Resale Three Bedder Sommerville Park Records 274 Million Profit
for freehold district 15 condoTwo units at The Sail @ Marina Bay fetch $10.1 mil profit each in July 22Resale deals worth $10 mil or more each at 3 condos on Nassim, Peirce and East Coast Park
The recent sale of a three-bedroom unit at Sommerville Park has made headlines for being the most profitable resale transaction in the week of Sept 16 to Sept 23. The 2,508 sq ft unit located on the third floor fetched a whopping $4.63 million, translating to a price of $1,845 per square foot. This deal, which took place on Sept 16, is testament to the strong performance of the property market in the area.
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According to lodged caveats, the unit was originally bought for around $1.89 million back in May 2006. This means that the seller made a significant profit of $2.74 million, equivalent to 144.9%, after holding the property for over 13 years. This is considered the second most profitable deal at Somerville Park, with the largest profit being from the sale of a three-bedroom unit measuring 1,948 sq ft for $3.95 million in July 2024.
This trend of profitable resale deals is not unique to Somerville Park. Leedon Residence also saw one of its units sold for a handsome profit of $2.53 million on Sept 17. The 2,669 sq ft, four-bedroom unit was transacted for $7.5 million, or $2,810 per square foot. The seller had bought the unit for around $4.97 million in January 2016, which means that they made a profit of 50.9%, equivalent to an annualised gain of 4.3% over a period of almost 10 years.
Leedon Residence was completed in 2015 and comprises of 381 residential units spread across 12 blocks. The units range from two- to five-bedroom apartments, with sizes ranging from 1,044 to 4,704 sq ft. The development also offers garden suites and penthouses of various sizes. Including the sale on Sept 17, there have been six other profitable resale deals at Leedon Residence so far this year.
On the other hand, the most unprofitable resale deal during the week was seen at The Scotts Tower. A two-bedroom unit measuring 872 sq ft was sold for approximately $1.83 million on Sept 18, which translates to a price of $2,099 per square foot. However, this sale resulted in a loss of $1.69 million for the seller, who had owned the unit for more than 12 years. This means that the seller incurred a loss of 48% on the sale.
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. The units range from one- to three-bedroom apartments with sizes ranging from 624 to 904 sq ft. The development also offers four-bedroom penthouses measuring 1,227 to 1,389 sq ft. There have been three transactions at The Scotts Tower this year, and all three resulted in losses.
In summary, it is evident that the prime District 9 and 10 area continues to be a hot spot for profitable resale deals. Property owners in these districts can expect to see good returns on their investments in the long term.