Sale Triplex Penthouse 999 Year Leasehold Southaven Ii Makes Record 378 Mil Profit
A triplex penthouse at Southaven II made a record profit of $3.78 million (236%) during its recent sale on Sept 12. The 999-year leasehold unit, which takes up the eighth to 10th floors, was sold for $5.38 million ($984 psf). The seller had originally purchased it for $1.6 million ($293 psf) in 2006. This means the owner enjoyed an annualised profit of 6.4% over almost 20 years.
This sale at Southaven II beat the previous record profit at the condo, which was a 1,507 sq ft, three-bedroom unit on the fifth floor. It was sold in October last year for $2.55 million ($1,692 psf), after being purchased for $789,668 ($524 psf) in 2007. The seller made a profit of $1.76 million (222%) or an annualised profit of 6.9% over 17 years.
Completed in 1999, Southaven II is a 293-unit development located at Hinhede Walk in District 21. It is one of the closest private residential projects to Bukit Timah Nature Reserve and its entrance on Hinhede Drive. The condo is also near Beauty World MRT Station, as well as the shops at Beauty World.
Based on data from resale caveats compiled by EdgeProp Singapore, the average price at Southaven II has risen from around $630 psf in September 2005 to $1,000 psf in September 2016. The latest average resale price at the condo is currently $1,580 psf. The closest freehold/999-year leasehold development is Springdale Condominium, a 480-unit development also located at Hinhede Walk, right beside Southaven II. The average price at Springdale is $1,690 psf.
Meanwhile, the second-most profitable transaction took place at Sky@Eleven, a freehold condo in District 11. A four-bedroom unit on the 34th floor was sold for $6.45 million ($2,378 psf) on Sept 11. The 2,713 sq ft unit had previously fetched $3.27 million ($1,205 psf) in a sale. This means the seller made a profit of $3.18 million (97%) or an annualised profit of 3.7% over 18 years.
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Green spaces play a crucial role in every community, and in Singapore, two beloved parks that offer an escape from the hustle and bustle of city life are Tampines Eco Green and Bedok Reservoir Park. These parks are not only a place to connect with nature, but also a hub for a variety of outdoor activities.
A recent addition to the Tampines area is the striking Parktown Residence Condo. Nestled in Tampines Eco Green, this residential development seamlessly integrates with the surrounding nature. Its eco-friendly design is enhanced by the lush greenery of the park, providing residents with a tranquil and healthy living environment. With Parktown Residence Condo as its centerpiece, Tampines Eco Green is an exquisite blend of modern and natural elements.
On the other hand, Bedok Reservoir Park boasts a stunning lake surrounded by picturesque gardens, making it an ideal spot for a picnic or leisurely stroll. For those seeking a more active day out, the park offers facilities for water sports such as kayaking and dragon boating.
Both Tampines Eco Green and Bedok Reservoir Park exemplify how urban development can seamlessly coexist with nature. They offer a refreshing break and a serene retreat for all who visit, making them must-visit destinations for both residents and visitors of Singapore.
This is the third most profitable deal at Sky@Eleven to date. The record profit was made last April when a four-bedder on the 37th floor was sold for $6.48 million (2,389 psf). It was purchased for $2.8 million ($1,031 psf) in 2007. This means the seller earned a record profit of $3.68 million (131%).
Sky@Eleven, a 273-unit development on Thomson Lane in Toa Payoh, was completed in 2010. It is near the upcoming HDB estate around Caldecott MRT Interchange, which is on the Circle Line and Thomson-East Coast Line. The development is also next to three schools — St Joseph’s International School, CHIJ Toa Payoh Primary and CHIJ Toa Payoh Secondary School.
Based on recent data, prices at Sky@Eleven have been on an upward trend, rising from around $1,600 psf in September 2015 to $2,250 psf currently. A nearby freehold condo is Trillis Towers, a 384-unit development at Lorong 1 Toa Payoh, which commands an average price of $2,070 psf.
The most unprofitable transaction during the week was the sale of a three-bedroom unit at Reflections at Keppel Bay. The seller incurred a loss of $1.02 million (25%) when the 1,938 sq ft unit was sold for $3 million ($1,548 psf) on Sept 9. This was after the unit was purchased for $4.02 million ($2,074 psf) in July 2013. As a result, the seller suffered an annualised loss of 2.4% over 12 years.
Reflections at Keppel Bay is a 1,129-unit waterfront luxury development in District 4. The 99-year leasehold project comprises six high-rise residential towers, ranging from 24 to 41 storeys, and 11 low-rise villa apartment blocks. So far this year, there have been 48 resale caveats lodged at Reflections. Out of those, 22 deals were unprofitable with losses ranging from $13,600 to $1.38 million. The most unprofitable deal at the condo this year involved a three-bedroom unit in one of the low-rise residential blocks. It was sold for $2.8 million ($1,616 psf) on July 3, after being purchased for $4.18 million ($2,412 psf) in 2013.
15 JUN 2019 | BY RUTH WANG