Unit at Elizabeth Heights sold for $2.54 mil profit

SINGAPORE (EDGEPROP) - The sale of a unit at Elizabeth Heights located on Cairnhill Road made the top gain of $2.54 million over the week of March 3 to 10. The 2,497 sq ft unit on the 12th floor was bought for $1.96 million ($785 psf) in November 1999 and sold for $4.5 million ($1,802 psf) on March 9. The seller therefore made a 130% profit, or an annualised profit of 4% over 20 years.

Elizabeth Heights is located in District 9 and was completed in 1985 with 90 residential units. The freehold property is an eight-minute walk to Newton MRT Station on the North-South and Downtown Lines.

The second top gain made over the week is a unit at The Tresor in District 10. It netted a 85% profit of $1.93 million. The 2,185 sq ft unit on the first floor was bought at $2.27 million ($1,040 psf) in October 2006 and sold for $4.2 million ($1,922 psf) on March 3. This means that the seller made an annualised profit of 5% over a period of slightly more than 13 years.

The Tresor is a 999-year leasehold property with 62 units and five storeys completed in 2008. Located in Bukit Timah, it is within four minutes by foot to Tan Kah Kee MRT Station on the Downtown Line.

A unit sold at Gilstead Court along Gilstead Road in District 11 made the third largest profit over the week, gaining 213% profit of $1.62 million for the seller. The 1,389 sq ft unit was bought in May 1999 for $759,500 ($547 psf) and sold for $2.38 million ($1,714 psf) on March 6. The seller therefore made an annualised profit of 6% over 20 years.

Gilstead Court is a freehold condominium that comprises 48 units. It is a nine-minute walk to Newton Station on the Downtown Line.

On the other hand, the greatest loss incurred over the week was from the resale of a 1,851 sq ft unit on the fifth floor at Reflections at Keppel Bay. It was sold for $2.5 million ($1,350 psf) on March 9. The unit was bought in August 2011 for $3.2 million ($1,734 psf). The seller suffered a 22% loss of over $700,000. Over a holding period of almost nine years, this translates to an annualised loss of 3%.

Reflections at Keppel Bay is a 99-year condominium with 40 floors and 1,129 residential units. Completed in 2013, it is 14 minutes by foot to Telok Blangah MRT Station on the Circle Line.