Four Bedroom Strata Landed Unit Watten Hill Nets 338 Mil Profit
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During the week of August 5 to 12, the most profitable resale transaction was the sale of a four-bedroom strata landed unit at Watten Hill. This 2,669 sq ft unit was sold for $4.7 million ($1,761 psf) on August 11, more than two decades after it was purchased for $1.31 million ($491 psf) in 2000. This translated to a record profit of $3.38 million (259%) at the freehold condo, with an annualized profit of 5.3% over 25 years.
The previous record profit at Watten Hill was also for a four-bedroom strata landed unit, which was sold for $4.95 million ($1,885 psf) in April last year. This unit was purchased for $1.82 million ($693 psf) in 2007, resulting in a profit of $3.13 million (172%) and an annualized profit of 6% over 17 years.
So far this year, there have been four other profitable resale transactions at Watten Hill, ranging from $974,112 to $2.8 million. The second most profitable sale this year was another four-bedroom unit of the same size as the August 5 transaction, which was sold for $5 million ($1,873 psf) on July 15. This unit was previously sold for $2.2 million ($824 psf) in August 2009.
Watten Hill, located at Watten View in Bukit Timah, is a 70-unit development completed in 1979. It comprises two- and four-bedroom strata landed units sized between 1,044 and 2,669 sq ft. According to OneMap, the development is within 1km of Raffles Girls’ Primary School and Nanyang Primary School, with other schools such as National Junior College and Hwa Chong Institution in its vicinity.
The second most profitable transaction for the week was the sale of a three-bedroom unit at The Ladyhill. This 2,325 sq ft unit on the second floor was sold for $7.38 million ($3,174 psf) on Aug 5. It was purchased for $4.5 million ($1,935 psf) in May 2006, resulting in a profit of $2.88 million (64%) and an annualized profit of 2.6% over around 19 years. This also makes it the third most profitable resale at The Ladyhill to date, with the record profit of $3.79 million set in 2022 when a 3,843 sq ft unit on the fourth floor was sold for $7.8 million ($2,030 psf).
The Ladyhill, completed in 2002, is a freehold development on Lady Hill Road in prime District 10. It comprises 55 units spread over seven 4-storey blocks, with a mix of four- and five-bedroom units sized between 2,239 and 4,499 sq ft. Based on a compilation of resale caveats by EdgeProp Singapore, the average price at The Ladyhill is approximately $3,050 psf, higher than some nearby freehold luxury projects such as Beaufort on Nassim ($2,520 psf) along Nassim Road. However, newer projects such as Ardmore II ($3,426 psf) along Ardmore Park and Nouvel 18 ($3,087 psf) along Anderson Road command higher average prices.
The most unprofitable resale for the week took place at Turquoise, a 99-year leasehold condo in Sentosa Cove. A three-bedroom unit on the third floor was sold for $3.1 million ($1,485 psf) on August 5. This 2,088 sq ft unit was bought for $5.45 million ($2,613 psf) in November 2007, resulting in a loss of $2.35 million (43%) and an annualized loss of 3.1% over almost 18 years.
There have been two other unprofitable resale transactions at Turquoise so far this year. A seller incurred a loss of $3.13 million (47%) when a 2,497 sq ft four-bedroom unit on the fifth floor was sold for $3.5 million ($1,402 psf) on June 26. Another similarly sized unit on the second floor was sold for $3.05 million ($1,222 psf) on May 13, resulting in a loss of $486,915. Turquoise is one of 10 luxury condos in the exclusive Sentosa Cove waterfront residential enclave, with units overlooking the waterway and private berths for boats.