Three-bedroom unit at Balmoral 8 rakes in $1.48 mil profit

By
/ EdgeProp Singapore
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September 6, 2019 11:00 AM SGT
SINGAPORE (EDGEPROP) - The sale of a three-bedroom unit at Balmoral 8 topped the chart as the most profitable deal for the week of Aug 20 to 27. The 1,905-sq-ft unit fetched $3.48 million ($1,824 psf) when it was sold on Aug 26. It had been bought for $2 million ($1,044 psf) in November 2002, which means that the recent sale earned the seller a profit of $1.48 million, or an annualised profit of 3.3% over a 16-year holding period.
Balmoral 8 is a freehold development along Balmoral Road in prime District 10. The 40-unit condo was completed in 2003 and comprises three-bedroom units of 1,701 to 1,916 sq ft, as well as penthouse units of 2,928 to 3,757 sq ft.
The three-bedroom unit at Balmoral 8 fetched $3.48 million on Aug 26 (Pictures: The Edge Singapore)
This latest sale at Balmoral 8 is the second most profitable transaction at the condo so far. The most profitable deal at Balmoral 8 was in 2010, when the sale of a 1,841-sq-ft unit raked in a $1.6 million (89%) profit. The unit first changed hands for $1.8 million ($978 psf) in 2004, and later fetched $3.4 million ($1,847 psf) when it was sold in July 2010.
Over the past 13 years, profits at the 40-unit condo have ranged from $40,000 to $1.6 million across 25 transactions, according to the matching of URA caveats.
The week in review also recorded the sale of a four-bedroom unit at Thomson View Condominium in District 20. The 2,024-sq-ft unit on the second floor was sold for $1.98 million ($954 psf) on Aug 20, but had been bought for $488,000 ($241 psf) in October 2005. Thus, the seller walked away with a $1.44 million profit, or an annualised profit of 10% over a holding period of nearly 14 years.
This latest transaction at Thomson View Condominium is the second most profitable deal at the 99-year leasehold development. The most profitable deal at the development occurred in 2012 when a 3,843-sq-ft townhouse fetched $2.85 million ($742 psf), producing a profit of $2.01 million. It had been purchased for $839,900 ($219 psf) back in 1999.
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