Four-bedroom unit at Leonie Gardens reaps profit of $2.35 mil
Afour-bedroom unit at Leonie Gardens, measuring 2,540 sq ft, was the most profitable unit that changed hands during the week of March 23 to 30. The fifth-floor unit was sold on March 26 for $3.8 million ($1,496 psf), after being purchased in March 2006 for $1.45 million ($571 psf). The seller therefore reaped a 162% profit of $2.35 million, which is annualised at 6.6% over 15 years.
The transaction is the third most profitable deal at Leonie Gardens so far. The most profitable deal was in April 2010, when the seller of a ninth-floor, 2,540 sq ft unit made $2.6 million, after a holding period of just five years. His profit was annualised at 24.9%.
Leonie Gardens is a 99-year leasehold condominium comprising 138 units, with a distinctive red exterior. The District 9 development was developed by CapitaLand and completed in 1993. Its location on Leonie Hill is less than 10 minutes by foot to the Orchard Road shopping belt as well as Great World shopping mall. It is also a short drive to Robertson Quay and Tanglin Mall.
The second most profitable deal of the week involves a three-bedroom unit at The Shelford. The 1,453 sq ft unit on the fourth floor was sold for $3.02 million ($2,082 psf) after being bought in June 2002 for $1.14 million ($785 psf). The seller reaped a 165% profit of $1.88 million, or 5.3% annualised over almost 19 years.
The sale marks the fifth most profitable transaction in The Shelford. The most profitable deal was fora fifth-floor, 2,411 sq ft unit that was sold in November 2007, gaining a profit of $2.47 million after a holding period of five years.
The Shelford is a 215-unit freehold development, also by CapitaLand. Located in District 11 on Shelford Road, off Dunearn Road, the project comprises seven five-storey blocks with attics. It is near Botanic Gardens MRT Station and Singapore Botanic Gardens, as well as Tan Kah Kee MRT Station. Top schools such as Hwa Chong Institution, National Junior College, Nanyang Girls’ High School and Nanyang Primary School are nearby.
The third highest profit of the week was gained by the seller of a 2,207 sq ft, four-bedroom unit at Dairy Farm Estate. The unit on the first floor changed hands on March 29 for $2.68 million ($1,215 psf), around 14 years after it was purchased in January 2007 for $951,000 ($431 psf). The profit of $1.73 million is 182%, which is annualised at 7.6% over 14 years.
Dairy Farm Estate is a freehold condominium completed in 1989. With 477 units, the development is a 10-minute walk to Hillview MRT Station and a short drive to The Rail Mall in Bukit Batok. It was launched for en bloc sale in April 2018 and again in January 2019, to no avail.
Meanwhile, the sale of a 3,165 sq ft duplex penthouse on the sixth floor at The Azure in Sentosa Cove was the most non-profitable deal of the week, with a loss of $3.6 million. It was sold on March 29 for $3.6 million ($1,138 psf), half the price paid by the seller in October 2007, when he purchased the unit for $7.2 million ($2,275 psf). The 50% loss of $3.6 million is annualised at 5% over 13½ years.
It is also the most unprofitable sale at The Azure, out of 24 loss-making transactions there. The previous record was the sale of a 1,894 sq ft unit in April last year. The seller made a loss of $1.77 million, after owning the unit for nine years.
The Azure is a 99-year condominium development that faces the South China Sea. Developed by Frasers Centrepoint Homes and completed in 2008, it comprises 116 units. E