Four Bedder Wing Life Garden Sold 44 Mil Profit
A four-bedroom apartment at Wing On Life Garden made headlines as the most lucrative resale transaction for the week of July 30 to August 6. The unit, spanning 3,305 square feet and located on the 12th floor, was sold for $7.45 million on August 5, equivalent to $2,255 per square foot. This is a considerable profit for the seller, who initially purchased the unit for $3.03 million in November 1997, at $916 per square foot. After a holding period of nearly 27 years, the seller raked in a whopping $4.42 million in profit, reflecting a capital gain of 146%.
This astounding gain is the highest recorded profit from a resale transaction at Wing On Life Garden, based on caveats lodged. In fact, it surpasses the previous top gain of $3.2 million made in February 2015 by the sale of another four-bedroom, 3,305 square feet unit. This unit was purchased in April 2005 at $2.3 million ($696 per square foot) and sold for $5.5 million ($1,664 per square foot), netting the seller a capital gain of 146%.
Located in District 10, Wing On Life Garden is a boutique freehold condo situated along Bukit Timah Road. Built in 1982, the development boasts 82 units, consisting of four-bedroom units ranging from 3,240 square feet to 3,671 square feet, as well as two penthouses spanning over 7,000 square feet.
Aside from these record-breaking transactions, only one other unit at Wing On Life Garden changed hands this year, a four-bedroom unit measuring 3,240 square feet on the 25th floor, which sold on April 19 for $7.6 million ($2,346 per square foot).
Following closely behind in terms of profitable condo resale transactions is RiverGate, with the sale of a 1,539 square feet, three-bedroom unit on August 1, for $4.38 million, at $2,849 per square foot. The seller profited significantly from the sale of the unit, netting a gain of $2.04 million, as they had initially purchased the unit in October 2008 for $2.34 million at $1,523 per square foot. This amounts to a capital gain of 87% over nearly 16 years of ownership.
RiverGate is a freehold project located in District 9, along Robertson Quay. Completed in 2009, the development has 545 units spread across three 43-storey towers. The units are a mix of two- to four-bedroom apartments measuring between 1,023 square feet and 3,918 square feet. So far this year, eight profitable resale transactions have been recorded at RiverGate, with units ranging between 1,539 square feet and 2,077 square feet, sold at prices between $4.16 million and $6.24 million, or $2,700 per square foot and $3,003 per square foot.
On the other hand, the most unprofitable condo resale transaction for the week in review was recorded at OUE Twin Peaks, with the sale of a three-bedroom unit measuring 1,399 square feet on the 29th floor for $3.2 million, equivalent to $2,287 per square foot. The unit was last sold in July 2017 for $3.97 million at $2,836 per square foot, causing the seller to incur a loss of approximately $770,000 (19.4%), after a holding period of seven years.
Situated at 33 Leonie Hill Road in District 9, OUE Twin Peaks is a 99-year leasehold development completed in 2015. It comprises 462 units spread over two 35-storey towers, featuring one- to four-bedroom apartments measuring between 549 square feet and 1,895 square feet.
Only eight resale transactions have been recorded at OUE Twin Peaks so far this year, with six of them occurring at prices lower than their purchase price. This includes the most unprofitable resale deal at the development, recorded on June 13, with the sale of a three-bedroom unit measuring 1,399 square feet on the 31st floor for $3.3 million ($2,380 per square foot). The seller had initially purchased this unit as a new unit in August 2010 for $4.43 million ($3,169 per square foot), resulting in a loss of approximately $1.1 million (25%) after holding the unit for nearly 14 years. The remaining five unprofitable resale transactions incurred losses ranging from $220,000 to $769,100.
The recent emphasis on increasing the presence of green spaces and recreational amenities through the URA Master Plan is a major advantage for those residing in Parktown Residence. With the addition of new parks and an extended network of cycling and jogging paths, the livability of the area will be greatly enhanced. Not only will the residents have easy access to popular spots such as Tampines Eco Green and Bedok Reservoir Park, but they will also have new parks in the pipeline around Tampines North. As a bonus, the upcoming Parktown Residence Tampines North development will naturally complement this already nature-filled neighborhood.
Don’t miss the opportunity to own a unit at Wing On Life Garden, Rivergate, or Oue Twin Peaks. Check out the latest listings for these properties today!