Property news outlet EdgeProp Singapore reported last July 2019 that a resale unit at Leonie Gardens made a top gain of $1.83 million. Read more below on which condominium developments gained and lost the most profit in the week of June 26 to July 2.
A seller of a three-bedroom condo unit was sold for $2.69 million, or $1,551 psf, on July 2. The aforementioned unit was reportedly a 1,733 sq ft unit on the 14th floor. The original owner recently bought the property for $860,000, or $496 psf, in July 2005. After more than a decade, it was sold for a higher price of $2.69 million, or $1,551 psf. The seller earned a 213% profit of $1.83 million. This translates to an annualized yield of 9% in its 14-year holding period.
Leonie Gardens is a luxury condominium developed in 1993 by CapitaLand, one of Asia’s most prominent real estate firms. They have a presence in the international property market with their extensive commercial and residential properties portfolio across 30 countries.
The 99-year leasehold property is comprised of 128 units across 22 floors, with floor sizes ranging from 1,733 sq ft to 2,248 sq ft. It’s located at Leonie Hill, District 9, one of Singapore’s most prestigious residential areas. Despite being situated in a quiet and exclusive neighbourhood, it’s conveniently near the Orchard Road shopping belt and the Orchard MRT Station. It’s also nearby Great World City and Takashimaya Shopping Center.
Sky @ Eleven
The property investment that earned the second-highest profit in the same week was at Sky @ Eleven, a condominium development located at Thomson Lane, District 11. On June 27, a 2,173 sq ft condo unit earned a 48% profit of 1.45 million. The aforementioned unit is a four-bedroom home on the 20th floor of the development. The seller previously bought the property for a lower price of $3 million, or $1,106 psf, in August 2008. It was later sold this year for $4.45 million, or $1,641 psf. When annualized, this meant that the seller earned a 4% profit over 11 years.
Sky @ Eleven is a luxury residential project completed in 2010 by Times Development Pte Ltd. It comprises 273 freehold units ranging from 1,851 sq ft to 2713 sq ft across its 43-storey residential blocks. It’s a 16-minute walk from the Caldecott MRT Station, and it’s also just a short drive to the HDB hub and the Balestier Hill Shopping Center.
Another unit with maximum gains in the same week is located at The Trevose, a condominium development along 56 Trevose Crescent in District 11. It netted a 99% profit of 1.31 million in total. The original owner bought it in October 2003 for a lower price of $1.32 million or $696 psf. It was later sold on June 28, 2018, for more than double its original price, $2.63 million or $1,388 psf. This meant that the property investment had an annualized profit of 4% was earned in its 16-tear holding period.
The Trevose is a 99-year leasehold property with 142 units spread across multiple 5-storey blocks. The residential development was developed in 2001 by Trevose Crescent Development Pte Ltd. The Trevose sits in the midpoint between the busy city centre and the peaceful suburbs located further out. It’s close to the Orchard Road shopping belt and the Stevens MRT station along the Downtown line.
The Caribbean at Keppel Bay
On the other hand, the transaction that incurred the highest loss in the same week was from a resale of a condo unit at the Caribbean at Keppel Bay in District 4. The unit was a three-bedroom home-sized at 1,464 sq ft. The property was sold for a total of $2.12 million or $1,448 psf. It was initially purchased on March 14 for $2.45 million or $1,674 psf. This meant that the seller incurred a 14% loss of $330,000. Over five years, they had an annualized loss of 3%
The Caribbean at Keppel Bay is a 99-year leasehold condominium located at Keppel Bay Drive. The development has a total of 969 units that rise to 10 storeys high. The residential project was completed in 2004 by Keppel Bay Pte Ltd, a large-scale real estate firm with a portfolio of thirty projects in Singapore. The condominium is located close to the Harbour Front MRT station and Telok Blangah MRT station.