Three-bedder at Gisborne Light sold at record $1.2 mil profit

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/ EdgeProp Singapore
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January 31, 2020 11:30 AM SGT
SINGAPORE (EDGEPROP) - The most profitable transaction in the week of Jan 7 to 14 was for a three-bedroom unit at Gisborne Light. The 2,885 sq ft unit was sold for $3.2 million ($1,109 psf) on Jan 7. The owner purchased it for $2 million ($693 psf) in February 2002. This means the seller earned a $1.2 million (60%) profit, or an annualised profit of 3% over 18 years.
Gisborne Light is a freehold development off Bukit Timah Road, and comprises 17 units of 936 to 2,885 sq ft. The development is close to Stevens MRT Station on the Downtown Line, as well as Singapore Chinese Girls’ School and Anglo-Chinese School (Barker Road). It is close to the highly desirable neighbourhoods along Balmoral Road and Stevens Road, and the White House Road Good Class Bungalow area.
The 2,885 sq ft, three-bedroom unit at Gisborne Light was sold for $3.2 million on Jan 7 (Picture: Albert Chua/The Edge Singapore)
In September 2018, its owners launched the development for sale with an asking price of $37 million, which translates to a land rate of $1,671 psf per plot ratio. The 2,885 sq ft unit sold on Jan 7 is the first unit at Gisborne Light to be sold since the unsuccessful en bloc attempt, and it is also the most profitable deal ever recorded at the 17-year-old condominium. The record was last held by the sale of a 936 sq ft unit. Its owner made a $555,000 (85%) profit when it was sold for $1.21 million ($1,287 psf) in July 2011. The unit was bought for $650,000 ($694 psf) in July 2006. This translates to an annualised profit of 13% over five years.
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The second most profitable sale during the week occurred at Peakview Estate, a freehold apartment development in District 16, where a 1,453 sq ft, four-bedroom unit was sold for $1.34 million ($920 psf) on Jan 9. The property last changed hands for $505,000 ($348 psf) in 2007. This means the seller made an $832,000 (165%) profit, or an annualised profit of 8% over 13 years.
A four-bedroom unit at Peakview Estate near Upper Changi Road was sold for $1.34 million on Jan 9 (Picture: Albert Chua/The Edge Singapore)
Located on Jalan Pari Kikis near the start of Upper Changi Road, the property is near Tanah Merah MRT Station on the East-West Line. It is also near Anglican High School and is in a three-storey mixed landed housing estate.
Meanwhile, the sale of a three-bedroom unit at Reflections at Keppel Bay was the most unprofitable sale during the week. The 1,701 sq ft unit is located in one of the lowrise blocks fronting the marina. It was sold for $2.73 million ($1,602 psf) on Jan 10, while the owner purchased it for $3.82 million ($2,244 psf) in May 2007. The seller made a $1.09 million (29%) loss on the sale of the property, which translates to an annualised loss of 3% over close to 13 years.
The sale of a three-bedroom unit at Reflections at Keppel Bay resulted in a $1.09 million loss for the seller on Jan 10 (Picture: Samuel Isaac Chua/The Edge Singapore)
Since the start of 2018, the majority of resale transactions at Reflections at Keppel Bay, or about 81%, have been unprofitable, based on the matching of URA caveats. This includes transactions at the six high-rise curved towers of 24 to 41 storeys, and the 11 low-rise villa blocks of six to eight storeys. So far, losses at the development during that period have ranged from $2,000 to $3.29 million.
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EDGEPROP - GISBORNE LIGHT
For price trends, recent transactions, other project info, check out these projects' research page: Gisborne Light, Peakview Estate, Reflections at Keppel Bay
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