Unit at Island View reaps $3.19 mil profit

SINGAPORE (EDGEPROP) - The seller of a unit at Island View, along Jalan Mat Jambol in Pasir Panjang, made the top gain of $3.19 million over the week of Feb 16 to 22. The 3,498 sq ft unit on the second floor was bought for $1.9 million ($543 psf) in February 2007 and sold for $5.09 million ($1,455 psf) on Feb 17. The seller therefore made a 168% profit, or an annualised profit of 7% over 15 years.

Located in District 5, Island View was completed in 1984 and comprises 72 freehold units. It is less than a 10-minute walk to Pasir Panjang MRT Station on the Circle Line.

The second top gain made over the week — a 72% profit of $1.24 million — was at The Blossomvale, on Dunearn Road. A 1,744 sq ft unit on the fourth floor was purchased for $1.74 million ($996 psf) in April 1996 and sold for $2.98 million ($1,709 psf) on Feb 17. This means that the seller made an annualised profit of 2% over almost 26 years.

The Blossomvale, in District 21, comprises 220 units. The 999-year leasehold project was completed in 1998. It is a three-minute walk to King Albert Park MRT Station on the Downtown 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 188% profit of $1.16 million for the seller. The 1,873 sq ft unit on the seventh floor was bought in September 2006 for $618,000 ($330 psf), and sold for $1.78 million ($950 psf) on Feb 18. The seller therefore made an annualised profit of 7% over 15½ years.

A 99-year leasehold property, Beauty World has 80 strata units, and was completed in 1998. It is located next to the Beauty World MRT Station on the Downtown Line.

On the other hand, the most unprofitable deal of the week was the resale of an 893 sq ft unit on the 16th floor at The Vermont on Cairnhill in District 9. Having sold the property for $1.95 million ($2,183 psf) on Feb 16, the seller suffered a 9% loss of $197,000. The unit was purchased in July 2014 for $2.15 million ($2,403 psf). Over a holding period of nearly eight years, this translates into an annualised loss of 1%. (Check all latest Singapore property Market Trends)

The Vermont on Cairnhill, on Cairnhill Rise, comprises 158 freehold units and was completed in 2013.