Four Bedder Holt Residences Sold 22 Mil Profit
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The recent sale of a spacious four-bedroom apartment measuring 2,056 sq ft at Holt Residences has set a new record for the most profitable condo resale transaction during the week of July 23 to 30. The unit, located on the fifth floor, was sold for a whopping $3.94 million at a price of $1,916 psf on July 25. This marks a significant increase from the original purchase price of $1.73 million ($840 psf) in September 2006, resulting in a profit of $2.21 million for the seller. This translates to a remarkable 128% capital gain for the seller after owning the unit for nearly 18 years.
According to caveats lodged, this is the highest recorded profit for a resale unit at Holt Residences, surpassing the previous record of $1.85 million from the sale of a 2,067 sq ft, four-bedroom unit for $3.55 million ($1,718 psf) in July 2021. The seller of this unit had bought it in August 2006 for $1.7 million ($823 psf).
Holt Residences is a highly sought-after freehold condo located on Holt Road, just off River Valley Road in prime District 10. Constructed in 2000, this boutique development comprises of 46 units exclusively four-bedders ranging from 2,056 to 2,896 sq ft. It is strategically situated near the High Commission of Malaysia and is also within close proximity to Valley Point shopping mall.
The recent sale of the 2,056 sq ft unit at Holt Residences is the first transaction at the development in almost two years since the last resale transaction in September 2020, where a similar unit was sold for $4.1 million ($1,994 psf). This unit was originally purchased in January 2018 for $3.2 million ($1,556 psf), resulting in a profitable gain of $900,000 for the seller.
The second-highest profit from a condo resale transaction during the week was recorded at City Square Residences, where a four-bedroom unit measuring 1,496 sq ft was sold for $2.9 million ($1,938 psf) on July 26. This unit, located on the fifth floor, was initially acquired from the developer for approximately $970,000 ($648 psf) in June 2005. The seller made a remarkable gain of $1.93 million, which translates to a significant capital gain of 199% after a holding period of about 19 years.
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This sale has set a new record for the most profitable resale deal at City Square Residences, surpassing the previous record of $1.89 million from the sale of a 1,216 sq ft, three-bedroom unit on January 5. The original purchase price of this unit from the developer in May 2005 was about $669,000 ($550 psf) and was subsequently sold for $2.56 million ($2,105 psf).
City Square Residences is a highly desirable 910-unit freehold condo located on Kitchener Link, next to City Square Mall in District 8. It is conveniently situated a short walk away from Farrer Park MRT Station (on the North East Line), which is connected to the mall. Completed in 2009, this development comprises of six blocks of residences varying between 28 and 30 storeys, with a diverse range of unit types including one-bedroom apartments of 570 to 850 sq ft, two-bedroom apartments of 840 to 1,302 sq ft, three-bedroom units of 1,195 to 1,830 sq ft, and four-bedroom units of 1,496 to 1,518 sq ft.
On the other hand, Duchess Residences saw the most unprofitable condo resale transaction of the week with the sale of a duplex penthouse spanning 2,756 sq ft for $4.78 million ($1,735 psf) on July 26. The seller had purchased the four-bedroom unit in July 2007 for $5.38 million ($1,951 psf), resulting in a loss of $595,000 (11.1%) after owning it for 17 years.
Duchess Residences, a 999-year leasehold condo located on Duchess Avenue, off Bukit Timah Road in District 10, comprises of 120 units completed in 2011. It offers a mix of three-bedders from 1,464 to 1,604 sq ft, four-bedders of 1,873 to 2,465 sq ft, and four-bedroom maisonettes of 2,971 to 3,444 sq ft. Additionally, there are also luxurious penthouses available in four- and five-bedroom layouts measuring 2,745 to 4,101 sq ft.
Apart from the unit sold on July 26, Duchess Residences has seen two other resale transactions this year, both of which were profitable. On February 26, a 1,485 sq ft unit was sold for $3.15 million ($2,121 psf), resulting in a gain of $742,000 for the seller who had bought it in September 2016 for $2.41 million ($1,621 psf). Similarly, on May 3, a 1,604 sq ft unit was sold for $3.45 million ($2,151 psf), netting a profit of $242,000 for the seller who had purchased it in October 2007 for $3.21 million ($2,000 psf). For more information on properties available for sale at Holt Residences, City Square Residences, and Duchess Residences, do check out the latest listings on our website.