Unit Draycott Sold 25 Mil Profit
The Draycott has registered the most profitable resale transaction for a condo unit during the week of Aug 27 to Sept 3. The 2,637 sq ft unit on the 15th floor was sold for $5.45 million ($2,067 psf) on Aug 30, making it the biggest gain for a seller. The seller, who had bought the unit in April 1996 for $3 million ($1,138 psf), made a capital gain of $2.45 million, which is equivalent to an 82% increase. They owned the unit for almost 28½ years.
This transaction ties with another unit for the fourth most profitable deal ever recorded at The Draycott. In May 2021, a 2,626 sq ft, maisonette unit at the development was sold for $4.5 million ($1,713 psf), also making a gain of $2.45 million for the seller. The unit was purchased in June 1999 for $2.05 million ($781 psf).
The most profitable sale ever recorded at The Draycott took place in May 2007, when a 2,637 sq ft unit was sold for $5.45 million ($2,067 psf). The seller, who bought the unit in March 1998 for $2.1 million ($796 psf), made a profit of $3.35 million.
The Draycott is a freehold development located in prime District 10 on Draycott Park. Completed in 1980, it comprises a 34-storey tower with three- and four-bedroom units of 2,637 sq ft and a duplex penthouse of 5,339 sq ft. There are also low-rise units with two-bedroom units of 1,313 sq ft to 1,604 sq ft and maisonettes of 2,626 sq ft to 2,788 sq ft. The condo is situated within the Draycott-Ardmore Park residential enclave, just off Orchard Road.
The second most profitable condo resale transaction during the week was the sale of a three-bedroom unit at Pebble Bay. The 1,894 sq ft unit on the 13th floor was sold for $3.59 million ($1,894 psf) on Aug 30. The seller had purchased the unit in December 2002 for $1.16 million ($612 psf), making a profit of $2.43 million, which translates to a 209% capital gain after holding the unit for almost 22 years.
This is the third-highest gain recorded on a resale unit at Pebble Bay so far this year. The condo has seen 18 units change hands year-to-date, with available caveats showing that 15 of these were profitable transactions. The biggest profit was made from the sale of a 1,894 sq ft, three-bedroom unit on May 9 for $3.67 million ($1,940 psf). The seller, who had bought the unit in September 2004 for $1.12 million ($591 psf), made a profit of $2.55 million.
Other units sold at Pebble Bay this year have netted gains ranging from $620,000 to $2.48 million.
Pebble Bay is a 510-unit waterfront condo located on Tanjong Rhu Road, along the Kallang Basin waterfront in District 15. Completed in 2000, the 99-year leasehold development has one- to four-bedroom units of 850 sq ft to 3,154 sq ft. There are also four-bedroom penthouses ranging from 6,114 sq ft to 6,469 sq ft. The condo is a five-minute walk from Tanjong Rhu MRT Station on the Thomson-East Coast Line.
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On the other hand, the least profitable resale deal during the week was the sale of a one-bedroom unit measuring 474 sq ft at 6 Derbyshire. The unit on the 21st floor was sold for about $989,000 ($2,086 psf) on Aug 27. The seller had bought the unit for about $1.19 million ($2,510 psf) in August 2017, incurring a loss of around $201,000 (17%) after owning the unit for roughly seven years.
This is the fifth-most unprofitable transaction ever recorded at 6 Derbyshire. It comes slightly over a month after a 527 sq ft unit on the 28th floor changed hands for $1.07 million ($2,029 psf) on July 12. The seller, who had bought the unit for about $1.44 million ($2,740 psf), made a loss of around $375,000 — the biggest loss incurred on a unit at 6 Derbyshire so far.
Located on Derbyshire Road in District 11, 6 Derbyshire is a freehold condo that was completed in 2017. Comprising a single 30-storey tower, the development has 168 residences consisting of one-bedroom units of 474 sq ft to 527 sq ft, two-bedroom units of 732 sq ft to 829 sq ft and three-bedroom units of 1,012 sq ft to 1,130 sq ft. There is also a duplex penthouse of 3,445 sq ft.