Four Bedroom Unit Beverly Hill Sold 55 Mil Profit

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The sale of a four-bedroom apartment at Beverly Hill was the most profitable condo resale transaction during the week of July 9 to 16, according to caveats lodged with the URA. On July 15, the 3,778 sq ft unit on the fifth floor was sold for $9.15 million, equivalent to a rate of $2,422 per square foot (psf). The seller had bought the property in August 1996, at a rate of $3.68 million or $974 psf. As a result, the seller gained $5.47 million, which translates to a profit of 149% after owning the unit for 28 years. This is the second most profitable resale deal ever recorded at Beverly Hill. The record belongs to a duplex penthouse measuring 7,556 sq ft which was sold in July 2023. The seller bought it for $11 million ($1,456 psf) in 2007 and sold it for $18 million ($2,382 psf), making a profit of $7 million (64%) after owning it for 16½ years. Located on Grange Road in prime District 10, Beverly Hill is a boutique condo built in 1983, comprising a 23-storey block with a total of 86 units. The condo only has four-bedroom units ranging from 3,369 to 3,778 sq ft, and two penthouses measuring 7,556 sq ft each. Apart from the unit sold on July 15, only one other unit at Beverly Hill has been sold this year. A 3,778 sq ft apartment on the 11th floor was sold on April 5 for $9.2 million ($2,435 psf). The second most profitable condo resale deal during the week of July 9 to 16 was recorded at Sommerville Park. The 1,948 sq ft, three-bedroom unit on the second floor was sold on July 11 for $3.95 million ($2,027 psf). It was initially purchased by the seller for $1.16 million ($595 psf) in April 2006. As a result, the seller gained $2.79 million after owning the unit for over 18 years, which translates to a capital gain of 241%. This is the third-largest gain recorded at Sommerville Park to date on a resale unit. The most profitable resale deal at the development occurred in May 2018, when a strata landed property measuring 3,294 sq ft was sold for $5.05 million ($1,533 psf). The seller purchased it for $1.48 million ($449 psf) in September 2003 and made a profit of $3.57 million. Apart from the unit sold on July 11, Sommerville Park has recorded eight other resale transactions this year. Two of these were profitable, with the first one occurring on January 11 when a 2,680 sq ft unit was sold for $5.41 million ($2,017 psf), resulting in a profit of $1.41 million for the seller. On March 8, a 1,302 sq ft unit was sold for $2.45 million ($1,880 psf), leading to a profit of $1.54 million. Sommerville Park is a freehold development located on Farrer Drive in the prime District 10. The development occupies a 855,571 sq ft site with a total of 396 condo units and 57 landed units. The units are located in four tower blocks and range from one- to three-bedders, while the landed units comprise a mix of townhouses and two-storey maisonettes. The most unprofitable condo resale deal recorded during the week of July 9 to 16 was at Orchard Scotts. The 2,497 sq ft unit on the 15th floor was sold for $3.9 million ($1,562 psf) on July 9. In July 2009, the property was sold for $5.54 million ($2,220 psf). This means that the seller made a loss of $1.64 million (30%) after owning the unit for 15 years. Orchard Scotts is a 99-year leasehold development located on Anthony Road, off Clemenceau Avenue North in prime District 9. Completed in 2008, the development has a total of 387 units, ranging from two- to five-bedroom apartments measuring 936 to 4,435 sq ft. This transaction marks the first unprofitable resale deal recorded at the condo in almost a year. The last resale transaction that occurred below the purchase price was in August 2023 when a 2,282 sq ft unit was sold for $3.78 million ($1,656 psf). The seller had bought the unit in March 2010 for $4.61 million ($2,019 psf) and made a loss of roughly $827,000. Check out the latest listings for Beverly Hill, Sommerville Park, and Orchard Scotts properties.