Four Bedroom Unit Sovereign Sold 27 Mil Profit
The recently concluded week of Sept 10 to 17 saw a profitable transaction at The Sovereign, with a four-bedroom unit on the ninth floor selling for $6.2 million ($2,351 psf). The sale marks the most profitable resale deal at the condo, with the seller making a capital gain of 77%.
The 2,637 sq ft unit was sold on Sept 10, and the seller had originally purchased it in May 2016 for $3.5 million ($1,327 psf). This means that the seller reaped a profit of $2.7 million after owning the unit for slightly over eight years.
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This is the second resale deal seen at The Sovereign this year, with the first being a 3,305 sq ft unit on the 15th floor that was sold for $8.6 million ($2,602 psf). The seller of this unit, who had purchased it in February 2010 for $4.6 million ($1,392 psf), made a profit of $4 million on the deal, which is the highest ever recorded for a unit at The Sovereign.
The Sovereign is a freehold condo located on Meyer Road in District 15. Completed in 1993, it comprises a single residential tower with 87 units of four-bedders ranging from 2,637 to 3,305 sq ft. It is conveniently located within walking distance to Tanjong Katong MRT Station on the Thomson-East Coast Line.
Another condo that saw a profitable resale transaction during the same week was Maple Woods, where a four-bedroom unit sold for $5 million ($1,665 psf). The unit, measuring 3,003 sq ft on the eighth floor, was sold on Sept 10, with the seller making a profit of $2.6 million after holding the unit for 26 years.
The seller had acquired the unit from the developer in September 1998 for about $2.4 million ($798 psf). This marks the third most profitable resale deal ever recorded at Maple Woods. Another unit within the development, a three-bedder measuring 1,787 sq ft on the second floor, was also sold on Sept 10, fetching a price of $3.82 million ($2,138 psf). The seller, who previously bought the unit in March 2007 for $1.35 million ($756 psf), made a profit of $2.47 million, making it the fourth most profitable resale deal at the condo.
Maple Woods is a freehold condo situated on Bukit Timah Road in prime District 10. Built in 1997, it comprises 697 units, ranging from two- to four-bedders of 850 to 3,003 sq ft. The development is just a five-minute walk away from King Albert Park MRT Station on the Downtown Line. It is also located near Methodist Girls’ School and the Rail Corridor.
On the other hand, an unprofitable resale transaction occurred at The Orchard Residences, where a four-bedroom unit measuring 2,852 sq ft was sold for $10.25 million ($3,593 psf) on Sept 10. The seller of this unit had previously bought it from the developer in May 2010 for $12 million ($4,207 psf), incurring a loss of $1.75 million after owning the unit for about 14 years.
This is the sixth biggest loss incurred on a unit at The Orchard Residences. The record belongs to a 2,852 sq ft unit that was sold for $9.68 million ($3,394 psf) in July 2020. The previous owner of this unit had also bought it from the developer in October 2007 for just under $13 million ($4,557 psf), making a loss of $3.32 million.
The Orchard Residences is a luxury condo comprising 175 units, located on Orchard Road. It is the residential component of Ion Orchard, which also includes the Ion Orchard shopping mall that is linked to Orchard MRT Interchange Station (North-South and Thomson-East Coast Lines). Completed in 2010, it offers three- to four-bedders of 1,808 to 2,852 sq ft.
This year has seen two other resale transactions at The Orchard Residences. On Feb 28, a 2,174 sq ft unit on the 18th floor was sold for $6.9 million ($3,173 psf). The seller of this unit, who had bought it as a new unit in July 2009 for $6.06 million ($2,788 psf), made a profit of around $839,000.
Another 2,174 sq ft unit was sold on May 14, incurring a loss of around $911,000. The unit was sold for $5.69 million ($2,616 psf), and the seller had previously purchased it in October 2010 for $6.6 million ($3,035 psf).