Resale Three Bedder Sommerville Park Records 274 Million Profit

on 4th floor unit saleS$2.8 mil profit for a two-bedroom unit at Le Nouvel Ardmore – EdgeProp.sgSINGAPORE (EdgeProp) – A three-bedroom unit at Sommerville Park has achieved the highest profit for a condo resale transaction in the week of Sept 16 to Sept 23. The 2,508 sq ft unit on the third floor was sold for around $4.63 million ($1,845 psf) on Sept 16. This marks an impressive profit of $2.74 million (144.9%), translating to an annualised gain of 4.7% after holding the unit for over 13 years. In comparison, the seller had bought the unit for about $1.89 million ($754 psf) back in May 2006.This is the second highest profit made on a resale unit at Somerville Park to date. The record profit belongs to the sale of a 1,948 sq ft, three-bedroom unit for $3.95 million ($2,027 psf) in July 2024. The seller acquired the unit in April 2017 for approximately $1.16 million ($595 psf), resulting in a profit of $2.79 million, or an annualised gain of 6.9% after owning the unit for over 18 years.The freehold development, completed in 1985, comprises 396 condo units and 57 strata landed houses. Condo units are spread over four residential towers, offering one- to three-bedroom units, while the landed residences feature a mix of townhouses and two-storey maisonettes.Over the week of Sept 16 to Sept 23, 12 other units have been sold at Somerville Park, with 10 of them registering profitable deals. The units, measuring between 463 sq ft and 1,959 sq ft, were sold at gains of between $130,000 and $2.39 million.Meanwhile, Leedon Residence saw the second most profitable resale deal of the week, with the transaction of a 2,669 sq ft, four-bedroom unit on the 21st floor for $7.5 million ($2,810 psf) on Sept 17. Based on lodged caveats, the unit last changed hands in January 2016 for about $4.97 million ($1,862 psf). This translates to a profit of $2.53 million (50.9%), reflecting an annualised gain of 4.3% over a period of about 10 years.Excluding the deal on Sept 17, Leedon Residence saw the eighth most profitable resale transaction to date when a 6,125 sq ft triplex penthouse was sold for $16 million ($2,612 psf) on March 26, resulting in a profit of $4 million after holding the unit for almost eight years. Completed in 2015, the freehold development comprises 381 units, including two- to five-bedders of 1,044 sq ft to 4,704 sq ft. The first floor offers garden suites featuring three- to five-bedroom units spanning 3,789 to 8,051 sq ft, while the top floors house three- to five-bedroom penthouses measuring 3,283 to 7,718 sq ft.There have been six other resale deals at Leedon Residence in 2020 so far, all of which resulted in profits. The highest profit was recorded when an 8,051 sq ft, five-bedroom unit sold for $15.8 million ($1,962 psf) on June 30, resulting in a gain of $3.3 million.Meanwhile, the most unprofitable resale deal during the week was recorded at The Scotts Tower. A two-bedroom unit of 872 sq ft was sold for $1.83 million ($2,099 psf) on Sept 18, incurring a loss of $1.69 million (48%) after a holding period of over 12 years. Before this transaction, the same unit was sold for $3.52 million ($4,035 psf) in May 2013, resulting in previous seller incurring a loss of $1.69 million.Only two other transactions have been made at The Scotts Tower this year, both of which resulted in losses. An 872 sq ft unit was sold for $1.9 million ($2,179 psf) on May 5, incurring a loss of $950,000. An 850 sq ft, one-bedroom unit was sold for $1.82 million ($2,140 psf) on Jan 13, resulting in a loss of $1.13 million.Meanwhile, The Scotts Tower is a 103-year leasehold development completed in 2016. It comprises a single 31-storey residential tower housing 231 units. Units include one to three-bedroom apartments spanning 624 sq ft to 904 sq ft. The development also offers four-bedroom penthouses of 1,227 sq ft to 1,389 sq ft.[Read more about the most profitable condo resale transaction at Sommerville Park:www.edgeprop.sg/property-news/most-profitable-condo-resale-transaction-sommerville-park]

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