By Charlene Chin/ EdgeProp Singapore|February 28, 2020 7:58 AM SGT
The seller of a resale unit at The Balmoral made a 60% profit, or an annualised profit of 3% over almost 14 years (Credit: Albert Chua/ The Edge Singapore)
SINGAPORE (EDGEPROP) – The seller of a unit at The Balmoral, along Balmoral Park, made the top gain of $1.77 million over the week of Feb 11 to 18. The 3,154 sq ft unit on the first floor was bought for $2.96 million ($938 psf) in May 2006 and sold for $4.73 million ($1,500 psf) on Feb 17. The seller, therefore, made a 60% profit or an annualised profit of 3% over almost 14 years. Located in District 10, The Balmoral was completed in 1986 and comprises 81 freehold units. It is a 14-minute walk to the Stevens MRT Station on the Downtown Line. The second top gain made over the week – a 103% profit of $1.55 million – was at The Centrepoint along Orchard Road. The 1,173 sq ft unit on the fourth floor was purchased for $1.5 million ($1,278 psf) in July 2007 and sold for $3.05 million ($2,600 psf) on Feb 14. This means that the seller made an annualised profit of 6% over almost 13 years.
The Centrepoint, in District 9, comprises 66 units on a 99-year leasehold. It was completed in 1983 and is a four-minute walk to Somerset MRT Station on the North-South Line. A unit sold at Valley Park, along River Valley Road in District 10, made the third-largest gain over the week, netting a 133% profit of $1.33 million for the seller. The 1,356 sq ft unit on the sixth floor was bought in March 2004 for $1 million ($737 psf) and sold for $2.33 million ($1,718 psf) on Feb 17. The seller, therefore, made an annualised profit of 5% over 16 years. Valley Park, completed in 1997, comprises 728 units on a 999-year leasehold. It is a 13-minute walk 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 1,884 sq ft unit at Jardin in District 21 (Credit: The Edge Singapore)
On the other hand, the greatest loss incurred over the week was from the resale of a 1,884 sq ft unit at Jardin in District 21. Having sold the property for $2.87 million ($1,524 psf) on Feb 12, the seller suffered an 18% loss of $639,300. The unit was purchased in December 2007 for $3.51 million ($1,863 psf). Over a holding period of 12 years, this translates into an annualised loss of 2%.
Jardin, along Dunearn Road, comprises 140 freehold units. Completed in 2012, it is six minutes by foot to King Albert Park MRT Station on the Downtown Line.
Original Post: https://www.edgeprop.sg/property-news/unit-balmoral-reaps-177-mil-profit
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