Unit at St Regis Residences gains $1.69 mil profit

SINGAPORE (EDGEPROP) - The seller of a unit at St Regis Residences on Tanglin Road made the top gain of $1.69 million over the week of Sept 14 to 21. The 3,757 sq ft unit on the 10th floor was bought for $7.7 million ($2,050 psf) in April 2015 and sold for $9.39 million ($2,500 psf) on Sept 16. The seller therefore made a 22% profit, or an annualised profit of 3% over 6½ years.

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Located in District 10, St Regis Residences was completed in 2008 and has 173 units on a 999-year leasehold. It is a seven-minute walk to the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line.

The second top gain made over the week — a 41% profit of $1.5 million — was at Rivergate, on Robertson Quay. The 1,894 sq ft unit on the 27th floor was purchased for $3.7 million ($1,953 psf) in July 2015 and sold for $5.2 million ($2,745 psf) on Sept 16. This means that the seller made an annualised profit of 6% over six years.

Rivergate, in District 9, comprises 545 freehold units and was completed in 2009. It is an 11-minute walk to the upcoming Havelock MRT Station on the Thomson-East Coast Line.

A unit sold at The Makena, on Meyer Road in District 15, made the third largest gain over the week, netting a 129% profit of $1.41 million for the seller. The 1,636 sq ft unit on the third floor was bought in November 2006 for $1.1 million ($668 psf), and sold for $2.5 million ($1,528 psf) on Sept 21. The seller therefore made an annualised profit of 6% over almost 15 years.

The Makena comprises 504 freehold units and was completed in 1998. It is a four-minute walk to the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line.

On the other hand, the most unprofitable deal of the week was the resale of a 1,668 sq ft unit at Reflections at Keppel Bay in District 4. Having sold the property for $2.95 million ($1,770 psf) on Sept 21, the seller suffered a 22% loss of $827,000. The unit was purchased in August 2007 for $3.78 million ($2,266 psf). Over a holding period of 14 years, this translates into an annualised loss of 2%.

Reflections at Keppel Bay, on Keppel Bay View, comprises 1,129 units on a 99-year leasehold and was completed in 2011. It is a seven-minute walk to Telok Blangah Station on the Circle Line.