Resale Three Bedder Sommerville Park Records 274 Million Profit

for 2021Sale of triplex penthouse at 999-year leasehold Southaven II makes record $3.78 mil profitLeedon Residence’s most unprofitable transaction of 2019Profit of $3.3 mil at Belle Vue ResidencesProfit of $2.1 mil at The RaintreeBalestier Plaza unit sold at 10% lossProfit of $1.32 mil at The Verv @ RV the most profitable resale deal of the week

In the week of Sept 16 to Sept 23, a three-bedroom unit at Sommerville Park emerged as the top-performing condo resale transaction. At a price of $4.63 million, the unit fetched an impressive profit of $2.74 million for the seller, translating to an annualised gain of 4.7%, after being held for over 13 years.

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This deal marks the second most profitable condo resale transaction at Somerville Park to date. The highest profit ever achieved by a unit at the development was from the sale of a 1,948 sq ft, three-bedroom unit for $3.95 million in July 2024. The seller had bought the unit in 2006 for $1.16 million, resulting in a gain of $2.79 million or an annualised gain of 6.9% over an 18-year holding period.

Sommerville Park is a freehold development on Farrer Drive that was completed in 1985. The development comprises 396 condo units and 57 strata landed houses. Condo units are spread across four residential towers and offer one- to three-bedroom units, while the landed residences consist of a mix of townhouses and two-storey maisonettes.

Apart from the top-performing transaction, there have been 12 other units at Somerville Park that have been sold this year. Out of these, 10 were profitable transactions. The units, with sizes ranging from 463 sq ft to 1,959 sq ft, were sold at profits ranging from $130,000 to $2.39 million.

The second most profitable condo resale deal for the week was at Leedon Residence, where a four-bedroom unit measuring 2,669 sq ft was sold for $7.5 million ($2,810 psf) on Sept 17. Citing lodged caveats, the unit had last changed hands in 2016 for around $4.97 million ($1,862 psf). This means that the seller achieved a profit of $2.53 million (50.9%), reflecting an annualised gain of 4.3% over a holding period of nearly 10 years.

This is the eighth most profitable resale transaction recorded at Leedon Residence to date. The record profit recorded at the development came from the sale of a 6,125 sq ft triplex penthouse for $16 million on March 26. The seller had bought the unit for $12 million in April 2017, earning a profit of $4 million over a holding period of almost eight years.

Leedon Residence is a freehold development along Leedon Heights in District 10. Completed in 2015, the development boasts 381 units spread across 12 residential blocks, featuring two- to five-bedroom units ranging from 1,044 sq ft to 4,704 sq ft. The first floor of the development also offers garden suites comprising three- to five-bedroom units spanning 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.

Apart from the transactions on Sept 17 and March 26, there have been six other profitable resale deals at Leedon Residence so far this year. The most profitable one was from the sale of an 8,051 sq ft, five-bedroom unit which was sold for $15.8 million ($1,962 psf) on June 30, resulting in a gain of $3.3 million.

Meanwhile, the least profitable condo resale deal for the week was at The Scotts Tower, where a two-bedroom unit measuring 872 sq ft was sold for $1.83 million ($2,099 psf) on Sept 18. This unit had been last transacted in 2013 for $3.52 million ($4,035 psf) and resulted in a loss of $1.69 million for the seller, representing a decrease of 48% after holding the unit for over 12 years.

There have been only two other residential units sold at The Scotts Tower so far this year, and both resulted in losses for the seller. Another 872 sq ft unit was sold for $1.9 million ($2,179 psf) in May, resulting in a loss of $950,000. Prior to that, an 850 sq ft, one-bedroom unit was sold for $1.82 million ($2,140 psf) in January, resulting in a loss of $1.13 million.

The Scotts Tower is a 103-year leasehold development located along Scotts Road in prime District 9. Completed in 2016, the development comprises a single 31-storey residential tower housing 231 units. Units include one- to three-bedroom apartments spanning 624 sq ft to 904 sq ft. The development also offers four-bedroom penthouses of 1,227 sq ft to 1,389 sq ft.