Unit at The Sea View sold for $1.74 mil profit

By
/ EdgeProp Singapore
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November 27, 2020 6:00 AM SGT

Note: An earlier version of this article stated that the unit sold at The Sea View on Nov 11 was a two-bedroom unit. This has been corrected as the unit is a three-bedroom.

SINGAPORE (EDGEPROP) - The most profitable deal during the week of Nov 10 to 17 was the sale of a three-bedroom unit at The Sea View. The 1,410 sq ft unit on the 19th floor was purchased for $1.1 million ($785 psf) in May 2006 and sold for $2.85 million ($2,021 psf) on Nov 11. The seller thus earned $1.74 million, or a profit of 158%, on the sale. This translates to an annualised profit of 6.8% over 14½ years. This also makes it the most profitable resale transaction at the development so far this year.
The Sea View is a freehold condominium located on Amber Road in District 15. The 546-unit condominium was completed in 2008 by Wheelock Properties and comprises one- to three-bedroom units ranging from 560 sq ft to 2,809 sq ft. The development is on a prime site in the Amber Road residential neighbourhood, close to Parkway Parade Shopping Mall and located between two upcoming MRT stations — Marine Parade and Tanjong Katong — which are on the Thomson-East Coast Line.
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BLD-THE-SEAVIEW - EDGEPROP SINGAPORE
A 1,410 sq ft, two-bedroom unit at The Sea View was sold for $2.85 million ($2,021 psf) on Nov 11. (Picture: Samuel Isaac Chua/The Edge Singapore)
There have been at least seven resale transactions at The Sea View so far this year, and all of them have been profitable. Profits have ranged from $130,000 ($1,627 psf) for a 1,647 sq ft, three-bedroom unit on Aug 28, to $1.74 million from the sale of the two-bedroom unit on Nov 11.
The second most profitable transaction during the week in review was at Casa Cairnhill in District 9, where a 1,539 sq ft, three-bedroom unit on the 16th floor was sold for $2.85 million ($1,852 psf) on Nov 13. This unit had been purchased for $1.15 million ($747 psf) in April 2006. Thus, the owner made a $1.7 million profit on the sale, which translates to an annualised profit of 6.4% over 14½ years.
Casa Cairnhill is located on Peck Hay Road, which is in the Cairnhill residential enclave close to Orchard Road. The freehold development is close to Anglo-Chinese School (Junior) and LaSalle College of the Arts (Winstedt Campus). It is also close to Newton MRT Interchange Station on the North-South and Downtown Lines. The 72-unit condominium was completed in 1991 and comprises three- and four-bedroom units of 1,539 sq ft to 2,669 sq ft.
The resale transaction on Nov 13 is also the second most profitable deal on record at the freehold development. The most profitable transaction is the sale of a 1,636 sq ft, three-bedroom unit which fetched $2.78 million ($1,699 psf) in December 2015. That transaction earned the seller a profit of $1.78 million.
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Top Gains and Losses Nov - EDGEPROP SINGAPORE
Meanwhile, the top loss during the week in review was for the sale of a 1,862 sq ft, three-bedroom unit at Starlight Suites. The unit was sold for $3.15 million ($1,692 psf) on Nov 11, but had been bought for $4.46 million ($2,394 psf) in May 2012. This resulted in a loss of $1.31 million, or an annualised loss of 2.4% over 8½ years. This also makes it the most unprofitable resale transaction there to date.
Starlight Suites, a 105-unit condominium comprising one- to four-bedroom units ranging from 560 sq ft to 3,757 sq ft, is a freehold development located on River Valley Close in District 9. It is in the desirable River Valley residential enclave and is close to other high-rise condominiums like The Avenir, Martin Modern and The Iveria. It also faces River Valley Primary School and is near the upcoming Great World MRT Station on the Thomson-East Coast Line.
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There has been at least one other resale transaction at Starlight Suites this year when a 1,076 sq ft unit sold for $1.99 million ($1,858 psf) on Oct 8. That sale was also unprofitable as the seller had purchased the unit for $2.12 million ($1,969 psf) in August 2012. The seller thus made a loss of about $119,300.
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