Resale Four Bedder Yong Park Reaps 655 Mil Profit
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The recent sale of a four-bedroom unit at Yong An Park proved to be the most profitable transaction of the week, from Sept 23 to 30. The seller managed to make a staggering profit of $6.55 million (256.9%), as the 3,434 sq ft unit sold for $9.1 million, or $2,650 psf, on Sept 25. The property was originally purchased for $2.55 million ($743 psf) back in April 2004, which translates to an annualised profit of 6.1% over the span of 21½ years.
This recent sale on Sept 25 marks the fourth most profitable deal recorded at Yong An Park. However, it falls short of the development’s record gain of $8.7 million from the sale of a 6,577 sq ft penthouse for $12.5 million ($1,901 psf) in September 2021. The seller of the penthouse had bought it for around $3.8 million ($578 psf) and enjoyed an annualised gain of 5.7% over a period of more than 21 years.
Located on River Valley Road in prime District 9, Yong An Park is a freehold condo that was completed in 1986. It consists of 288 units, offering a mix of one- to four-bedroom units measuring from 1,023 sq ft to 3,778 sq ft, as well as three- to five-bedroom penthouses ranging from 3,466 sq ft to 6,878 sq ft. The development also boasts six-bedroom strata-titled townhouses.
Based on lodged caveats, there have been a total of four transactions recorded at Yong An Park this year, with all of them being profitable. Sellers have made gains ranging from $1.23 million to $6.5 million.
In addition, another notable transaction during the week was the sale of a three-bedroom unit at Sky@Eleven, which recorded the second-highest gain at the development. The 2,271 sq ft unit on the 16th floor was sold for $5.15 million ($2,268 psf) on Sept 26. The seller had previously bought the unit in March 2007 for approximately $2.23 million ($980 psf), resulting in a profit of around $2.93 million after owning it for 18½ years. This translates to a capital gain of 131.5% for the seller.
Located along Thomson Lane within the Toa Payoh area in prime District 11, Sky@Eleven is a freehold condo that was completed in 2010. It comprises 273 units spread across four residential blocks, offering a mix of three-bedroom+study units measuring 1,851 sq ft, and four-bedroom units ranging from 2,271 sq ft to 2,820 sq ft. It also boasts four- and five-bedroom duplex penthouses spanning 3,757 to 5,597 sq ft.
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The transaction on Sept 26 was the fifth most profitable deal recorded at Sky@Eleven so far. However, the record profit belongs to the sale of a 2,713 sq ft, four-bedroom unit for $6.48 million ($2,389 psf) in April 2024. The seller of this unit had bought it in March 2007 for around $2.8 million ($1,031 psf) and enjoyed a profit of $3.68 million.
On the other hand, the least profitable transaction during the week was recorded at The Reef at King’s Dock. On Sept 26, an 883 sq ft, two-bedroom unit on the sixth floor was sold in a sub-sale for $1.47 million ($1,666 psf). This was a loss of $651,654 (30.7%) for the seller, who had originally purchased the unit from the developers in July 2021 for around $2.12 million ($2,404 psf). This equates to an annualised loss of 8.3% after holding the unit for a little over four years.
This marks the first unprofitable transaction at The Reef at King’s Dock, a 99-year leasehold condo located at
