Four Bedder Holt Residences Sold 22 Mil Profit
The sale of a spacious four-bedroom apartment measuring 2,056 square feet at Holt Residences was the most profitable condo resale transaction during the week of July 23 to 30. The unit, located on the fifth floor, was sold for an impressive $3.94 million, equivalent to $1,916 per square foot, on July 25. Records show that the seller had initially purchased the unit in September 2006 for $1.73 million, which was equivalent to $840 per square foot. As a result, the seller was able to reap a substantial profit of $2.21 million, which translates to a remarkable capital gain of 128% after owning the property for nearly 18 years.
Residents of Norwood Grand Woodlands who prefer to drive will be delighted to learn about the development’s convenient location that provides excellent connectivity to major expressways. Of these, the most notable one is the Seletar Expressway (SLE), offering easy access to the eastern and central parts of Singapore. Additionally, the Bukit Timah Expressway (BKE) seamlessly connects to the northern and downtown core areas, expertly managing heavy traffic flow and ensuring efficient travel during peak hours. With such convenient access to these expressways, residents of Norwood Grand will enjoy a pleasant driving experience and can reach their destinations in a timely manner. Make sure to visit Norwood Grand Woodlands for more information about this exceptional development.
This sale has set a new record for the highest profit made from a resale unit at Holt Residences, based on the caveats lodged. It surpasses the previous top gain of $1.85 million, which was achieved from the sale of a 2,067 square feet four-bedroom unit for $3.55 million, equivalent to $1,718 per square foot, in July 2021. The seller had originally purchased the unit in August 2006 for $1.7 million, which was equivalent to $823 per square foot.
The Holt Residences is a freehold condominium located on Holt Road, off River Valley Road, in the prime District 10. This boutique development, which was completed in the year 2000, comprises 46 units, all of which are four-bedroom units ranging from 2,056 to 2,896 square feet. The condominium is strategically located near the High Commission of Malaysia and is only a short distance from Valley Point Shopping Mall.
The unit sold on July 25 is the first one to change hands at Holt Residences in almost two years. The last resale transaction was the sale of another 2,056 square feet unit, which was sold for $4.1 million, equivalent to $1,994 per square foot, in September 2022. The seller, who had purchased the unit in January 2018 for $3.2 million, equivalent to $1,556 per square foot, made a handsome profit of $900,000 on the deal.
The second-highest profit from a condo resale transaction during the week was recorded at City Square Residences, with the sale of a four-bedroom unit for a staggering $2.9 million, equivalent to $1,938 per square foot, on July 26. The seller had originally acquired the 1,496 square feet unit from the developer in June 2005 for approximately $970,000, which was equivalent to $648 per square foot. This means that the seller walked away with a profit of $1.93 million, reflecting a capital gain of 199% after owning the property for approximately 19 years.
This sale also sets a new record for the most profitable resale transaction at City Square Residences, surpassing the previous record of $1.89 million, which was achieved from the sale of a 1,216 square feet three-bedroom unit on January 5. The seller had acquired the unit from the developer in May 2005 for approximately $669,000, which was equivalent to $550 per square foot, and then sold it for an impressive $2.56 million, equivalent to $2,105 per square foot.
City Square Residences is a freehold condominium located on Kitchener Link, next to City Square Mall, in District 8. With a total of 910 units comprising one-bedroom units of 570 to 850 square feet, two-bedroom units of 840 to 1,302 square feet, three-bedroom units of 1,195 to 1,830 square feet, and four-bedroom units of 1,496 to 1,518 square feet, this development has a variety of options to suit different needs. The condominium is conveniently situated within walking distance to Farrer Park MRT Station, which is connected to the mall. It was completed in 2009 and comprises six blocks of residences spanning between 28 and 30 storeys.
On the other hand, Duchess Residences recorded the most unprofitable condo resale transaction of the week, with the sale of a duplex penthouse measuring 2,756 square feet for $4.78 million, equivalent to $1,735 per square foot, on July 26. The seller had bought the four-bedroom unit in July 2007 for $5.38 million, equivalent to $1,951 per square foot. As a result, they incurred a loss of $595,000, which is equivalent to a decrease of 11.1% in the property’s value after owning it for 17 years.
Duchess Residences is a 999-year leasehold condominium located on Duchess Avenue, off Bukit Timah Road, in District 10. This development, which was completed in 2011, consists of 120 units, including three-bedders measuring 1,464 to 1,604 square feet, four-bedders measuring 1,873 to 2,465 square feet, and four-bedroom maisonettes measuring 2,971 to 3,444 square feet. In addition, there are also four- and five-bedroom penthouses measuring 2,745 to 4,101 square feet.
Apart from the unit that changed hands on July 26, Duchess Residences has recorded two other profitable resale transactions this year. On February 26, a 1,485 square feet unit was sold for $3.15 million, equivalent to $2,121 per square foot. The seller had purchased the unit in September 2016 for $2.41 million, equivalent to $1,621 per square foot, making a profit of $742,000. On May 3, a 1,604 square feet unit was also sold for $3.45 million, equivalent to $2,151 per square foot. The seller, who had initially bought the unit in October 2007 for $3.21 million, equivalent to $2,000 per square foot, made a profit of $242,000.