Unit at Elizabeth Heights reaps $2.7 mil profit
During the week of Sept 29 to Oct 6, a four-bedroom unit at Elizabeth Heights in prime District 9 achieved the top gain of $2.7 million. The 2,530 sq ft unit on the fourth floor was purchased in May 1999 for $1.73 million ($684 psf) and changed hands on Oct 2 for $4.45 million ($1,759 psf). The 157% profit translates to an annualised profit of 7.3% over more than 21 years.
Elizabeth Heights is a freehold condominium along Cairnhill Road comprising 90 units. Completed in 1983 by Victory Realty, it is in proximity to the Orchard Road shopping belt and Newton Food Centre. Additionally, it is an eight-minute walk to Newton MRT Station on the North-South and Downtown Lines.
In March, the sale of another unit at Elizabeth Heights made a profit of $2.54 million. Purchased for $1.96 million ($785 psf) in November 1999 and sold for $4.5 million ($1,802 psf) on March 9, the seller of the 2,497 sq ft unit on the 12th floor made a 130% profit, or an annualised profit of 4% over 20 years.
The second most profitable sale was concluded at Belmond Green, in District 10. The 1,270 sq ft, three-bedroom unit on the ground floor was previously bought for $877,000 ($690 psf) in May 2004, and transacted for $2.1 million ($1,657 psf) on Oct 5. The seller earned a 140% profit of $1.23 million, or an 8.5% annualised profit over more than 16 years.
Belmond Green is a 211-unit freehold condominium along Balmoral Road, and was completed in 2004 by CapitaLand. The building is 12 storeys high. Belmond Green is in proximity to Newton MRT Station and Newton Food Centre.
The third top gain was from the sale of a 1,389 sq ft resale unit on the third floor at Country Park Condominium in District 16 in the east. It was sold for $1.82 million ($1,311 psf), 16½ years after being bought for $765,000 ($551 psf) in April 2004. This translates to a 138% profit of $1.06 million, or annualised at 8.4%.
Country Park Condominium is a freehold condominium along Bedok Road, comprising 160 units. Completed in 2003, it was developed by UOL Group. E