Profit of S$5.4 mil at The Balmoral

Seven private non-landed houses were sold for a profit of more than S$1 million (RM3.1 million) each in the week of April 18 to 25. On April 21, a 7,653 sq ft unit at The Balmoral in prime District 10 was sold at a S$5.4 million profit. The seller had bought the first-floor unit for S$5.2 million (S$679 psf) in August 1997 and sold it at S$10.6 million (S$1,385 psf). The profit works out to 104%, or 4% a year over 20 years.

Based on the matching of URA caveat data for The Balmoral, there have been 18 profitable transactions, with an average profit of S$1.76 million (79%), and seven unprofitable transactions, with an average loss of S$536,714 (16%).

A 7,642 sq ft unit that was bought for S$4.7 million (S$615 psf) in September 1995 and sold at S$12 million (S$1,570 psf) in September 2013 earned a profit of S$7.3 million, the highest at The Balmoral. The profit works out to 155%, or 5% a year over 18 years. The 81-unit The Balmoral is a freehold condominium completed in 1986 and is located within 600m of the Stevens MRT station.

A 2,885 sq ft unit at Ardmore Park in prime District 10 fetched the second-biggest profit of S$2.45 million for the week of April 18 to 25. The unit was bought for S$7.25 million (S$2,513 psf) in June 2009 and sold at S$9.7 million (S$3,363 psf) on April 18. The profit works out to 34%, or 4% a year over eight years. Based on the matching of URA caveat data, the unit has changed hands thrice. The first seller had bought it from the developer for S$5.76 million (S$1,991 psf) in 1996 and sold it at S$5 million (S$1,733 psf) in 2003, a 13% loss, or 2% a year. In 2009, the next seller made a profit of S$2.25 million when he sold the unit at S$7.25 million. The profit works out to 45%, or 7% a year over 5½ years.

Based on the matching of URA caveat data, there have been four profitable transactions and one unprofitable transaction at Ardmore Park so far this year. The profits range from S$2.45 million (34%) to S$4.6 million (94%). The unit that was sold at a S$70,000 (1%) loss was bought for S$8.25 million (S$2,860 psf) in June 2011 and sold at S$8.18 million (S$2,836 psf) on April 5. The freehold Ardmore Park was completed in 2001 and has 330 units.

Two sellers suffered losses of more than S$1 million each in the week of April 18 to 25. On April 21, a 2,756 sq ft unit at Duchess Residences in prime District 10 was sold at the biggest loss of S$1.41 million for the week. The seller had bought it for S$5.01 million (S$1,826 psf) from the developer in June 2007 and sold it at S$3.6 million (S$1,306 psf). The loss works out to 28%, or 3% a year over 10 years.

There were six rental contracts for units ranging from 2,700 to 2,800 sq ft at Duchess Residences in 2H2016, with the monthly rent averaging S$8,350. This implies a 3% gross rental yield for the recently transacted unit. The 120-unit Duchess Residences is a 999-leasehold condo completed in 2011 and adjacent to Hwa Chong Institution.

A 1,249 sq ft unit at Scotts Square in prime District 9 was sold at the second-biggest loss of S$1.23 million for the week. The seller had bought it for S$5.03 million (S$4,026 psf) from the developer in October 2007 and sold it at S$3.8 million (S$3,043 psf) on April 24. The loss works out to 24%, or 3% a year over 9½ years.

There were seven rental contracts for Scotts Square units ranging from 1,200 to 1,300 sq ft in 1Q2017, with the monthly rent averaging S$7,271. This implies a 2% gross rental yield for the recently transacted unit. The freehold Scotts Square is a mixed-use development located on Scotts Road, within walking distance of the Orchard MRT station. It was completed in 2011 and has 338 units.

Separately, a 6,232 sq ft unit at The Marq on Paterson Hill in prime District 9 was sold at a S$4.64 million loss on April 12. The seller had bought it for S$26.44 million (S$4,294 psf) from the developer in July 2007 and sold it at S$21.8 million (S$3,498 psf). The loss works out to 18%, or 2% a year over 10 years. The 66-unit The Marq on Paterson Hill is a freehold condo completed in 2011.

From April 25 to May 2

Three private non-landed houses were sold for a profit of more than S$1 million each in the week of April 25 to May 2; there were only seven unprofitable transactions.

On April 25, a 2,336 sq ft unit at Sun Rosier in District 19 fetched the week’s biggest profit of S$1.27 million. The seller had bought it for S$655,000 (S$491 psf) in June 2003 and sold it at S$1.93 million (S$824 psf). The profit works out to 194%, or 8% a year over 14 years. The 78-unit Sun Rosier is a freehold condo completed in 1985. It is located within walking distance of the Bartley MRT station.

A 1,464 sq ft unit at Park Infinia at Wee Nam in prime District 11 fetched the week’s second-biggest profit of S$1.26 million. The seller had bought it for S$1.27 million (S$865 psf) from the developer in September 2005 and sold it at S$2.53 million (S$1,728 psf) on April 28. The profit works out to 100%, or 6% a year over 11.6 years. This transaction also marks the most profitable deal at Park Infinia so far this year.

Based on the matching of URA caveat data, all eight transactions at Park Infinia so far this year have resulted in profits for the sellers. The average profit is S$774,677, or 62%. The freehold, 486-unit Park Infinia at Wee Nam was completed in 2008 and is located about 600m from the Newton MRT station.

A 2,648 sq ft unit at Gallop Gables in prime District 10 fetched the week’s third-biggest profit of S$1.1 million. The seller had bought it for S$3.12 million (S$1,178 psf) in April 2009 and sold it at S$4.22 million (S$1,594 psf) on April 25. The profit works out to 35%, or 4% a year over eight years.

Based on the matching of URA caveat data, there have been 45 profitable transactions and one unprofitable transaction at Gallop Gables. The profits average S$876,488, or 50%. In November 2016, a 2,852 sq ft unit was sold at a S$348,760 loss. The seller had bought it for S$4.65 million (S$1,630 psf) in April 2010 and sold it at S$4.3 million (S$1,507 psf). The previous seller of this unit bought it for S$3.33 million (S$1,169 psf) in April 2009 and made a S$1.32 million (39%) profit when he sold it a year later. The freehold, 140-unit Gallop Gables was completed in 1997 and is located near the Farrer Road MRT station.

This article first appeared in The Edge Property Singapore, a pullout of The Edge Singapore, on May 15, 2017.

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