Unit at Riviera Residences reaps $1.08 mil profit
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The sale of a 1,593 sq ft unit at Riviera Residences was the most profitable transaction during the week of June 1 to 8. The apartment was purchased for $1.22 million ($766 psf) in June 2007 and sold for $2.3 million ($1,444 psf) on June 1. This means that the owner made a profit of $1.08 million (89%), which translates to an annualised profit of 4.6% over 14 years. (See also: Resale unit at Boulevard Vue reaps $2.5 mil profit)
Riviera Residences is a freehold condominium located on Riviera Drive, off Upper East Coast Road, in District 16. The 138-unit development was completed in 2007 and comprises two- to four-bedroom units that range from 786 sq ft to 2,476 sq ft. It is located between two upcoming MRT stations on the Thomson-East Coast Line — Bedok South and Bayshore stations — which are expected to open by 2024. The development is also close to Temasek Primary School, Temasek Secondary School and Temasek Junior College.
The 1,593 sq ft unit at Riviera Residences was sold for $2.3 million ($1,444 psf) on June 1. (Picture: Samuel Isaac Chua/The Edge Singapore)
The most profitable resale transaction so far at Riviera Residences was the sale of a 2,411 sq ft unit for $2.15 million ($892 psf) in May 2015. The unit was purchased for $1.02 million ($425 psf) in May 2006. The seller therefore made a profit of $1.13 million (109%), or an annualised profit of 8.6% over nearly nine years.
The second most profitable transaction of the week in review occurred at Martin Place Residences, where a 1,044 sq ft unit was sold for $2.41 million ($2,318 psf) on June 3. It was purchased for $1.45 million ($1,396 psf) in June 2009. Thus, the seller made a profit of about $963,000 (66%), or an annualised profit of 4.3% over 12 years.
Martin Place Residences is a freehold development at Martin Place in prime District 9. The 302-unit development was completed in 2011 and comprises one- to five-bedroom units that range from 592 sq ft to 3,380 sq ft. It is located in the River Valley residential neighbourhood and close to new developments like Martin Modern and The Avenir. It is also a 10-minute walk to Great World shopping mall and close to the upcoming Great World MRT Station on the Thomson-East Coast Line, which is opening next year.
Take a depth virtual tour of the New Condo Launch in 2021, including these new launches: Martin Modern, Dairy Farm Residences, One Pearl Bank
The latest transaction is the third resale deal at Martin Place Residences so far this year. On May 27, a 592 sq ft unit was sold for $1.28 million ($2,162 psf) and turned in a profit of $100,000 for the seller. On Feb 9, a 1,044 sq ft unit was sold for $2.42 million ($2,318 psf) at the development, earning the seller a profit of $390,000.
On the other hand, the most unprofitable deal of the week occurred at Boulevard Vue. A 4,392 sq ft unit on the fourth floor was sold for $11.7 million ($2,664 psf) on June 4. It was purchased for $12.6 million ($2,871 psf) in May 2010. The seller therefore made a loss of about $908,000 (7%), which translates to an annualised loss of 0.7% over 11 years.
The 28-unit Boulevard Vue is a luxury freehold condominium developed by Far East Organization and completed in 2013. It comprises a single 32-storey residential block, with 26 four-bedroom apartments that range from 4,424 sq ft to 4,510 sq ft in size. There are also two penthouses of 8,051 sq ft and 11,098 sq ft in size, each with a private pool and roof terrace.
The most unprofitable deal of the week was the sale of a 4,392 sq ft unit at Boulevard Vue for $11.7 million. (Picture: Samuel Isaac Chua/The Edge Singapore)
The June 4 transaction at Boulevard Vue has the lowest psf price sale for a unit so far. The last time a unit was sold for less than $3,000 psf was six years ago, when a 4,478 sq ft unit on the 15th floor was sold for $12.5 million ($2,792 psf) in April 2015. According to URA caveats, this transaction was a subsale, and no prior caveat was lodged for the preceding sale.
However, the last resale, in July 2019, of an apartment at Boulevard Vue — a 4,478 sq ft unit on the 17th floor — was profitable. It was sold for $17.5 million ($3,908 psf) and had been purchased for $15 million ($3,350 psf) in April 2015. This means that the seller made a profit of $2.5 million (16%), or an annualised profit of 3.6% over four years.
Check out the latest listings near Riviera Residences, Martin Place Residences, Martin Modern, The Avenir, Bedok South MRT, Bayshore MRT, Great World MRT, Temasek Primary School, Temasek Secondary School, Temasek Junior College
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