Urban Edge @ Holland V garners record profit of $2.37 mil
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A deal involving a three-bedder at Urban Edge @ Holland V was the most profitable condo resale transaction during the week of March 10 to 17. The 2,325 sq ft apartment on the fourth floor changed hands for $4.1 million, or $1,763 psf, on March 16. Previously, the unit was purchased for $1.73 million ($744 psf) in June 2006. From the latest sale, the seller made a profit of $2.37 million (137%), representing an annualised gain of 4.5% over nearly 20 years.
A three-bedder at Urban Edge @ Holland V changed hands for $4.1 million on March 16, netting a profit of $2.37 million (Photo: Google Maps)
This is the most profitable transaction at the development to date. It surpasses the previous record gain of $1.2 million made in October 2010, when a 1,776 sq ft, three-bedroom unit on the fourth floor changed hands for $2.6 million ($1,464 psf). The seller, who bought the unit for $1.4 million ($788 psf) in June 2006, made an annualised gain of 15.4% after owning the unit for just over four years.
Completed in 2007, Urban Edge @ Holland V, sited on Ford Avenue, houses 31 units in a four-storey bloc. These units come in two- and three-bedroom configurations, spanning from 840 to 2,325 sq ft. Holland Village MRT Station on the Circle Line is a short walk away, with amenities and dining options at One Holland Village, Holland Village Market and Food Centre, and Holland Road Shopping Centre right across the street.
Another freehold condo, Grange Residences, recorded the second-highest gain during the week in review when a 2,852 sq ft, four-bedroom apartment on the 11th floor was sold for $10.2 million ($3,576 psf) on March 11. The unit was bought in May 2011 at $7.95 million ($2,787 psf), which means the seller netted a profit of $2.25 million (28.3%), or an annualised gain of 1.7% for almost 15 years.
The owner of a four-bedroom unit at Grange Residences gained a profit of $2.25 million on March 11, when it was sold for $10.2 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Grange Residences has recorded a steady stream of profitable resale transactions since its completion, with data compiled on EdgeProp Research indicating nearly 140 such deals, based on caveats lodged.
The record gain at the development belongs to another 2,852 sq ft, four-bedroom unit on the fourth floor that changed hands for $9.85 million ($3,453 psf) in June last year. The seller, who bought the unit in June 2004 for $3.35 million ($1,173 psf), reaped a profit of $6.5 million, which translates to an annualised gain of 5.3% over 21 years.
Grange Residences is a freehold condo completed in 2004. Situated on Grange Road in prime District 10, the 164-unit development features only four-bedroom units between 2,422 and 2,852 sq ft. The property is near the Orchard Boulevard MRT Station on the Thomson-East Coast Line, with Tanglin Mall just across the road.
On the other hand, the most unprofitable resale transaction in the week in review occured at Scotts Square: a 1,249 sq ft, three-bedroom apartment on the 24th floor was sold for $4.03 million ($3,226 psf) on March 16. The seller had bought the apartment in 2007 for $4.85 million ($3,881 psf). Thus, the seller incurred a loss of $818,095 (16.9%), or an annualised loss of 1% over 18½ years.
A seller at Scotts Square incurred a loss of $818,095 on March 16 from the sale of a 1,249 sq ft, three-bedroom apartment (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The 338-unit Scotts Square is a freehold condo completed in 2011. It comprises two residential towers sitting atop a four-storey retail podium, offering a mix of one- to three-bedroom layouts ranging from 603 to 1,249 sq ft.
The condo is situated in the heart of Orchard Road, with malls such as Lucky Plaza, Ion Orchard and Wisma Atria at its doorstep. Orchard MRT Interchange on the Thomson-East Coast and North-South lines is within walking distance.
Last year, Scotts Square saw eight resale transactions with units sold at prices ranging from $2,703 to $3,362 psf, based on caveats lodged. Half of these deals were unprofitable, with the sellers incurring losses ranging from $669,290 to $1.16 million.
To date, the most unprofitable resale deal at Scotts Square was for a 1,249 sq ft, three-bedroom unit on the 36th floor that changed hands for $3.65 million ($2,923 psf) in February 2017. The seller purchased the unit in 2007 for $5.21 million ($4,171 psf). Thus, it incurred a $1.56 million loss, or an annualised loss of 3.7% over nine years.
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