Unit at Hazel Park Condominium reaps $2.4 mil profit

By Charlene Chin
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - The seller of a unit at Hazel Park Condominium, on Hazel Park Terrace, made the top gain of $2.41 million over the week of Nov 2 to 9. The 2,874 sq ft unit on the 19th floor was bought for $1.19 million ($412 psf) in April 2002 and sold for $3.59 million ($1,249 psf) on Nov 5. The seller therefore made a 203% profit, or an annualised profit of 6% over almost 20 years.
Hazel Park Condominium - EDGEPROP SINGAPORE
The 2,874 sq ft unit on the 19th floor at Hazel Park Condominium was sold for $3.59 million ($1,249 psf) on Nov 5 (Credit: Albert Chua/ The Edge Singapore)
Located in District 23, Hazel Park Condominium was completed in 2000 and comprises 696 units on a 999-year leasehold. It is a five-minute walk to Cashew MRT Station on the Downtown Line.
The second top gain made over the week — a 45% profit of $1.97 million — was at One Devonshire, on Devonshire Road. The 2,400 sq ft unit on the 25th floor was purchased for $4.35 million ($1,812 psf) in July 2009 and sold for $6.32 million ($2,633 psf) on Nov 3. This means that the seller made an annualised profit of 3% over 12 years.
One Devonshire, in District 9, comprises 152 freehold units and was completed in 2011. It is a six-minute walk to Somerset MRT Station on the North-South Line.
A unit sold at One Amber, along Amber Gardens in District 15, made the third largest gain over the week, netting a 142% profit of $1.37 million for the seller. The 1,302 sq ft unit on the seventh floor was bought in January 2007 for $962,000 ($739 psf), and sold for $2.33 million ($1,790 psf) on Nov 3. The seller therefore made an annualised profit of 6% over almost 15 years.
One Amber comprises 562 freehold units and was completed in 2010. It is a four-minute walk to the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line.
A unit at The Scotts Tower was sold for $1.85 million ($2,292 psf), resulting in a 38% loss of $1.12 million for the seller (Credit: Samuel Isaac Chua/ The Edge Singapore)
On the other hand, the most unprofitable deal of the week was the resale of an 807 sq ft unit at The Scotts Tower in District 9. Having sold the property for $1.85 million ($2,292 psf), the seller suffered a 38% loss of $1.12 million. The unit was purchased in February 2013 for $2.97 million ($3,680 psf). Over a holding period of almost nine years, this translates into an annualised loss of 5%.
The Scotts Tower, on Scotts Road, comprises 231 units on a 103-year leasehold and was completed in 2016. It is a four-minute walk to Newton MRT Interchange Station on the North-South and Downtown Lines.

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