Resale at The Waterside reaps $2 mil profit
The top gain during the week of Sept 15 to 22 was from the sale of a 3,595 sq ft unit at Island View on Jalan Mat Jambol in District 5. Previously purchased for $1.48 million ($412 psf) in August 2000, it was sold for $3.8 million ($1,057 psf) on Sept 17. The four-bedroom apartment reaped a 157% profit of $ 2.32 million for the seller, which translates to an annualised profit of 4.8% over a holding period of 20 years.
Island View is a 72-unit freehold development located within a 10-minute walk to Pasir Panjang MRT Station on the Circle Line. It is within a five-minute drive to NUS, NUH, Fusionopolis and Insead, as well as a 15- minute drive to the CBD and Holland Village.
The second top gain of the week was from the sale of a 2,411 sq ft, four-bedroom unit at The Waterside on the 13th floor. It changed hands on Sept 18 for $3.78 million ($1,568 psf), having previously been bought for $1.73 million ($718 psf) in March 2002. It therefore reaped a $2.05 million profit for the seller, or an annualised 4.3% over 18½ years.
The Waterside on Tanjong Rhu Road in District 15 comprises 502 units across six blocks. The freehold development is located opposite Dunman High School and is 10 minutes by foot to Katong Park and East Coast Park.
The third highest profit was made by the seller of a unit at The Chuan, a 106-unit development by Kheng Leong Co in District 19.
The project is 99- year leasehold.
The 1,464 sq ft unit with four bedrooms, located on the 14th floor, was sold for $2.35 million ($ 1,605 psf) on Sept 17. It was previously purchased for $ 1.066 million ($ 728 psf). This yielded a 120% profit of $ 1.284 million, or an annualised profit of 5.7% over more than 14 years, for the seller.
The Chuan is a four-minute walk to Lorong Chuan MRT Station on the Circle Line. Nearby malls include Junction 8 and Nex Shopping Centre. Schools within walking distance include Australian International School Singapore and St Gabriel’s Primary School.
On the other hand, the top loss over the week in review was incurred by the seller of a 5,113 sq ft duplex penthouse at Latitude. The 23rd- floor unit comes with a private lift lobby and enjoys condominium facilities such as a swimming pool, tennis court and playground. It changed hands for $ 9 million ($ 1,760 psf) on Sept 18, and had been bought previously in January 2013 for $ 12.5 million ($ 2,445 psf). This meant that the seller suffered a 28% loss of $3.5 million, which is annualised at 4.2% over 7½ years.
Latitude, located on Jalan Mutiara in River Valley, is a 127- unit freehold property by CapitaLand’s subsidiary Phoenix Realty. It is near Great World City shopping centre and will be a 10-minute walk to the upcoming Great World MRT Station.