By Charlene Chin/ EdgeProp Singapore|February 7, 2020 8:06 AM SGT
The second top gain made over the week – a 131% profit – was at Elizabeth Heights, on Cairnhill Road (Credit: Samuel Isaac Chua/ The Edge Singapore)
SINGAPORE (EDGEPROP) – The seller of a unit at The Imperial, on Jalan Rumbia, made the top gain of $3.35 million over the week of Jan 21 to 28. The 3,531 sq ft unit on the 13th floor was bought for $2.85 million ($807 psf) in September 2003 and sold for $6.2 million ($1,756 psf) on Jan 22. The seller, therefore, made a 118% profit, or an annualised profit of 5% over 16 years. Located in District 9, The Imperial was completed in 2006 and comprises 187 freehold units. It is a five-minute walk to Fort Canning MRT Station on the Downtown line. The second top gain made over the week – a 131% profit of $2.47 million – was at Elizabeth Heights, on Cairnhill Road. The 2,497 sq ft unit on the eighth floor was purchased for $1.88 million ($753 psf) in January 1996 and sold for $4.35 million ($1,742 psf) on Jan 22. This means that the seller made an annualised profit of 4% over 24 years.
Elizabeth Heights, also in District 9, comprises 90 freehold units. It was completed in 1983 and is a 10-minute walk to Newton MRT Station on the North-South Line. A unit sold at Horizon Towers, along Leonie Hill Road in District 9, made the third largest gain over the week, netting a 95% profit of $1.67 million for the seller. The 2,616 sq ft unit on the 15th floor was bought in June 1997 for $1.75 million ($669 psf), and sold for $3.42 million ($1,308 psf) on Jan 23. The seller therefore made an annualised profit of 3% over almost 23 years. Horizon Towers, completed in 1984, comprises 210 units on a 99-year leasehold. It is a one-minute drive to the upcoming Great World MRT Station on the Thomson-East Coast Line, slated for completion in 2021.
The greatest loss incurred over the week was from the resale of a 1,604 sq ft unit at OUE Twin Peaks in District 9 (Credit: Samuel Isaac Chua/ The Edge Singapore)
On the other hand, the greatest loss incurred over the week was from the resale of a 1,604 sq ft unit at OUE Twin Peaks in District 9. Having sold the property for $3.5 million ($2,182 psf) on Jan 23, the seller suffered a 12% loss of $457,870. The unit was purchased in May 2016 for $3.96 million ($2,468 psf). Over a holding period of almost four years, this translates into an annualised loss of 3%.
OUE Twin Peaks is a 462-unit project on a 99-year leasehold along Leonie Hill Road. Completed in 2015, it is a nine-minute walk to Orchard MRT Station on the North-South Line.
Original Article: https://www.edgeprop.sg/property-news/unit-elizabeth-heights-reaps-247-mil-profit
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