Unit at Cairnhill Astoria reaps $2.1 mil profit

By
/ EdgeProp Singapore
|
August 21, 2020 5:50 AM SGT
Property News For Top Gains & Loses - EDGEPROP SINGAPORE
Top Gains and Losses (Credit: The Edge Singapore)
SINGAPORE (EDGEPROP) - The seller of a unit at Cairnhill Astoria, located along Cairnhill Rise, made the top gain of $2.11 million over the week of Aug 4 to 11. The 1,830 sq ft unit on the eighth floor was bought for $1.14 million ($623 psf) in March 2005 and sold for $3.25 million ($1,776 psf) on Aug 6. The seller therefore made a 185% profit, or an annualised profit of 7% over 15 years.
Cairnhill Astoria - Cairnhill Astoria
Cairnhill Astoria (Credit: Colliers International)
Located in District 9, Cairnhill Astoria was completed in 1983. The development comprises 36 freehold units, and is a 15-minute walk to Newton MRT Interchange Station on the Downtown and North-South Lines.
A unit sold at Twin Regency — a freehold condominium development located along Kim Tian Road in District 3 — made the second largest gain over the week, netting an 85% profit of $1.15 million for the seller. The 1,442 sq ft unit on the 33rd floor was purchased in December 2006 for $1.35 million ($936 psf), and sold for $2.5 million ($1,733 psf) on Aug 6. The seller therefore made an annualised profit of 5% over almost 14 years.
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Twin Regency comprises 234 units and was completed in 2007. It is a five-minute walk to Tiong Bahru MRT Station on the East-West Line.
Meanwhile, the third top gain made over the week — a 121% profit of $1.09 million — was at Robertson 100. The 1,033 sq ft unit on the third floor was purchased for $905,500 ($876 psf) in June 2002 and sold for $2 million ($1,935 psf) on Aug 6. This means that the seller made an annualised profit of 4% over 18 years.
Robertson 100, located along Robertson Quay in District 9, comprises 186 freehold units. It was completed in 2004 and is a 14-minute walk to the upcoming Havelock MRT Station on the Thomson-East Coast Line, which is slated to open in 2021.
Draycott Eight - EDGEPROP SINGAPORE
Draycott Eight (Credit: The Edge Singapore)
On the other hand, the biggest loss incurred over the week in review was for the resale of a 2,895 sq ft unit at Draycott Eight in District 10. Having sold the property for $5.5 million ($1,899 psf) on Aug 6, the seller suffered a 13% loss of $800,000. The unit was purchased in July 2009 for $6.3 million ($2,176 psf). Over a holding period of 11 years, this translates into an annualised loss of 1%.
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Draycott Eight, located along Draycott Park near the Orchard area, comprises 136 units in three blocks of 24 storeys each. It is on a 99-year leasehold. Completed in 2005, it is a 15-minute walk to Newton MRT Interchange Station on the Downtown and North-South Lines.
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