SINGAPORE (EDGEPROP) - The sale of a 3,218 sq ft, four-bedroom unit at Wing On Life Garden was the most profitable transaction during the week of Sept 8 to 15. The unit changed hands for $6.2 million ($1,926 psf) on Sept 11, and had been bought for $2.17 million ($672 psf) in March 1999. This means the deal has earned the seller a tidy profit of $4.02 million (185%), which translates to an annualised profit of 5% over 21½ years.
This is also the most profitable resale transaction ever recorded at the freehold development. It beat the previous record set in 2015, which involved a 3,305 sq ft unit that made $3.2 million (139%). That unit went for $5.5 million ($1,664 psf) on Feb 15 and had been bought for $2.3 million ($696 psf) back in April 2005.
Wing On Life Garden is a freehold development on Bukit Timah Road in prime District 10. The 81-unit development was completed in 1982 and comprises four- and five-bedroom units that range from 3,218 sq ft to 7,610 sq ft. The condominium is located between Anglo-Chinese School (Barker Road) and Singapore Chinese Girls’ School, and is near Stevens and Newton MRT Stations.
The week in review also saw the sale of a 2,713 sq ft, four-bedroom unit at Sky @ Eleven, a freehold development in District 11. The unit went for $4.4 million ($1,622 psf) on Sept 11, and had been bought from the developer for $2.6 million ($943 psf) back in March 2007. This means the seller earned $1.84 million (72%), which translates to an annualised profit of 4% over 13½ years. It was the second most profitable unit of the week.
Sky @ Eleven is located on Thomson Lane off the main Thomson Road. It is located beside three schools, namely, St Joseph’s Institution International, CHIJ Primary (Toa Payoh), and CHIJ Secondary (Toa Payoh). The 273-unit development comprises three- and four-bedroom units of 1,851 sq ft to 2,8120 sq ft, and penthouses ranging from 4,843 sq ft to 5,597 sq ft.
The development has recorded seven resale transactions this year, and the Sept 11 transaction has been the most profitable so far this year. It is followed by the sale of a 2,271 sq ft unit which fetched $3.5 million ($1,541 psf) on July 28 this year. The unit had been bought for $2.1 million ($928 psf) in March 2007. Thus, the seller made a $1.39 million (66%) profit on the sale of this unit, which also translates to an annualised profit of 3% over 13 years. The rest of the resale transactions this year resulted in profits ranging from $250,000 to $1.34 million.
The most unprofitable transaction during the week occurred at Village @ Pasir Panjang, a freehold development along Pasir Panjang Road in District 5. A 2,024 sq ft, three-bedroom unit there changed hands for $2.15 million ($1,062 psf) on Sept 9. As this unit was bought for $2.65 million ($1,311 psf) in April 2014, the seller made a loss of $503,160 on the sale, which translates to an annualised loss of 3% over six years.
Village @ Pasir Panjang is a 148-unit development that was completed in 2016. It comprises two- and three-bedroom units ranging from 818 sq ft to 2,024 sq ft. The development is accessible through Pasir Panjang Road and the West Coast Highway, and is close to the National University of Singapore.
There have only been five resale transactions at the development over the past two years, and all of them have been unprofitable. The Sept 11 resale has been the most unprofitable transaction so far. The next most unprofitable was the sale of a 1,033 sq ft unit in May 2018 for $1.42 million ($1,374 psf). As the owner bought it for $1.59 million ($1,541 psf) in January 2013, the sale resulted in a $172,800 loss, or an annualised loss of 2% over five years. Losses from other resale transactions at the development ranged from $50,800 to $168,000.