Four Bedder Glentrees Sold 246 Mil Profit

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Flame Tree Park unit rakes in $2.8 mil profitFlame Tree Park three-bedder fetches $1.84 mil profit during election weekCopy: The top resale deal during the week of Oct 8 to Oct 15 was the sale of a four-bedroom apartment at Glentrees measuring 1,701 sq ft. The unit, located on the second floor, was sold for $3.65 million ($2,146 per square foot) on Oct 11, making it the most profitable condo resale transaction. The seller originally purchased the unit from the developer back in June 2005 for $1.19 million ($700 psf). After nearly 19 and a half years of ownership, the seller made a handsome profit of $2.46 million on the sale, representing a capital gain of 207% or an annualized profit of 10.9%.Glentrees, a 999-year leasehold condo situated on Mount Sinai Lane in prime District 10, was completed in 2005. It comprises eight five-story blocks that house a total of 176 units, including 2- to 4-bedroom apartments ranging from 1,346 sq ft to 1,884 sq ft. There are also loft units on the top floor, offering 2- to 4-bedrooms that span between 1,991 sq ft and 2,691 sq ft. The largest units are the Garden Terraces that occupy the ground floor and have layouts similar to that of landed homes, ranging from 2,626 sq ft to 3,670 sq ft.There have been seven other profitable resale transactions at Glentrees so far this year. This includes the sale of a 3,671 sq ft 4-bedroom unit on the first floor for $4.4 million ($1,199 psf) on Feb 22. The seller originally bought the unit from the developer in May 2004 for $1.5 million ($409 psf), bringing in a profit of $2.9 million (193%) on the sale, which is the highest recorded profit for a unit at Glentrees. Other units that were sold at the development this year earned gains between $150,000 and $770,000.Read also: CDL’s Norwood Grand achieves 84% sales at an average price of $2,067 psfThe second most profitable resale deal during the week was the sale of a three-bedroom unit at Flame Tree Park on Oct 10. This 1,765 sq ft unit was sold for $3.18 million ($1,801 psf). Records show that the unit had previously changed hands in May 1995 for $1.03 million ($582 psf). This translates to a profit of $2.15 million (209%) for the seller after owning the unit for 29 and a half years.This is the most profitable resale deal that has been recorded at Flame Tree Park so far. It beats the previous record of $1.84 million made from the sale of a 1,593 sq ft, three-bedroom unit for $2.82 million ($1,770 psf) on Dec 22, 2023. The seller had originally acquired the unit in August 1997 for $980,000 ($615 psf).A 1,765 sq ft unit at Flame Tree Park was sold for $3.18 million ($1,801 psf) on Oct 10, earning a profit of $2.15 million.Fame Tree Park is a freehold condo located on Sin Ming Avenue, off Upper Thomson Road in District 20. It was completed in 1989 and has a single 28-story tower that houses 160 units, mostly three-bedders between 1,593 sq ft to 2,164 sq ft.In contrast, the most unprofitable condo resale transaction this week occurred at Martin No 38. The sale of a three-bedroom unit measuring 1,485 sq ft on the 14th floor fetched $4.2 million ($2,827 psf) on Oct 15. The seller had originally bought the unit back in May 2011 for $4.4 million ($2,962 psf). Therefore, the seller incurred a loss of $200,000 (4.5%) after owning the unit for approximately 13 and a half years.As per available caveats, this is the first unprofitable resale deal at Martin No 38 since February 2022, when a 969 sq ft unit was sold for $2.4 million ($2,477 psf), resulting in a loss of $10,000. This deal also ranks as the fifth largest loss made on a unit at the development, with the top spot belonging to a 1,335 sq ft, two-bedroom unit that recorded a loss of roughly $238,000 when it was sold for $3.45 million ($2,585 psf) on Dec 18, 2023.The sale of a 1,485 sq ft unit at Martin No 38 for $4.2 million ($2,827 psf) on Oct 15 resulted in a loss of $200,000.Martin No 38 is a freehold condo situated on Martin Road in the River Valley residential enclave, close to Robertson Quay. It was completed in 2011 and has a 15-story building that houses 88 units, including two- to four-bedroom apartments measuring 969 sq ft to 2,648 sq ft. There are also penthouses spanning 3,660 sq ft to 4,392 sq ft.Read also: Three-bedder at The Marbella sold for $2.51 mil profit