Sale Triplex Penthouse 999 Year Leasehold Southaven Ii Makes Record 378 Mil Profit
The owner of a rare triplex penthouse in Southaven II achieved an impressive profit of $3.78 million (236%) when the 999-year leasehold unit was sold on September 12, making it the most profitable resale transaction in the week of September 9 to 16.
The 5,468 sq ft penthouse, located on the eighth to 10th floors, was recently sold for $5.38 million ($984 psf). The unit was purchased in 2006 for $1.6 million ($293 psf), resulting in an annualized profit of 6.4% over nearly 20 years.
This sale sets a new record at Southaven II, surpassing the previous record profit of a three-bedroom unit on the fifth floor, which was sold for $2.55 million ($1,692 psf) in October last year. The unit was acquired for $789,668 ($524 psf) in 2007, earning the seller a profit of $1.76 million (222%) or an annualized profit of 6.9% over 17 years.
Southaven II is a 293-unit development in District 21, completed in 1999. It is one of the few private residential developments in close proximity to Bukit Timah Nature Reserve and its main entrance on Hinhede Drive. The condo is also conveniently situated near the shops at Beauty World and Beauty World MRT Station on the Downtown Line.
According to data from EdgeProp Singapore, the average price at Southaven II has increased from around $630 psf in September 2005 to $1,000 psf in September 2016. The current average resale price at Southaven II is $1,580 psf.
The closest freehold/999-year leasehold project is Springdale Condominium, a 480-unit development also situated on Hindhede Walk, next to Southaven II. The average price at Springdale is $1,690 psf.
The second most profitable transaction of the week took place at Sky@Eleven, a freehold condo in District 11. A four-bedroom unit on the 34th floor was sold for $6.45 million ($2,378 psf) on September 11. The unit was previously purchased for $3.27 million ($1,205 psf), resulting in a profit of $3.18 million (97%) or an annualized profit of 3.7% over 18 years.
This transaction is the third most profitable resale deal at Sky@Eleven so far. The most profitable deal was for a 2,713 sq ft four-bedroom unit on the 37th floor, which was sold for $6.48 million ($2,389 psf) in April last year. The unit was acquired for $2.8 million ($1,031 psf) in 2007, resulting in a record profit of $3.68 million (131%).
Sky@Eleven, a 273-unit development along Thomson Lane in Toa Payoh, was completed in 2010. It is close to the upcoming HDB estate around Caldecott MRT Interchange, which will serve as a stop for the Circle Line and Thomson-East Coast Line. The development is also located next to three schools: St Joseph’s International School, CHIJ Toa Payoh Primary, and CHIJ Toa Payoh Secondary School.
According to data from EdgeProp Singapore, prices at Sky@Eleven have recorded positive growth in recent years, increasing from around $1,600 psf in September 2015 to the current $2,250 psf. The nearest freehold condo in the vicinity is Trillis Towers, a 384-unit development on Lorong 1 Toa Payoh, which has an average price of $2,070 psf.
The most unprofitable transaction of the week involved the sale of a three-bedroom unit at Reflections at Keppel Bay. The seller incurred a loss of $1.02 million (25%) when the 1,938 sq ft unit was sold on September 9 for $3 million ($1,548 psf). The unit was purchased for $4.02 million ($2,074 psf) in July 2013, resulting in an annualized loss of 2.4% over 12 years.
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Reflections at Keppel Bay is a 1,129-unit waterfront luxury development in District 4. Completed in 2012, the development consists of six high-rise residential towers, ranging from 24 to 41 storeys, and 11 low-rise villa apartment blocks. As of now, there have been 48 resale transactions at Reflections this year, with 22 resulting in losses ranging from $13,600 to $1.38 million. The most unprofitable deal of the year so far involved a three-bedroom unit in one of the low-rise residential blocks. The unit was sold for $2.8 million ($1,616 psf) on July 3, after it was purchased for $4.18 million ($2,412 psf) in 2013.
Reflections at Keppel Bay is strategically located near the future HDB estate surrounding Caldecott MRT Interchange. Residents can also easily access nearby amenities such as schools and shopping centers.