Three-bedder at Country Grandeur sold at $1.8 mil profit

/ EdgeProp Singapore |

September 21, 2023 5:32 PM SGT

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SINGAPORE (EDGEPROP) - The sale of a three-bedroom apartment at Country Grandeur was the most profitable condo resale transaction during the week of Sept 5 to 12, based on caveats lodged with URA. The 1,442 sq ft unit on the third floor changed hands for $2.72 million ($1,886 psf) on Sept 6. It had been purchased by the seller from the developer in May 1995 for $920,000 ($638 psf), which means they raked in a profit of $1.8 million. This works out to a capital gain of 196% over a holding period of more than 28 years.

This is the most profitable resale transaction that has taken place at Country Grandeur to date. It surpasses the previous record set on Oct 28, 2022, when a 1,442 sq ft unit fetched $2.6 million ($1,803 psf). The seller had purchased the unit for $880,000 ($610 psf) in January 1996, which means they made a gain of $1.72 million.

The 1,442 sq ft unit at Country Grandeur changed hands for $2.72 million ($1,886 psf) on Sept 6 (Picture: Samuel Isaac Chua/The Edge Singapore)

Country Grandeur is a freehold development on Lorong Puntong, off Sin Ming Avenue in the Bishan area in District 20. It was completed in 1996 and has 68 residences comprising solely three-bedders of 1,442 sq ft each. Country Grandeur has a relatively low resale transaction volume, with the unit sold on Sept 6 being the first unit there to change hands since the transaction on Oct 28 last year. The latest transaction also marks a new psf-price high for the development.

Read also: Ultra-luxury District 10 condos reap sky-high profits

The second most profitable condo resale transaction during the week in review was the sale of a three-bedroom apartment at The Regency at Tiong Bahru. The 1,281 sq ft unit on the 22nd floor was sold for $3.088 million ($2,411 psf) on Sept 7. The seller had bought the unit for $1.4 million ($1,093 psf) in August 2009. Hence, they netted a gain of $1.688 million or 121% over a holding period of about 14 years. This is the second most profitable resale transaction recorded at The Regency at Tiong Bahru, based on caveats lodged. The most profitable transaction occurred on March 21, when a 1,281 sq ft unit was sold for $2.85 million ($2,225 psf). The seller had purchased the unit in December 2006 for $958,000 ($748 psf), which means they made a profit of $1.89 million.

A 1,281 sq ft unit at The Regency at Tiong Bahru was sold for $3.088 million ($2,411 psf) on Sept 7, leading to a gain of $1.688 million (Picture: Samuel Isaac Chua/The Edge Singapore)

The Regency at Tiong Bahru is a freehold condo by UOL Group at Chay Yan Street in District 3. It is located at the heart of the Tiong Bahru estate, adjacent to the cluster of cafes and shops that line Yong Siak Street, Chay Yan Street and Moh Guan Terrace. The 158-unit development was completed in 2010 and comprises two- to four-bedroom units of 926 to 1,636 sq ft, housed in two 35-storey towers.

In addition to the units sold on Sept 7 and March 21, the development has seen five other resale transactions to date this year, all of which have been profitable for the respective sellers. The units, measuring from 958 to 1,636 sq ft, fetched between $2.18 million and $3.647 million, or between $2,188 and $2,276 psf. The sellers of the apartments netted gains ranging from $748,000 to $1.617 million.

On the other hand, there was only one unprofitable transaction recorded during the week in review, which took place at Urban Vista. A one-bedder measuring 549 sq ft changed hands for $810,000 ($1,476 psf) on Sept 7. It was purchased by the seller for about $819,600 ($1,493 psf) in March 2013. Thus, they made a loss of around $9,500 or 1% after holding the unit for 10½ years.

The seller of a one-bedder at Urban Vista made a loss of around $9,500 when it fetched $810,000 on Sept 7 (Picture: Samuel Isaac Chua/The Edge Singapore)

Urban Vista is a 99-year leasehold condo on Tanah Merah Kechil Link, just a short walk away from the Tanah Merah LRT Station on the East-West Line. Completed in 2016 by Fragrance Group and Aspial Corp, the District 16 development has 582 units comprising one- to five-bedders of between 431 and 1,862 sq ft.

Data compiled on EdgeProp Research shows there have been four other resale transactions at Urban Vista this year that occurred below purchase price, based on caveats lodged. On June 27, the seller of an 893 sq ft unit netted a loss of about $121,000 when it was sold for $1.235 million ($1,382 psf). Before that, a 1,485 sq ft unit was sold on March 27 at a loss of just under $139,000. On March 17, two units measuring 1,324 and 1,044 sq ft were sold at losses of $5,000 and $200,000 respectively.