Archive for category: Misc

with $4.3 mil profit from resale transaction

Resale transaction at Sommerville Park sets new record

A three-bedroom unit at Sommerville Park has been sold for a record-breaking price in the latest resale transaction at the development. The 2,508 sq ft unit on the third floor was sold for around $4.63 million or $1,845 psf on Sept 16, making it the most profitable condo resale transaction during the week of Sept 16 to Sept 23.

According to caveats lodged, the unit was originally purchased in May 2006 for about $1.89 million or $754 psf. This translates to a whopping profit of $2.74 million or 144.9%, with an annualised gain of 4.7% after holding the unit for over 13 years. This marks the second most profitable condo resale transaction at Somerville Park to date.

The largest profit to have ever been made on a unit at the condo was from the sale of a 1,948 sq ft, three-bedroom unit for $3.95 million or $2,027 psf in July 2024. The seller had purchased the unit for about $1.16 million or $595 psf, reaping a gain of $2.79 million, or an annualised gain of 6.9% after holding the unit for more than 18 years.

Completed in 1985, Somerville Park is a freehold development located on Farrer Drive. It comprises of 396 condo units and 57 strata landed houses, with a mix of one- to three-bedroom units in the condo towers, and a variety of townhouses and two-storey maisonettes for the landed residences.

The launch of the new condo project, One Pearl Bank

Since its launch in 2019, the project has proved to be a popular choice for buyers and investors. It has seen a total of 12 units changing hands so far this year, with 10 of them in profitable deals. The units, ranging from 463 sq ft to 1,959 sq ft, were transacted at gains between $130,000 and $2.39 million.

Leedon Residence also saw a profitable resale deal during the week, with the sale of a 2,669 sq ft, four-bedroom unit for $7.5 million or $2,810 psf on Sept 17. Based on lodged caveats, the unit last changed hands in January 2016 for around $4.97 million or $1,862 psf. This means that the seller made a profit of $2.53 million or 50.9%, translating to an annualised gain of 4.3% over a holding period of almost 10 years.

This deal is the eighth most profitable resale transaction registered to date at the development. The record profit belongs to the sale of a 6,125 sq ft triplex penthouse for around $16 million or $2,612 psf on March 26. The seller, who bought the unit in April 2017 for about $12 million or $1,959 psf, reaped a $4 million profit after holding the unit for almost eight years.

Leedon Residence is a freehold development located along Leedon Heights in prime District 10. Completed in 2015, the 381-unit development comprises 12 residential blocks, which house a mix of two- to five-bedders ranging between 1,044 sq ft and 4,704 sq ft. It also offers garden suites, measuring 3,789 to 8,051 sq ft, and penthouses, measuring 3,283 to 7,718 sq ft, on the lower and top floors respectively.

This year, there have been six other transactions at Leedon Residence, all of which were profitable. The highest profit was from the sale of an 8,051 sq ft, five-bedroom unit, which went for $15.8 million or $1,962 psf on June 30, resulting in a $3.3 million profit.

In contrast, the most unprofitable resale deal for the week was the sale of a unit at The Scotts Tower. A two-bedroom unit measuring 872 sq ft fetched around $1.83 million or $2,099 psf on Sept 18. However, the unit last changed hands in May 2013 for $3.52 million or $4,035 psf, resulting in a loss of $1.69 million or 48% after owning the unit for more than 12 years.

The Scotts Tower is a 103-year leasehold development located along Scotts Road in prime District 9. Completed in 2016, it comprises of a single 31-storey residential tower housing 231 units, with suites ranging from one- to three-bedrooms, measuring 624 sq ft to 904 sq ft. It also offers penthouses, measuring 3,283 to 7,718 sq ft, on the top floor.

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Despite only two other units transacted at The Scotts Tower this year, both resulted in losses. The seller of a 872 sq ft unit incurred a loss of $950,000 when the unit was sold for $1.9 million or $2,179 psf on May 5. Before that, another unit, measuring 850 sq ft and one-bedroom, incurred a loss of $1.13 million, when it was sold for $1.82 million or $2,140 psf on Jan 13.

With the record breaking sale at Sommerville Park and other profitable transactions at Leedon Residence, it has been a good week for property resales in Singapore’s prime District 10. As the property market continues to remain active, it will be interesting to see what more transactions will take place in the weeks to come.