Four Bedder Sovereign Sold 4 Mil Profit
for sale
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The transaction of a four-bedroom unit at The Sovereign was the most profitable condo resale deal recorded during the week of June 18 to 25. The unit, located on the 15th floor, spans 3,305 sq ft and was sold for $8.6 million on June 20 ($2,602 psf). The seller had originally purchased the unit in February 2010 for $4.6 million ($1,392 psf), making a profit of $4 million. This reflects a significant capital gain of 87% for the seller after owning the unit for just over 14 years.
Based on data compiled on EdgeProp Research, this is the most profitable resale transaction at The Sovereign to date, surpassing the previous record gain of $3.86 million achieved by the seller of another 3,305 sq ft unit in May 2012. This unit was sold for $7 million ($2,118 psf), while the seller had bought it at $3.14 million ($950 psf) in August 2004.
Besides being the most profitable deal, the sale on June 20 also set a new psf-price high for The Sovereign, surpassing the previous record of $2,456 psf from the sale of a 2,637 sq ft unit for $6.5 million in November last year.
The Sovereign is a freehold condo located on Meyer Road in District 15. It was built in 1993 and features a single tower with 87 units, offering four-bedroom apartments ranging from 2,637 sq ft to 3,305 sq ft. It is also conveniently situated within walking distance of the newly-opened Tanjong Katong MRT Station on the Thomson-East Coast Line.
The second-most profitable condo resale deal during the week was at Chiltern Park, where a two-bedroom-plus-study unit measuring 1,270 sq ft was sold for $1.85 million ($1,457 psf) on June 18. According to the data, the unit was previously purchased for $500,000 ($394 psf) in February 2003, resulting in a profit of $1.35 million for the seller. This translates to a capital gain of 270% across a holding period of about 21 and a half years.
Although this is the third-highest gain made on a resale unit at Chiltern Park so far, it is only $100,000 short of the record profit of $1.45 million achieved from the sale of a 1,518 sq ft unit for $2.05 million ($1,351 psf) in August last year. The seller had bought the unit in January 2002 for $600,000 ($395 psf).
Chiltern Park is a 99-year leasehold condo situated on Serangoon Avenue 3 in District 19. Completed in 1995, it offers a total of 500 units, ranging from one to four-bedroom apartments measuring between 904 and 1,711 sq ft. It is also conveniently located within walking distance of the Lorong Chuan MRT Station on the Circle Line.
Interestingly, Chiltern Park has seen three other profitable resale units sold earlier this year. On May 2, a 936 sq ft unit was sold for $1.33 million ($1,420 psf), resulting in a gain of $697,000. The following day, two more units were sold: a 1,249 sq ft apartment for $1.83 million ($1,464 psf) and a 1,518 sq ft unit for $2.05 million ($1,351 psf). In both cases, the sellers achieved gains of $748,000 and $700,000 respectively.
Lastly, the most unprofitable condo resale deal recorded during the week was at Hilltops, where a three-bedroom, 1,550 sq ft unit changed hands for $4.6 million ($2,968 psf) on June 21. The seller had originally acquired the unit from the developer in October 2007 for $6.54 million ($4,216 psf), incurring a loss of $1.94 million (30%) after owning it for almost 17 years.
This marks a new record loss for resale units at Hilltops, beating the previous record of $1.8 million from the sale of a 1,550 sq ft unit at the development for $3.75 million ($2,419 psf) in September 2016. The seller had bought the unit from the developer for $5.54 million ($3,576 psf) in November 2007.
Hilltops is a freehold condo located on Carnhill Circle in District 9. Completed in 2011, it features 241 units consisting of two, three, four, and five-bedroom apartments measuring between 807 and 5,317 sq ft. It also offers penthouses ranging from 6,372 to 8,385 sq ft. The condo is within walking distance of Orchard Road.