Resale Three Bedder Sommerville Park Records 274 Million Profit

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The recent sale of a three-bedroom unit at Sommerville Park has been making headlines as the most profitable condo resale transaction of the week, taking place between Sept 16 and Sept 23. After being bought for approximately $1.89 million ($754 psf) in May 2006, the 2,508 sq ft unit on the third floor fetched an impressive price of around $4.63 million ($1,845 psf) on Sept 16. This translates to a profit of $2.74 million (144.9%), with an annualised gain of 4.7% after being held for over 13 years.

Interestingly, this marks the second most profitable resale transaction at Somerville Park to date, with the highest profit ever recorded being from the sale of a 1,948 sq ft, three-bedroom unit for $3.95 million ($2,027 psf) in July 2024. This means the seller made a profit of $2.79 million, or an annualised gain of 6.9%, after holding the unit for more than 18 years.

Sommerville Park is a freehold development located on Farrer Drive and was completed in 1985. The development consists of 396 condo units and 57 strata landed houses, with one- to three-bedroom units in the residential towers and a mix of townhouses and two-storey maisonettes in the landed residences.

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In addition to the recent transaction, there have been 12 other units sold at Somerville Park this year, with 10 of them being profitable deals. These units range from 463 sq ft to 1,959 sq ft and were transacted at gains ranging from $130,000 to $2.39 million.

Another notable transaction from last week was the sale of a 2,669 sq ft, four-bedroom unit at Leedon Residence for $7.5 million ($2,810 psf) on Sept 17. The unit was last sold in January 2016 for approximately $4.97 million ($1,862 psf), resulting in a profit of $2.53 million (50.9%) and an annualised gain of 4.3% over a holding period of nearly 10 years.

Leedon Residence is a freehold development situated along Leedon Heights in prime District 10, with 381 units spread across 12 residential blocks. The unit sizes range from two- to five-bedders, measuring between 1,044 sq ft and 4,704 sq ft. The development also offers garden suites, penthouses, and top floor residences with sizes varying from 3,789 to 8,051 sq ft.

Apart from the Sept 17 and March 26 transactions, there have been six other profitable resale deals recorded at Leedon Residence this year. The highest profit was from the sale of an 8,051 sq ft, five-bedroom unit for $15.8 million ($1,962 psf) on June 30, resulting in a profit of $3.3 million.

On the other hand, the most unprofitable resale deal of the week was at The Scotts Tower, with a two-bedroom unit sold for $1.83 million ($2,099 psf) on Sept 18. This unit was last sold in May 2013 for $3.52 million ($4,035 psf), resulting in a loss of $1.69 million (48%) after being held for over 12 years.

The Scotts Tower is a 103-year leasehold development located along Scotts Road in prime District 9, with a single 31-storey residential tower housing 231 units. The unit sizes range from one- to three-bedrooms, ranging from 624 to 904 sq ft, along with four-bedroom penthouses from 1,227 to 1,389 sq ft.

Overall, Sommerville Park and Leedon Residence have been popular choices for resale transactions, with only a few unprofitable deals recorded. The record profit at Leedon Residence was from the sale of a 6,125 sq ft triplex penthouse for around $16 million ($2,612 psf) on March 26, with the seller owning the unit for close to eight years.