Unit at Concourse Skyline reaps $605,000 profit

SINGAPORE (EDGEPROP) - The seller of a unit at Gardenville, along Walshe Road, made the top gain of $810,000 over the period of May 12 to 19. The 2,659 sq ft unit on the fifth floor was bought for $3.7 million ($1,392 psf) in June 2002 and sold for $4.51 million ($1,696 psf) on May 19. The seller therefore made a 22% profit, or an annualised profit of 1% over almost 18 years.

Located in District 10, Gardenville was completed in 1999. The freehold development is a four-minute drive to Stevens MRT Station on the Downtown Line.

The second top gain made over the week — a 35% profit of $605,000 — was at Concourse Skyline, along Beach Road. The 1,345 sq ft unit on the seventh floor was purchased for $1.75 million ($1,297 psf) in June 2009 and sold for $2.35 million ($1,747 psf) on May 14. This means that the seller made an annualised profit of 3% over 11 years.

Concourse Skyline, in District 7, comprises 360 units on a 99-year leasehold. It was completed in 2014 and is a five-minute walk to Nicoll Highway MRT Station on the Circle Line.

A unit sold at Beauty World Centre, along Upper Bukit Timah Road in District 21, made the third largest gain over the week, netting a 58% profit of $580,000 for the seller. The 1,970 sq ft unit on the 24th floor was bought in May 2010 for $1 million ($508 psf), and sold for $1.58 million ($802 psf) on May 15. The seller therefore made an annualised profit of 5% over 10 years.

Beauty World Centre, on a 99-year leasehold, is a two-minute walk to Beauty World MRT Station on the Downtown Line.

On the other hand, the greatest loss incurred over the week in review was from the resale of a 560 sq ft unit at Novena Regency in District 11. Having sold the property for $1.19 million ($2,117 psf) on May 19, the seller suffered a 9% loss of $121,000. The unit was purchased in April 2013 for $1.31 million ($2,333 psf). Over a holding period of seven years, this translates into an annualised loss of 1%.

Novena Regency, along Thomson Road, comprises 55 freehold units. Completed in 2015, it is a five-minute walk to Novena MRT Station on the North-South Line.