Unit at Yong An Park reaps $8.7 mil profit

SINGAPORE (EDGEPROP) - The seller of a unit at Yong An Park, on River Valley Road, made the top gain of $8.7 million over the week of Aug 31 to Sept 5. The 6,577 sq ft unit on the 25th floor was bought for $3.8 million ($578 psf) in May 2000 and sold for $12.5 million ($1,901 psf) on Sept 3. The seller therefore made a 229% profit, or an annualised profit of 6% over 21 years.

Read also: Unit at 72 Grange makes $3.15 mil loss

Located in District 9, Yong An Park was completed in 1986 and has 288 freehold units. It is an eight-minute walk to the upcoming Great World MRT Station on the Thomson-East Coast Line.

The second top gain made over the week — a 56% profit of $3.15 million — was at The Tate Residences, on Claymore Road. The 3,208 sq ft unit on the seventh floor was purchased for $5.66 million ($1,762 psf) in August 2006 and sold for $8.8 million ($2,743 psf) on Sept 1. This means that the seller made an annualised profit of 3% over 15 years.

The Tate Residences, in District 9, comprises 85 freehold units and was completed in 1997. It is a 10-minute walk to Orchard MRT Station on the North-South Line.

A unit sold at Maple Woods, on Bukit Timah Road in District 21, made the third largest gain over the week, netting a 184% profit of $2.8 million for the seller. The 2,551 sq ft unit on the ninth floor was bought in April 1999 for $1.52 million ($596 psf), and sold for $4.32 million ($1,693 psf) on Sept 3. The seller therefore made an annualised profit of 5% over 22 years.

Maple Woods comprises 697 freehold units and was completed in 1997. It is a two-minute walk to King Albert Park MRT Station on the Downtown Line.

On the other hand, the most unprofitable deal of the week was the resale of a 1,389 sq ft unit at Mon Jervois in District 10. Having sold the property for $2.75 million ($1,980 psf) on Sept 1, the seller suffered a 19% loss of $650,000. The unit was purchased in April 2018 for $3.4 million ($2,449 psf). Over a holding period of almost 3½ years, this translates into an annualised loss of 6%.

Mon Jervois, on Jervois Road, comprises 109 units on a 99-year leasehold and was completed in 2016. It is a four-minute drive to Redhill MRT Station on the EastWest Line.