Unit at Parvis reaps $1.16 mil profit

By
/ EdgeProp Singapore
|
June 25, 2021 5:30 AM SGT
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SINGAPORE (EDGEPROP) - The sale of a 2,325 sq ft unit at Parvis was the most profitable transaction during the week of June 8 to 15. The apartment was purchased for $3.03 million ($1,306 psf) in December 2009 and sold for $4.19 million ($1,806 psf) on June 8. This means that the owner made a profit of $1.16 million (38%), or an annualised profit of 2.9% over 11½ years. (See also: Unit at Pandan Valley reaps $2.3 mil profit)
Located at Holland Hill in District 10, the 248-unit Parvis was jointly developed by Ho Bee Group and MCL Land, and completed in 2012. The development is near the Holland Village precinct and the upcoming One Holland Village — a mixed-used integrated development comprising 296 residential units, 255 serviced residence units, offices and retail space — which will be completed in mid-2022. Parvis is also close to Holland Village MRT Station on the Circle Line and Buona Vista MRT Interchange Station, which is on the East-West and Circle Lines.
Parvis - EDGEPROP SINGAPORE
The 2,325 sq ft unit at Parvis was sold for $4.19 million ($1,806 psf) on June 8. (Picture: Samuel Isaac Chua/The Edge Singapore)
The most profitable resale transaction so far at Parvis was the sale of a 2,013 sq ft for $4.27 million ($2,126 psf) in April 2018. It was purchased for $2.91 million ($1,447 psf) in December 2009. The seller therefore made a profit of $1.36 million (47%), or an annualised profit of 4.7% over eight years. The second most profitable deal at Parvis was the sale of a 2,002 sq ft unit for $3.87 million ($1,939 psf) on May 7. It was purchased for $2.68 million ($1,342 psf) in February 2010. This means that the seller made a profit of $1.19 million (45%), or an annualised profit of 3.3% over 11 years.
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The second most profitable resale deal during the week in review occurred at Clementi Park, where a 1,346 sq ft, two-bedroom unit was sold for $1.68 million ($1,252 psf) on June 10. It was purchased for $580,126 ($431 psf) in April 2006. Thus, the seller made a profit of $1.1 million (191%), or an annualised profit of 7.3% over 15 years.
Top gains and losses - EDGEPROP SINGAPORE
Clementi Park is a freehold development on Sunset Way in District 21, and is located beside a two-storey bungalow residential enclave. The development was completed in 1985 by City Developments and comprises 489 units with a mix of one- to five-bedroom units of 484 sq ft to 4,456 sq ft.
There have been at least eight resale transactions at Clementi Park so far this year, with the June 10 sale being the most profitable. On Jan 22, a 1,658 sq ft, three-bedroom unit was sold for $1.95 million ($1,176 psf). It was purchased for $1.64 million ($995 psf) in November 2015. Thus, the seller made a profit of $300,000 (18%), or an annualised profit of 3.2% over five years.
On the other hand, the most unprofitable transaction during the week occurred at 8 Saint Thomas, located off the prime River Valley neighbourhood in District 9. A 1,044 sq ft unit was sold for $2.53 million ($2,420 psf) on June 9. It was purchased for $2.9 million ($2,777 psf) on July 23 last year.
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8 Saint Thomas - EDGEPROP SINGAPORE
The most unprofitable deal of the week was the sale of a 1,044 sq ft unit at 8 Saint Thomas for $2.53 million ($2,420 psf). (Picture: Samuel Isaac Chua/The Edge Singapore)
Based on the absolute prices, the seller made a loss of $373,000 (13%) on the June 9 resale, or an annualised loss of 14.5% over nine months. This does not include any payable seller’s stamp duty. No other units at 8 Saint Thomas have been sold on the secondary market.
The 250-unit luxury freehold development was completed in January 2018. It was developed by listed property group Bukit Sembawang Estates and comprises two 35-storey towers and a wide spectrum of unit types, from one-bedroom apartments of 441 sq ft to four-bedroom, dual-key units of 1,755 sq ft, as well as a penthouse of 2,422 sq ft.
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