By Valerie Kor / EdgeProp Singapore | March 27, 2020 11:30 AM SGT
SINGAPORE (EDGEPROP) – The top gain over the week of March 10 to 17 was the sale of a unit at Heritage Apartments (Photo: Samuel Isaac Chua/The Edge Singapore)
The seller of a unit at Heritage Apartments located on 4 Ardmore Park made the top gain of $4.8 million over the week of March 10 to 17. The 3,165 sq ft unit on the eighth floor was bought for $4 million ($1,264 psf) in December 2005 and sold for $8.8 million ($2,781 psf) on March 12. The seller therefore made a 120% profit, or an annualised profit of 6%, over 14 years.
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A unit at Heritage Apartments was sold for 120% profit over a period of 14 years (Photo: Samuel Isaac Chua/The Edge Singapore)
Heritage Apartments is located in District 10 and was completed in 1994 with 19 residential units. The freehold property in the Orchard Road vicinity is a 12-minute walk to Orchard MRT Station on the North-South Line.The second top gain made over the week was by a unit at Regency Park in River Valley. The seller netted a 123% profit of $3.58 million. The 3,649 sq ft unit on the 12th floor was bought at $2.92 million ($800 psf) in February 2005 and sold for $6.5 million ($1,781 psf) on March 16. This means that the seller made an annualised profit of 5% over 15 years.
Regency Park is a freehold property with 25 storeys and 292 units completed in 1987. Located within a short drive to the Orchard Road shopping belt, Tanglin Mall and Great World City, it is also accessible via River Valley Road and Grange Road. It is a 15-minute walk to the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line, which is expected to be completed next year.A unit sold at The Calrose along 513 Yio Chu Kang Road in District 26 made the third largest profit over the week, at a 138% gain of $1.78 million. The 2,756 sq ft unit on the fifth floor was bought in June 2005 for $1.29 million ($467 psf) and sold for $3.07 million ($1,113 psf) on March 13. The seller therefore made an annualised profit of 6% over close to 15 years.The Calrose is a freehold condominium that comprises five storeys and 421 units. Completed in 1987, it is a 17-minute walk to Yio Chu Kang MRT Station on the North-South Line.
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A resale unit at The Cape incurred the greatest loss for the week of $448,920 (Photo: Samuel Isaac Chua/The Edge Singapore)
On the other hand, the greatest loss incurred over the week was from the resale of a 1,152 sq ft unit on the 12th floor at The Cape. It was sold for $1.97 million (1,710 sq ft) on March 16. The unit was bought in April 2012 for $2.42 million ($2,100 sq ft). This means the seller suffered a 19% loss of $448,920. Over a holding period of nearly eight years, this translates to an annualised loss of 3%.
The Cape is a freehold condominium with 76 residential units. Completed in 2014, it is a short drive to Parkway Parade and East Coast Park. It will be a five-minute walk to Tanjong Katong MRT Station on the Thomson-East Coast Line, which is slated for completion in 2023.
Original Article: https://www.edgeprop.sg/property-news/unit-heritage-apartments-reaps-48-mil-profit
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