Unit at Sunset Lodge makes $1.65 mil profit

SINGAPORE (EDGEPROP) - The seller of a unit at Sunset Lodge in Clementi made the top gain of $1.65 million over the week of March 1 to 8. The 3,434 sq ft unit was bought for $1.46 million ($424 psf) in December 1995 and sold for $3.1 million ($903 psf) on March 4. The seller therefore made a 113% profit, or an annualised profit of 3% over 26 years.

Sunset Lodge is a freehold development located in District 21 and was completed in 1978. It comprises 21 units housed in low-rise blocks located along Sunset Close.

See also: Ardmore Park unit reaps $3 mil profit

The second top gain made over the week was for a unit sold at ClementiWoods Condominium. The 1,625 sq ft unit on the third floor was sold for $2.2 million ($1,354 psf) on March 4, resulting in a gain of $1.29 million. The unit was purchased for $910,000 ($560 psf) in January 2007. This means the seller made a 142% profit or an annualised profit of 6% over a period of 15 years.

ClementiWoods Condominium is located along West Coast Road in District 5 and comprises 240 units across six five-storey blocks that are 99-year leasehold. Developed by Frasers Centrepoint, the project was completed in 2010. It is near West Coast Park and West Coast Plaza.

A unit sold at Bleu @ East Coast located in District 16 netted a $1.25 million gain for the seller, representing a profit of 97%. The 2,551 sq ft unit on the fifth floor was bought in November 2006 for $1.28 million ($502 psf), and sold for $2.53 million ($990 psf) on March 2. The seller therefore made an annualised profit of 5% over 15 years.

Bleu @ East Coast is a freehold development by Sim Lian Group that was completed in 2010. Located on Upper East Coast Road, the property comprises 62 units. It is located within walking distance of the upcoming Bayshore and Bedok South MRT Stations on the Thomson-East Coast Line.

On the other hand, the most unprofitable deal of the week was the resale of a 1,593 sq ft unit on the 49th floor at Marina Bay Suites in District 1. Having sold the property for $3.1 million ($1,946 psf) on March 4, the seller suffered a 31% loss of $1.41 million. The unit was purchased in July 2012 for $4.51 million ($2,829 psf). Over a holding period of nearly 10 years, this translates into an annualised loss of 4%.

Marina Bay Suites, located on Central Boulevard, was completed in 2013. The 99-year leasehold development comprises 221 units. It is a two-minute walk from Downtown MRT Station on the Downtown Line.