A 2,540 sq ft, four-bedroom unit at Leonie Gardens was sold for $3.8 million or $1,496 psf. This transaction reaped a 162% profit of $2.35 million for the seller. Learn more about which property investments had the biggest gains and losses during the week of March 23 to 30, 2021, as reported by the latest property news from EdgeProp Singapore.
The highest-value profit during this week was the four-bedroom unit at Leonie Gardens. The seller initially bought the property for $1.45 million, $571 psf, in March 2006. It was later sold on March 26 for $3.8 million or $1,496 psf. This meant that the seller earned a total of 162% profit. When annualized, this meant that a 6.6% yield was made every year for a 15-year holding period.
Leonie Gardens is a 99-year leasehold property comprised of 128 units, with floor sizes ranging from 1,733 sq ft to 2,248 sq ft. The residential project was completed in 1993 by CapitaLand, one of the most prominent players in Asia’s property market.
Leonie Gardens is known for its distinctively red high-rise towers. Sitting at the highest point of the Orchard area, the development is located in Leonie Hill, District 9. This area is one of Singapore’s most exclusive residential neighbourhoods and is conveniently close to various amenities and attractions. The shopping and entertainment belt of Orchard Road is just a 10-minute walk away. Other nearby landmarks within a short driving distance include Great World City, Robertson Quay, and Tanglin Mall. It’s also near the Orchard MRT Station and the Somerset MRT Station.
The second most profitable transaction in the same week was with a three-bedroom unit located at The Shelford. The unit was a 1,453 sq ft home situated on the fourth floor of the building. The unit was sold at $3.02 million or $2,082 psf. This allowed the seller to reap a 165% yield of $1.88 million. The seller initially purchased it in June 2002 for a lower price of $.14 million or $785 psf. This roughly translated to an annualized profit of 5.3% in its 19-year holding period.
This sale marks The Shelford’s fifth most profitable transaction in history. Taking first place was a property investment that was transacted in November 2007. A 2,411 sq ft unit located on the fifth floor was able to gain a whopping $2.47 million profit in just five years.
Similar to Leonie Gardens, The Shelford was also developed by CapitaLand. The development is comprised of 215 freehold units spread across seven five-storey blocks. The Shelford is located in Shelford Road in District 11. This area is close to the tourist destinations Singapore Botanic Gardens and the Orchard Road. Nearby train stations include Singapore Botanic Gardens MRT Station and the Tan Kah Kee MRT Station. Elite schools located nearby are Hwa Chong Institution, National Junior College, and Nanyang Girls’ Primary School and High School.
On the other hand, the most unprofitable condo for sale was at The Azure in Sentosa Cove. A 3,165 sq ft duplex penthouse located on the sixth floor of the development incurred a loss of $3.6 million. The seller initially purchased it in October 2007 for $7.2 million or $2,275 sq ft. However, it was later sold on March 29 for almost half the original price, $3.6 million or $1,138 psf. Thus, the seller lost around 50% of the money he paid for. When annualized, this meant that there was a 5% loss in profit every year in its 13-year holding period.
This transaction earned the title of The Azure’s most unprofitable sale in history. The previous record was the resale of a 1,894 sq ft unit in April 2020. This deal lost the seller a total of $1.77 million after nine years.
The Azure is a 99-year leasehold condominium development built by Frasers Centrepoint Homes in 2008. The property is comprised of 116 units across six floors. Located in Ocean Drive at District 4, The Azure is a seafront development that features a 270-degree panoramic view of the South China Sea. Residents also get to enjoy many of the amenities available within the multi-billion dollar resort of Sentosa Cove.
The Azure is situated close to the Harbourfront MRT Station and is just a short drive away from Vivocity and Harbourfront centre.