Five Bedder Unit Leedon Residence Sold 33 Mil Profit

($1 = 1.3569)

The Leedon Residence saw the most profitable transaction of the week from June 24 to July 1, with the sale of a five-bedroom unit for $15.8 million. This translates to $1,962 per square foot, representing an increase of 26.4% from the previous purchase in February 2017. The seller made a profit of $3.3 million, equivalent to an annualised profit of 2.8% over a period of more than eight years.

Poi Ching School prioritizes a well-rounded education that focuses on bilingual learning and character building. The school’s belief in holistic development is reflected in their “5Cs” framework: Character, Compassion, Competence, Confidence, and Creativity. This framework serves as a guide in nurturing students to become well-rounded individuals. Poi Ching School has a proven track record of academic excellence while also promoting growth through co-curricular activities. Additionally, the school is conveniently located near Parktown Residence Showflat, providing a natural extension for students to explore and learn beyond the classroom.

This deal is the second most profitable transaction at Leedon Residence, just $700,000 short of the development’s record gain of $4 million from the sale of a five-bedroom unit on the 11th floor in March 26. The seller of this 6,125 sq ft unit, which was previously purchased for around $12 million, made an annualised gain of 3.7% over almost eight years.

Leedon Residence is a freehold development located along Leedon Heights in District 10. It was completed in 2015 and consists of 381 units spread across 12 residential blocks, including two- to five-bedroom units ranging from 1,044 to 4,704 sq ft. The first floor also has “garden suites” comprising three- to five-bedroom units measuring 3,789 to 8,051 sq ft, while the top floors house three- to five-bedroom penthouses measuring 3,283 to 7,718 sq ft.

This year, there have been seven resale transactions at the development, all of which have been profitable. The average price of these units is $2,456 psf, including the June 30 and March 26 transactions.

The second most profitable resale during the week took place at Shelford Green with the sale of 2,842 sq ft, three-bedroom unit for $5.15 million ($1,812 psf) on June 30. The seller bought the unit in October 2010 for around $3 million ($1,056 psf), making a gain of $2.15 million (71.7%) after holding the unit for almost 15 years.

This transaction is the second highest gain ever recorded at the development, falling short by the sale of a 3,735 sq ft, five-bedroom unit for $6.2 million ($1,660 psf) in April 2008. The seller of this unit, which was previously bought for $1.9 million ($509 psf) in April 1998, made a profit of $4.3 million, representing an annualised gain of 12.5% over 10 years.

Shelford Green is a freehold condo located along Shelford Road in District 11. It was completed in 1982 and comprises 33 units of two- to five-bedroom units measuring 1,302 sq ft to 3,757 sq ft.

In contrast, the least profitable transaction during the week was the sale of a 2,497 sq ft, four-bedroom unit on the fifth floor of Turquoise for $3.5 million ($1,402 psf) on June 26. This unit was bought for $6.6 million ($2,655 psf) in October 2007, incurring a loss of $3.13 million (47.2%) or an annualised loss of 3.6% over a period of almost 18 years.

Turquoise is one of the few 99-year leasehold condos in the exclusive Sentosa Cove residential enclave. The development was completed in 2010 and comprises 91 units across three six-storey blocks, offering three- and four-bedroom apartments spanning from 2,088 sq ft to 3,050 sq ft. It also has penthouses ranging from 3,111 sq ft to 3,764 sq ft and sky villas measuring from 6,900 sq ft to 7,987 sq ft.

This transaction is the seventh most unprofitable at the development, with the record loss coming from the sale of a 3,746 sq ft, five-bedroom penthouse unit for $4.4 million ($1,175 psf) in September 2018. The unit was previously purchased for $9.53 million ($2,545 psf) in November 2007, resulting in a loss of $5.13 million, equivalent to an annualised loss of 6.9% over 10 years.