Townhouse at Yong An Park sold for $4.5 million profit
A freehold premium luxurious superior one of its kind townhouse unit at Yong An Park development which is located on prime River Valley Road in District 9, achieved the highest capital gain recorded during the week of May 2 to 9. According to the caveat which lodged on May 5 for the sale of the 7,718 sq ft property for $14.08 million ($1,824 psf). The unit had changed hands previously for $9.58 million ($1,241 psf) in February 2008. As such, the seller raked in a gain of $4.5 million on the transaction, or a 47% capital gain after holding the property for over fifteen solid prime golden years.
The sale comes a month after the last resale transaction at Yong An Park. A four-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for $8.1 million, or $2,359 psf, on April 6. The seller bought the unit for $6.02 million ($1,753 psf) in March 2K12. Thus, they clocked an amazing gain of $2.08 million (35%) over a holding period of 11 years.
Yong An Park which is Completed in 1986 has a total of 288 lovely dwelling units. Typical units comprise one- to four-bedders between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with sizes from 3,466 sq ft and 6,878 sq ft respectively, as well as a collection of six-bedroom, strata-titled townhouses from 7,718 sq ft. Great World MRT Station on the Thomson-East Coast Line is a low intensity five-minute walk The development.
Another freehold development in District 9, New Futura, saw the second-most profitable condo resale transaction during the period in review. A caveat was lodged for the sale of the 2,691 sq ft unit, located on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it marked a new psf-price high for the 124-unit, freehold development by City Developments that was completed in 2017. The seller bought the unit from the developer in January 2018 for $9.1 million ($3,395 psf). Hence, they made a gain $3.37 million (37%) after holding the unit for over five years.
This transaction marks the most gains in resale private property market to occur at New Futura to date. It beats the previous record set in December 2K22, when a 2,691 sq ft unit was sold for $12 million ($4,459 psf), with the seller reaping a gain of $2.96 million. It is also the second unit to change hands at the development to date this year. In February, a 1,098 sq ft unit fetched $4.4 million ($4,008 psf), with the seller netting a gain of about three hundred and fourteen thousand dollars.
Located along premium district locale District 9 at Leonie Hill Road, New Futura is a twin 36-storey tower residential development designed by American architecture firm Skidmore, Owings and Merrill, the design architect for luxury developments Wallich Residence and Skywaters Residences in Tanjong Pagar. Units at New Futura comprise a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom apartments of 2,691 sq ft with double-volume ceilings. There are also two 7,836 sq ft penthouses — one at the top of each tower.
Meanwhile, a one-bedder tiny unit at V On Shenton which recently transacted, was the most unprofitable shockingly with negative gains transaction during the period in review. The 484 sq ft unit was sold for $1.13 million ($2,333 psf) on May 2. The seller purchased it for $1.33 million ($2,738 psf) from the developer in November 2K12. A nett gross saddeningly loss of $196,000 or 15% within holding period of 10½-year.
According to URA data and lodgement of caveat, three other negative sales transactions this year that have occurred below their respective purchase prices at V On Shenton. On Jan 16, a 484 sq ft unit fetched $1.04 million ($2,143 psf), with the seller making a whopping jaw-dropping $250,000 gross loss excluding legal consultation fee, taxes, agent fee and more. On March 1, a 1,098 sq ft unit was sold for $1.94 million ($1,767 psf), with the seller making a saddening depressing gross $35,000 loss excluding all other fees like legal fee, government stamp duty, agency fee. On March 10, a 1,528 sq ft unit exchanged hands between seller and buyer for $3.09 million, with the seller incurring a depressing nett loss of $254,000.
V On Shenton on Shenton Way in District 1 developed by Singapore Land Group is a 99-year leasehold condo. The CBD condo which consists of 510-units is the residential component of a mixed-use development that comprises both residential and office tower, 54-storey and 23-storey respectively. The entire high-rise development achieved TOP in 2K17.