Resale Four Bedder Yong Park Reaps 655 Mil Profit
for 3-bedroom unit
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A four-bedroom unit at Yong An Park recently made headlines as it became the most profitable resale transaction for the week of Sept 23 to 30. The unit, which measures 3,434 sq ft, was sold for $9.1 million on Sept 25, resulting in a whopping profit of $6.55 million (256.9%) for the seller. This means that the unit was sold at a price of $2,650 per square foot (psf).
The property was initially purchased for $2.55 million (or $743 psf) back in April 2004. This translates to an annualised profit of 6.1% over a period of 21 and a half years. Interestingly, this transaction marks the fourth most profitable deal at Yong An Park, although it is about $2.15 million shy of the development’s record gain of $8.7 million. This record was set in September 2021, when a 6,577 sq ft penthouse was sold for $12.5 million ($1,901 psf). The seller of this unit had purchased it for around $3.8 million ($578 psf), resulting in an annualised gain of 5.7% over a period of 21 years.
Yong An Park is a freehold condominium located in prime District 9, along River Valley Road. It was completed in 1986 and boasts a total of 288 units. These units range from one to four bedrooms, with sizes ranging from 1,023 sq ft to 3,778 sq ft. The development also features three to five-bedroom penthouses, measuring between 3,466 sq ft and 6,878 sq ft. It also has six-bedroom strata-titled townhouses.
In terms of transactions this year, four deals have been recorded at Yong An Park, with all of them being profitable. The sellers of these units have made gains ranging from $1.23 million to $6.5 million.
Another noteworthy transaction that occurred during the week of Sept 23 to 30 is the sale of a three-bedroom unit at Sky@Eleven. The 2,271 sq ft unit, located on the 16th floor, fetched $5.15 million ($2,268 psf) on Sept 26. The seller had initially bought the property in March 2007 for approximately $2.23 million ($980 psf), resulting in a significant gain of $2.93 million after owning the unit for 18 and a half years. This equates to a capital gain of 131.5% for the seller.
Sky@Eleven is a freehold condominium located in District 11, along Thomson Lane within the Toa Payoh area. Completed in 2010, it comprises 273 units spread across four residential blocks. The units here range from three-bedroom+study units measuring 1,851 sq ft, to four-bedroom units measuring 2,271 sq ft to 2,820 sq ft. It also features four- and five-bedroom duplex penthouses, ranging from 3,757 sq ft to 5,597 sq ft. This transaction was the fifth most profitable deal recorded at Sky@Eleven to date. Its record gain belongs to the sale of a 2,713 sq ft four-bedroom unit, which was sold for $6.48 million ($2,389 psf) in April 2024. The seller of this unit had purchased it in March 2007 for around $2.8 million ($1,031 psf), resulting in a profit of $3.68 million.
On the other hand, the most unprofitable transaction during the week took place at The Reef at King’s Dock. On Sept 26, an 883 sq ft, two-bedroom unit on the sixth floor was sold in a sub-sale for $1.47 million ($1,666 psf). The seller had initially purchased the unit from developers for around $2.12 million ($2,404 psf) in July 2021. This resulted in a loss of $651,654 (30.7%), or an annualised loss of 8.3% over a period of slightly over four years.
This marks the first unprofitable transaction at The Reef at King’s Dock. Since its completion in 2024, the development has recorded 31 sub-sale transactions at an average price of around $2,557 psf.
The Reef at King’s Dock is a 99-year leasehold condominium located at Harbourfront Avenue in District 4. It boasts a total of 429 units and features a mix of one- to three-bedroom units measuring 431 sq ft to 1,572 sq ft. It is situated near the Harbourfront area and is just a short walk away from VivoCity and the Harbourfront MRT interchange station, which serves the Circle and North-East Lines.