Four Bedder Sovereign Sold 4 Mil Profit
, Chiltern Park properties, and Hilltops properties
The most profitable condo resale transaction during the week of June 18 to 25 was the sale of a four-bedroom unit at The Sovereign. The 3,305 square foot unit, located on the 15th floor, was sold for $8.6 million on June 20, which translates to $2,602 per square foot. The seller initially purchased the unit in February 2010 for $4.6 million, at a rate of $1,392 per square foot. This means that the seller made a profit of $4 million on the sale, which amounts to a capital gain of 87% for the seller over the course of 14 years.
According to data compiled by EdgeProp Research, this is the most profitable resale deal at The Sovereign to date. It surpasses the previous record gain of $3.86 million made by the seller of another 3,305 square foot unit in May 2012. The unit was sold for $7 million, at a rate of $2,118 per square foot, while the seller had purchased it in August 2004 for $3.14 million, at $950 per square foot.
The unit sold on June 20 also set a new record for the highest per square foot price at The Sovereign, surpassing the previous high of $2,456 per square foot set by the sale of a 2,637 square foot unit for $6.5 million in November last year.
The Sovereign is a freehold condo located on Meyer Road in District 15, built in 1993. The single residential tower houses 87 units, including four-bedroom units ranging from 2,637 to 3,305 square feet. It is in close proximity to the newly-opened Tanjong Katong MRT Station on the Thomson-East Coast Line.
The second most profitable condo resale transaction during this period was at Chiltern Park, where a 1,270 square foot unit was sold for $1.85 million on June 18, at a rate of $1,457 per square foot. The unit had previously changed hands in February 2003 for $500,000, at $394 per square foot. This translates to a profit of $1.35 million for the seller, which amounts to a capital gain of 270% over a holding period of approximately 21 and a half years.
This sale comes in as the third-highest gain at Chiltern Park so far. It falls short of the record profit of $1.45 million made from the sale of a 1,518 square foot unit for $2.05 million, at $1,351 per square foot last August. The seller had purchased the unit in January 2002 for $600,000, at $395 per square foot.
Chiltern Park is a 99-year leasehold condo located on Serangoon Avenue 3 in District 19, completed in 1995. It features 500 units, including one- to four-bedroom units ranging from 904 to 1,711 square feet. It is within walking distance of Lorong Chuan MRT Station on the Circle Line.
Three other resale units were sold at Chiltern Park this year, with all of them being profitable. On May 2, a 936 square foot unit sold for $1.33 million, at a rate of $1,420 per square foot, earning the seller a gain of $697,000. On May 3, two more units were sold: a 1,249 square foot apartment for $1.83 million, at a rate of $1,464 per square foot, and a 1,518 square foot unit for $2.05 million, at $1,351 per square foot. The sellers made gains of $748,000 and $700,000 respectively.
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Meanwhile, the most unprofitable condo resale deal during this period was recorded at Hilltops. A 1,550 square foot unit with three bedrooms was sold for $4.6 million on June 21, at a rate of $2,968 per square foot. The seller had initially acquired the unit from the developer in October 2007 for $6.54 million, at a rate of $4,216 per square foot. This means that they incurred a loss of $1.94 million, equivalent to a 30% decline, after owning the unit for almost 17 years.
This marks a new record loss for resale units at Hilltops, beating the previous record loss of $1.8 million from the sale of a 1,550 square foot unit for $3.75 million, at a rate of $2,419 per square foot in September 2016. The seller had acquired the unit from the developer in November 2007 for $5.54 million, at $3,576 per square foot.
Hilltops is a freehold condo located on Carnhill Circle in District 9, completed in 2011. It consists of 241 units, including two- to five-bedroom units ranging from 807 to 5,317 square feet, as well as penthouses ranging from 6,372 to 8,385 square feet. It is within walking distance of Orchard Road.