Four Bedder Windy Heights Sold 21 Mil Profit

Windy Heights, a freehold development located in the Kembangan area of District 14, saw the most profitable resale transaction for the week of June 25 to July 2. The unit, a spacious four-bedroom measuring 2,476 sq ft and situated on the ninth floor, was sold for $3.3 million ($1,333 psf) on July 1. The seller, who had purchased the property in August 1997 for $1.16 million ($469 psf), made a remarkable profit of $2.14 million, representing a capital gain of 185% after owning the unit for almost 27 years.

This sale at Windy Heights is the second-most profitable transaction recorded at the development, according to available caveats. The highest record goes to a four-bedroom unit measuring 4,973 sq ft, which was sold for $3.9 million ($784 psf) in October 2015. The unit had previously changed hands for $1.32 million ($265 psf) in June 2000, resulting in a gain of $2.58 million for the seller.

Windy Heights, developed in 1983, comprises 200 residential units and two commercial units. The apartments in the development include four-bedroom units measuring 2,476 sq ft and penthouses with sizes ranging from 4,962 to 4,973 sq ft.

However, it is worth noting that Windy Heights has seen two collective sale attempts, with the latest one being in August 2018. The development was put on the market at a reserve price of $806.2 million but did not find a buyer.

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Another profitable resale transaction for the week of June 25 to July 2 was recorded at RiverGate, a freehold development in District 9. The unit, a four-bedroom measuring 2,077 sq ft and situated on the 37th floor, was sold for $6.24 million ($3,003 psf) on June 28. The seller had purchased the unit in a sub-sale for $4.32 million ($2,080 psf) in November 2007, resulting in a profit of $1.92 million. This translates to a capital gain of 44% for the seller, who owned the unit for approximately 16 and a half years.

RiverGate, completed in 2009, comprises three 43-storey blocks with a total of 545 units. The units include a mix of two- to four-bedroom apartments with sizes ranging from 1,023 to 3,918 sq ft.

In total, six resale transactions have been recorded at RiverGate so far this year, all of which were profitable. The units, which vary in sizes from 1,549 to 1,798 sq ft, were sold for prices ranging from $4.19 million to $5.05 million, or between $2,700 and $2,809 psf. The sellers made gains ranging from $1.4 million to $2.43 million.

On the other hand, the most unprofitable resale transaction for the week was recorded at One Shenton, a 99-year leasehold development located in the CBD. A two-bedroom unit measuring 1,098 sq ft and situated on the 35th floor was sold for $1.95 million ($1,776 psf) on June 28. However, the seller had purchased the unit from the developer for $2.29 million ($2,085 psf) in January 2007, resulting in a loss of $339,000 (15%) after owning the property for approximately 18 years.

One Shenton comprises two 50-storey towers and a total of 341 residential units. These include one-bedroom units with sizes ranging from 517 to 1,001 sq ft, two-bedroom units from 904 to 1,227 sq ft, three-bedroom units with sizes ranging from 1,485 to 1,604 sq ft, and four-bedroom units from 1,787 to 2,271 sq ft. There are also three duplex penthouses with sizes ranging from 6,674 to 9,085 sq ft.

Out of the 16 resale transactions recorded at One Shenton so far this year, four were unprofitable. The units, which ranged in size from 829 to 872 sq ft, sustained losses between $100,000 and $320,000.