Unit at Scotts 28 reaps $1.79 mil profit

By EdgeProp Singapore | May 14, 2021 6:00 AM SGT
SINGAPORE (EDGEPROP) - The seller of a unit at Scotts 28, along Scotts Road, made the top gain of $1.79 million over the week of April 27 to May 4. The 2,217 sq ft unit on the 27th floor was bought for $3.27 million ($1,475 psf) in November 1995 and sold for $5.06 million ($2,282 psf) on April 30. The seller therefore made a 55% profit, or an annualised profit of 2% over 25½ years.
BLD-SCOTTS - EDGEPROP SINGAPORE
Scotts 28 (Credit: Samuel Isaac Chua/ The Edge Singapore)
Located in District 9, Scotts 28 was completed in 1998 and has 136 freehold units. It is an eight-minute walk from Newton MRT Interchange Station on the North-South and Downtown Lines.
The second top gain made over the week — a 163% profit of $1.75 million — was at The Sea View, along Amber Road. The 1,410 sq ft unit on the ninth floor was purchased for $1.07 million ($760 psf) in August 2005 and sold for $2.82 million ($2,000 psf) on April 28. This means that the seller made an annualised profit of 6% over almost 16 years.
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The Sea View, in District 15, comprises 546 freehold units and was completed in 2008. It is a seven-minute walk from the upcoming Marine Parade MRT Station on the Thomson-East Coast Line.
A unit sold at The Marbella, located along Mount Sinai Rise in District 10, made the third largest gain over the week, netting a 151% profit of $1.54 million for the seller. The 1,475 sq ft unit on the second floor was bought in February 2005 for $1.02 million ($692 psf), and sold for $2.56 million ($1,736 psf) on April 28. The seller therefore made an annualised profit of 6% over 16 years.
The Marbella comprises 239 freehold units, and was completed in 2005, It is a seven-minute drive from Dover MRT Station on the East-West Line.
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(Credit: Samuel Isaac Chua/ The Edge Singapore)
On the other hand, the most unprofitable deal of the week was the resale of a 3,089 sq ft unit at The Marq on Paterson Hill in District 9. Having sold the property for $11.5 million ($3,723 psf) on April 29, the seller suffered a 22% loss of $3.24 million. The unit was purchased in July 2007 for $14.74 million ($4,908 psf). Over a holding period of almost 14 years, this translates into an annualised loss of 2%.
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The Marq on Paterson Hill, located along Paterson Hill, comprises 66 freehold units, and was completed in 2011. It is a six-minute walk from Orchard MRT Station on the North-South Line.