment located on Cairnhill Road in prime District 9; it was completed in 1978.
The biggest loss in the week was traced to a 2,745 sq ft unit at Hillcrest Arcadia in District 11. The unit has changed hands six times in total, twice at a loss. In the latest transaction, the seller incurred a loss of $1.1...