SINGAPORE (EDGEPROP) - During the week of Sept 29 to Oct 6, a four-bedroom unit at Elizabeth Heights in prime District 9 achieved the top gain of $2.7 million. The 2,530 sq ft unit on the fourth floor was purchased in May 1999 for $1.73 million ($684 psf) and changed hands on Oct 2 for $4.45 million ($1,759 psf). The 157% profit translates to an annualised profit of 4.5% over more than 21 years.
Elizabeth Heights is a freehold condominium along Cairnhill Road comprising 90 units. Completed in 1983 by Victory Realty, it is in proximity to the Orchard Road shopping belt and Newton Food Centre. Additionally, it is an eight-minute walk to Newton MRT Station on the North-South and Downtown Lines.
A unit at Elizabeth Heights changed hands for $4.45 million on Oct 2 (Photo: Samuel Isaac Chua/The Edge Singapore)
In March, the sale of another unit at Elizabeth Heights made a profit of $2.54 million. Purchased for $1.96 million ($785 psf) in November 1999 and sold for $4.5 million ($1,802 psf) on March 9, the seller of the 2,497 sq ft unit on the 12th floor made a 130% profit, or an annualised profit of 4% over 20 years.
The second most profitable sale was concluded at Belmond Green, in District 10. The 1,270 sq ft, three-bedroom unit on the ground floor was previously bought for $877,000 ($690 psf) in May 2004, and transacted for $2.1 million ($1,657 psf) on Oct 5. The seller earned a 140% profit of $1.23 million, or an 5.4% annualised profit over more than 16 years.
Belmond Green is a 211-unit freehold condominium along Balmoral Road, and was completed in 2004 by CapitaLand. The building is 12 storeys high. Belmond Green is in proximity to Newton MRT Station and Newton Food Centre.
The second most profitable deal is the sale of a three-bedroom unit at Belmond Green, which gained the seller a 140% profit (Photo: Samuel Isaac Chua/The Edge Singapore)