Unit at The Metropolitan sees $1 mil profit
The top gain of $1.015 million for the week of Nov 27 to Dec 4 was made by the seller of a unit at The Metropolitan Condominium, located on Alexandra Road in District 3. The 1,399 sq ft, three-bedroom unit on the 23rd floor was bought for $1.055 million ($754 psf) in May 2007 and sold for $2.07 million ($1,479 psf) on Nov 29, 2018. The seller reaped a 96% profit, or an annualised profit of 6% over 11.6 years.
A resale unit at The Metropolitan made a profit of 96% on Nov 29 (Credit: Samuel Isaac Chua/ The Edge Singapore)
The Metropolitan comprises 382 units in two 45-storey towers. Completed in 2009, the 99-year leasehold condo was jointly developed by CapitaLand and Lippo Group International. The project is a three-minute walk to Redhill MRT station on the East-West Line, and a four-minute drive to Ikea on Alexandra Road.
The second-highest gain made in the week in review — a 139% profit of $780,000 — was at Oleander Towers on Lorong 1 Toa Payoh in District 12. The 1,152 sq ft, three-bedroom unit on the 11th floor was purchased for $560,000 ($486 psf) in July 2006 and sold for $1.34 million ($1,163 psf) on Dec 4, 2018. This means the seller made an annualised profit of 7% over 12.4 years.
Developed by Wing Tai Holdings and completed in 1988, the 318-unit Oleander Towers is a seven-minute walk to Toa Payoh MRT station on the North-South Line, as well as to the HDB Hub.
The sale of a unit at Clover By The Park, on Bishan Street 25 in District 20, was the third most profitable transaction during the week in review. It raked in a 54% profit of $746,000 for the seller. The 1,765 sq ft, four-bedroom unit on the 33rd floor was bought for $1.37 million ($777 psf) in August 2009, and sold for $2.11 million ($1,200 psf) on Dec 3, 2018. The seller therefore made an annualised profit of 5% over 9.3 years.
Completed in 2012, the 99-year leasehold Clover By The Park comprises 616 units and is a four-minute drive to Junction 8 Shopping Centre.
On the other hand, the greatest loss incurred during the week in review was from the resale of a 1,851 sq ft unit at Reflections at Keppel Bay in District 4. Having sold the property for $2.55 million ($1,377 psf) on Nov 18, the seller sustained a 25% loss of $844,050. The unit was purchased in January 2012 for $3.39 million ($1,833 psf). Over a holding period of 6.9 years, this translates into an annualised loss of 4%.
The seller of a unit at Reflections at Keppel Bay sustained a 25% loss of $844,050 (Credit: The Edge Singapore)
The 99-year leasehold Reflections at Keppel Bay comprises 1,129 units and is a 14-minute walk to Telok Blangah MRT station on the Circle Line.
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