Unit at Wing On Life Garden reaps $2.5 mil profit

The 3,498 sq ft unit on the 10th floor of Wing On Life Garden was bought for $3.6 million ($1,029 psf) in September 2006 and sold for $6.1 million ($1,744 psf) on Nov 5 (Credit: Samuel Isaac Chua/ The Edge Singapore)
SINGAPORE (EDGEPROP) - The seller of a unit at Wing On Life Garden condo made the top gain of $2.5 million over the week of Oct 29 to Nov 5. The 3,498 sq ft unit on the 10th floor was bought for $3.6 million ($1,029 psf) in September 2006, and sold for $6.1 million ($1,744 psf) on Nov 5. The seller made a 69% profit, or an annualised profit of 4% over 13 years.
Located along Bukit Timah Road in prime District 10, the freehold condo was completed in 1982. Developed by The Wing On Investment Co, a member of the Wing On Group in Hong Kong, it has 81 units over 28 storeys. The development is a 10- and 14-minute walk to the Stevens and Newton MRT Stations respectively. It is also a two-minute drive to reputable schools like Anglo-Chinese School (Primary) on Barker Road.
The second biggest gain made over the week – a 148% profit of $1.96 million – was at Astrid Meadows, located on Coronation Road West in prime District 10. The 1,938 sq ft unit on the fourth floor was purchased for $1.32 million ($681 psf) in February 1999, and sold for $3.28 million ($1,693 psf) on Oct 31. This means that the seller made an annualised profit of 4% over almost 21 years.
Completed in 1990, the 208-unit, freehold Astrid Meadows was developed by Parkway Land. The development is near reputable schools like Henry Park Primary School, Nanyang Primary School, and Raffles Girls’ Primary School. It is also a four-minute drive to Holland Village and a 10-minute drive to the CBD and Orchard Road.
Meanwhile, a unit sold at The Waterside, on Tanjong Rhu Road in District 15, made the third most profitable transaction over the period, netting a 122% profit of $1.93 million for the seller. The 2,400 sq ft unit on the sixth floor was bought in March 2006 for $1.58 million ($656 psf), and sold for $3.5 million ($1,458 psf) on Nov 5. The seller therefore made an annualised profit of 6% over 13½ years.
The Waterside, completed in 1993, comprises...