Unit at Watermark Robertson Quay reaps $1.47 mil profit

SINGAPORE (EDGEPROP) - The seller of a unit at Watermark Robertson Quay, on Rodyk Street, made the top gain of $1.47 million over the week of Feb 4 to 11. The 1,916 sq ft unit on the 10th floor was bought for $1.6 million ($835 psf) in December 2005 and sold for $3.07 million ($1,600 psf) on Feb 5. The seller therefore made a 92% profit, or an annualised profit of 5% over 14 years.

Located in District 9, Watermark Robertson Quay was completed in 2008 and comprises 206 freehold units. It is a 14-minute walk to the upcoming Havelock MRT Station on the Thomson East-Coast Line, which is slated for completion in 2021.

The second top gain made over the week – a 129% profit of $1.21 million – was at Varsity Park Condominium, along West Coast Road. The 2,325 sq ft unit on the fifth floor was purchased for $944,905 ($406 psf) in January 2006 and sold for $2.16 million ($929 psf) on Feb 10. This means that the seller made an annualised profit of 6% over 14 years.

Varsity Park Condominium, in District 5, comprises 530 units on a 99-year leasehold. It was completed in 2008 and is a six-minute drive to Kent Ridge MRT Station on the Circle Line.

A unit sold at Spring Grove, along Grange Road in District 10, made the third largest gain over the week, netting a 125% profit of $1.14 million for the seller. The 1,389 sq ft unit on the 18th floor was bought for $910,000 ($655 psf) in June 1998, and sold for $2.05 million ($1,476 psf) on Feb 6. The seller therefore made an annualised profit of 4% over almost 22 years.

Spring Grove, completed in 1996, comprises 325 units on a 99-year leasehold. It is a 10-minute walk to the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line.

On the other hand, the greatest loss incurred over the week was from the resale of a 2,551 sq ft unit at NEWest in District 5. Having sold the property for $1.95 million ($764 psf) on Feb 7, the seller suffered a 21% loss of $524,500. The unit was purchased in June 2013 for $2.47 million ($970 psf). Over a holding period of almost seven years, this translates into an annualised loss of 4%.

NEWest is a 136-unit project on a 999-year leasehold along West Coast Drive. Completed in 2016, it is 16 minutes by foot to Clementi MRT Station on the East-West Line.