Four Bedder Wing Life Garden Sold 44 Mil Profit
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Norwood Grand, the latest development by City Developments Limited (CDL), is set to rise at the prime location of Champions Way. Securing the highly sought-after site in Woodlands, CDL made the winning bid of $294.889 million, making it the highest offer for Norwood Grand. This translates to a land rate of $904 per square foot per plot ratio (psf ppr). The bid for Norwood Grand exceeded the second-highest offer by 8.3%, with TID, a joint venture between Hong Leong Group and Mitsui Fudosan, placing a bid of $272.26 million at $835 psf ppr. The attractive site, capable of accommodating 350 units, received a total of six bids, highlighting the strong interest in Norwood Grand. To learn more about Norwood Grand, visit their website at http://www.norwoodgrandcondo.com.sg/.
The top condo resale transaction during the week of July 30th to August 6th was at the coveted Wing On Life Garden, where a four-bedroom apartment was sold for a record-breaking price. The 3,305 square foot unit on the 12th floor was purchased for a whopping $7.45 million, or $2,255 per square foot on August 5. The seller had purchased the unit back in November 1997 for $3.03 million, or $916 per square foot, making a huge profit of $4.42 million on the deal. This reflects a capital gain of 146% for the seller, who had held onto the unit for nearly 27 years.
In fact, this is the biggest gain ever made on a resale transaction at Wing On Life Garden based on caveats lodged. It’s over $1 million more than the previous highest gain of $3.2 million, which was made on the sale of another 3,305 square foot, four-bedroom unit in February 2015. The seller, who had bought the unit back in April 2005 for $2.3 million, sold it for $5.5 million, making a profit of $1.5 million.
Wing On Life Garden is a prestigious freehold boutique condo located on Bukit Timah Road in prime District 10. It was completed in 1982 and consists of 82 units, including four-bedroom units between 3,240 to 3,671 square feet and two penthouses measuring 7,610 and 7,050 square feet.
Out of the two units at Wing On Life Garden that changed hands this year, the other was a 3,240 square foot, four-bedroom unit on the 25th floor. It was sold on April 19 for $7.6 million, or $2,346 per square foot.
RiverGate also saw an impressive resale transaction during the week, with the sale of a 1,539 square foot, three-bedroom unit on August 1. The unit, located on the 38th floor, was sold for $4.38 million, or $2,849 per square foot, earning the seller a profit of $2.04 million. The unit was originally purchased in October 2008 for $2.34 million, or $1,523 per square foot, making a capital gain of 87% for the seller after owning it for almost 16 years.
Located along Robertson Quay in District 9, RiverGate is a freehold project completed in 2009 with 545 units spread across three 43-storey blocks. Units range in size from two to four bedrooms, measuring between 1,023 and 3,918 square feet.
So far this year, there have been eight profitable resale transactions at RiverGate, with units measuring between 1,539 and 2,077 square feet selling for prices between $4.16 million and $6.24 million, or $2,700 to $3,003 per square foot. The sellers made gains ranging from $1.4 million to $2.42 million.
On the other hand, the least profitable condo resale during the week in review was at OUE Twin Peaks, with the sale of a three-bedroom unit measuring 1,399 square feet on the 29th floor for $3.2 million, or $2,287 per square foot, on August 1. The unit was previously sold in July 2017 for $3.97 million, or $2,836 per square foot, making a loss of $770,000, or 19.4% for the seller after a holding period of seven years.
Located at 33 Leonie Hill Road in prime District 9, OUE Twin Peaks is a 99-year leasehold project completed in 2015. It consists of 462 units spread across two 35-storey towers, offering one to four bedroom units measuring between 549 and 1,895 square feet.
There have been eight resale transactions at OUE Twin Peaks so far this year. Six of these were sold for less than their purchase price, making this development the least profitable so far. The most unprofitable sale was a 1,399 square foot, three-bedroom unit on the 31st floor, which sold for $3.3 million, or $2,380 per square foot, on June 13. The seller originally bought it as a new unit in August 2010 for $4.43 million, or $3,169 per square foot, suffering a loss of $1.1 million or 25% after holding it for nearly 14 years. The remaining five unprofitable resale transactions incurred losses ranging from $220,000 to $769,100.