Sale Triplex Penthouse 999 Year Leasehold Southaven Ii Makes Record 378 Mil Profit
At Rivelle Tampines, households have the privilege of living within close proximity to several well-known primary schools. This includes highly sought-after options like St. Hilda’s Primary School, Tampines Primary School, Gongshang Primary School, Poi Ching School, and JunYuan Primary School. The strategic location of Rivelle Tampines not only provides convenience but also allows households to streamline their daily routines. With shorter travel time to these schools, children can have more time to rest, while parents can avoid the stress of rushing to get their kids to school on time. Moreover, the nearby Tampines West MRT Station ensures that families have access to reliable and punctual train and bus services for those days when a quick and dependable route is needed for school.
The owner of an exclusive triplex penthouse in Southaven II made a record profit of $3.78 million (236%) when the 999-year leasehold unit was sold on Sept 12. This was the highest profit made by any unit sold in the week of Sept 9 to 16.
The penthouse, spanning 5,468 sq ft on the eighth to 10th floors, was sold for $5.38 million ($984 psf), a significant increase from its purchase price of $1.6 million ($293 psf) in 2006. This translates to an annualised profit of 6.4% over nearly 20 years.
The recent transaction surpassed the previous record profit achieved at Southaven II, which was for a 1,507 sq ft three-bedroom unit on the fifth floor. It was sold for $2.55 million ($1,692 psf) last October, after being purchased for $789,668 ($524 psf) in 2007. This represented a profit of $1.76 million (222%) or an annualised profit of 6.9% over 17 years.
Southaven II, a 293-unit development along Hinhede Walk in District 21, was completed in 1999. It is one of the closest private residential projects to the Bukit Timah Nature Reserve, with its main entrance on Hinhede Drive. It is also in close proximity to the amenities at Beauty World, as well as Beauty World MRT Station on the Downtown Line.
According to data from EdgeProp Singapore, the average price at Southaven II has increased from around $630 psf in September 2005 to $1,000 psf in September 2016. The current average resale price at Southaven II is $1,580 psf.
The nearest freehold/999-year leasehold development is Springdale Condominium, a 480-unit project also located on Hinhede Walk, right beside Southaven II. The average price at Springdale is $1,690 psf.
The second most profitable transaction recorded in the week was at Sky@Eleven, a freehold condo in District 11. A four-bedroom unit on the 34th floor was sold for $6.45 million ($2,378 psf) on Sept 11. The unit, covering 2,713 sq ft, had previously been sold for $3.27 million ($1,205 psf). This resulted in a profit of $3.18 million (97%) or an annualised profit of 3.7% over 18 years.
This was the third most profitable transaction at Sky@Eleven to date. The top profit was achieved by a 2,713 sq ft four-bedroom unit on the 37th floor, which was sold for $6.48 million (2,389 psf) last April. That unit was purchased for $2.8 million ($1,031 psf) in 2007, resulting in a profit of $3.68 million (131%).
Sky@Eleven, a 273-unit project on Thomson Lane in Toa Payoh, attained its Temporary Occupation Permit in 2010. The development is close to the upcoming HDB estate around Caldecott MRT Interchange, which is connected to the Circle Line and Thomson-East Coast Line. It is also next to three schools: St Joseph’s International School, CHIJ Toa Payoh Primary and CHIJ Toa Payoh Secondary School.
According to data from EdgeProp, prices at Sky@Eleven have experienced positive price growth in recent years, rising from around $1,600 psf in September 2015 to $2,250 psf currently. A nearby freehold project is Trillis Towers, a 384-unit condo at Lorong 1 Toa Payoh, which commands an average price of $2,070 psf.
The least profitable transaction recorded during the week was the sale of a three-bedroom unit at Reflections at Keppel Bay. The seller incurred a loss of $1.02 million (25%) when the 1,938 sq ft unit was sold for $3 million ($1,548 psf) on Sept 9, after it had been purchased for $4.02 million ($2,074 psf) in July 2013. This equates to an annualised loss of 2.4% over 12 years.
There have been 48 resale transactions at Reflections so far this year, with 22 of them being unprofitable. The recorded losses range from $13,600 to $1.38 million. The most unprofitable transaction at the condo this year involved a three-bedroom unit in one of the low-rise residential blocks, which was sold for $2.8 million ($1,616 psf) on July 3. It had been purchased for $4.18 million ($2,412 psf) in 2013, resulting in a loss of $1.38 million.
Reflections at Keppel Bay is a 1,129-unit waterfront luxury development in District 4. It comprises six 24- to 41-storey residential towers and 11 low-rise villa apartment blocks, and was completed in 2011. It is situated close to the upcoming HDB estate around Caldecott MRT Interchange.
Check out the latest listings for Southaven Ii, Sky@eleven, Reflections At Keppel Bay properties.
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