Unit at Wing On Life Garden reaps $2.5 mil profit
The 3,498 sq ft unit on the 10th floor of Wing On Life Garden was bought for $3.6 million ($1,029 psf) in September 2006 and sold for $6.1 million ($1,744 psf) on Nov 5 (Credit: Samuel Isaac Chua/ The Edge Singapore)
SINGAPORE (EDGEPROP) - The seller of a unit at Wing On Life Garden condo made the top gain of $2.5 million over the week of Oct 29 to Nov 5. The 3,498 sq ft unit on the 10th floor was bought for $3.6 million ($1,029 psf) in September 2006, and sold for $6.1 million ($1,744 psf) on Nov 5. The seller made a 69% profit, or an annualised profit of 4% over 13 years.
Located along Bukit Timah Road in prime District 10, the freehold condo was completed in 1982. Developed by The Wing On Investment Co, a member of the Wing On Group in Hong Kong, it has 81 units over 28 storeys. The development is a 10- and 14-minute walk to the Stevens and Newton MRT Stations respectively. It is also a two-minute drive to reputable schools like Anglo-Chinese School (Primary) on Barker Road.
The second biggest gain made over the week – a 148% profit of $1.96 million – was at Astrid Meadows, located on Coronation Road West in prime District 10. The 1,938 sq ft unit on the fourth floor was purchased for $1.32 million ($681 psf) in February 1999, and sold for $3.28 million ($1,693 psf) on Oct 31. This means that the seller made an annualised profit of 4% over almost 21 years.
Completed in 1990, the 208-unit, freehold Astrid Meadows was developed by Parkway Land. The development is near reputable schools like Henry Park Primary School, Nanyang Primary School, and Raffles Girls’ Primary School. It is also a four-minute drive to Holland Village and a 10-minute drive to the CBD and Orchard Road.
Meanwhile, a unit sold at The Waterside, on Tanjong Rhu Road in District 15, made the third most profitable transaction over the period, netting a 122% profit of $1.93 million for the seller. The 2,400 sq ft unit on the sixth floor was bought in March 2006 for $1.58 million ($656 psf), and sold for $3.5 million ($1,458 psf) on Nov 5. The seller therefore made an annualised profit of 6% over 13½ years.
The Waterside, completed in 1993, comprises 502 freehold units. It is a five-minute walk to the future Katong Park MRT Station on the Thomson-East Coast Line, which is scheduled to open in 2023.
On the other hand, the biggest loss incurred over the week was from the resale of a 3,143 sq ft unit at RiverGate, in prime District 9. The seller sold the property for $6.8 million ($2,163 psf) on Oct 31, and sustained a 20% loss of $1.69 million. The unit was purchased in May 2007 for $8.49 million ($2,701 psf). Over a holding period of 12½ years, this translates into an annualised loss of 2%.
A unit at RiverGate sustained a 20% loss of $1.69 million after it was sold for $6.8 million ($2,163 psf) on Oct 31 (Credit: Samuel Isaac Chua/ The Edge Singapore)
The freehold RiverGate was developed by CapitaLand and completed in 2009. The development comprises a total of 545 units in three 43-storey towers. The project is a one-minute drive from Robertson Walk and a three-minute drive from Great World City.
For price trends, recent transactions, other project info, check out these projects' research page: Wing On Life Garden, Astrid Meadows, The Waterside, RiverGate
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