The Waterside unit rakes in $2.05 mil profit

The resale of a unit at The Waterside raked in $2.05 million, the top profit over the week in review (Credit: The Edge Singapore)
A unit sold at The Waterside, on Tanjong Rhu Road in District 15, raked in the top profit of $2.05 million over the week of Aug 14 to 21. This is the second-highest profit made from resales in the development.
The 2,433 sq ft unit on the 22nd floor was purchased for $2.45 million ($1,007 psf) in December 2006, and sold for $4.5 million ($1,850 psf) on Aug 15. The seller reaped an 84% profit, or an annualised profit of 5% after holding on to the unit for 11.6 years. This is the second time the unit has chaAged hands, according to caveats lodged with URA Realis. It was first bought in November 1999 at $2.13 million ($874 psf). This means the first seller walked away with a 15% profit of $325,000, or an annualised profit of 2% over 7.1 years.
The highest profit of all time at The Waterside was from the resale of a 2,400 sq ft, four-bedroom unit on the 17th floor, according to caveats lodged. The seller made a 124% profit of $2.1 million. The unit was bought in May 2003 for $1.7 million ($708 psf), and sold for $3.8 million ($1,583 psf) in January 2008. This translates into an annualised profit of 19%, over a holding period of 4.7 years.
Meanwhile, the second top gain — an 83% profit of $963,780 — for the week in review was at District 4’s Caribbean At Keppel Bay, a 10-minute walk from Harbourfront MRT station. The seller bought the 1,356 sq ft, three-bedroom unit on the seventh floor for $1.17 million ($860 psf) in April 2006, and sold it for $2.13 million ($1,570 psf) on Aug 20. Over a holding period of 12.4 years, the seller made a 5% annualised profit.
The price fetched in this sale, however, pales in comparison to the top gain made at the development. The seller of a 4,650 sq ft penthouse unit on the ninth floor walked away with a 100% profit of $2.9 million. The property was purchased for $2.9 million ($624 psf) in September 2006 and sold for $5.8 million...