Unit at Claremont sold for $1.14 mil profit

By Bong Xin Ying

September 29, 2018 9:00 AM SGT

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At Claremont on Killiney Road in prime District 9, the seller of a three-bedroom unit made the highest gain of $1.138 million for transactions done over the week of Sept 11 to 18. The 1,453 sq ft unit on the second floor was purchased for $1.33 million ($917 psf) in July 1999 when it was first launched for sale. It was sold for $2.47 million ($1,700 psf) on Sept 18.

The freehold 67-unit Claremont is located in prime District 9 (Credit: Samuel Isaac Chua/ The Edge Singapore)

The seller raked in a profit of 85%, or an annualised profit of 3% over a holding period of 19.2 years. This is the first resale transaction at Claremont this year, and is also the all-time highest resale profit at the condo. The previous resale transaction at Claremont was in November last year, when a 990 sq ft, two-bedroom unit on the eighth floor was sold for $1.508 million ($1,523 psf). The unit was previously purchased for $900,000 in July 1999. The seller made a 68% profit of $608,000, or an annualised profit of 3% over an 18.4-year holding period.

The second-highest gain at the development was made four years ago by the seller of a 1,453 sq ft unit on the sixth floor. It was bought for $1.2 million ($826 psf) in June 1999 and sold for $2.29 million ($1,575 psf) in August 2014, netting the seller a 91% profit of $1.09 million over 15.2 years.

There have been 32 profitable and six unprofitable transactions at Claremont since 1999, with profits ranging from $94,000 to $1.138 million and losses ranging from $36,000 to $472,000. Claremont is a freehold, 67-unit development by Allgreen Properties. The 10-storey condominium has a range of units, from 990 sq ft two-bedroom apartments to penthouses that start from 1,378 sq ft.

Meanwhile, the second-highest gain — a profit of $1.043 million, or 83% — made during the week in review was at Thomson 800, on Thomson Road in District 11. The condo is an eight-minute walk from Caldecott MRT station on the Circle Line and a one-minute drive from MacRitchie Reservoir Park. The 1,625 sq ft, three-bedroom unit on the 17th floor was purchased for $1.26 million ($775 psf) in February 2002 and sold for $2.3 million ($1,417 psf) on Sept 13. The seller made an annualised profit of 4% over 16.6 years.

Over the same week in review, the sale of another unit at Thomson 800 was the third most profitable transaction. The seller raked in a profit of $1.04 million, or 107%. The 1,410 sq ft, three-bedroom unit was bought for $970,000 ($688 psf) in January 2002 and sold for $2.01 million ($1,425 psf) on Sept 14. The seller made an annualised profit of 4% over a holding period of 16.7 years.

The highest profit at Thomson 800 was reaped by the seller of a 5,791 sq ft penthouse unit six years ago. It was bought for $4 million ($691 psf) in January 2010 and sold for $5.5 million ($950 psf) in November 2011, giving the seller a 38% profit of $1.5 million over 1.8 years.

Including the two latest resale transactions, there have been a total of nine transactions at the development this year, eight of which were profitable.

Completed in 1999 and developed by Property Enterprises Development, a subsidiary of Cheung Kong Group, the 390-unit Thomson 800 was Hong Kong tycoon Li Kashing’s first residential project in Singapore. It comprises a four-storey block and three 20-storey blocks.

The greatest loss incurred over the week in review was from the resale of a 1,668 sq ft, three-bedroom unit at the 99-year leasehold The Azure in District 4. Purchased in a sub-sale in July 2007 for $3.17 million ($1,900 psf), the property was sold on Sept 18 for $2.5 million ($1,498 psf). The seller incurred a 21% loss of $669,200, or an annualised loss of 2% over a holding period of 11.1 years. The Azure, on Ocean Drive in Sentosa Cove, was completed in 2008 and comprises 116 units.