Three-bedroom unit at Spanish Village sold for $2.7 mil profit
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the unit at Spanish Village was sold for a whopping $4.2 million, making it the most profitable resale transaction ever recorded at the Norwood Grand development. This amount was nearly three times the original purchase price, which was made 28.5 years ago in 1995. The buyer of the unit on April 24 paid an astounding $2,043 psf for the 2,056 sq ft unit on the fifth floor. This is a new record for Spanish Village, easily beating the previous record of $1,983 psf set in July 2022.It is not surprising that Spanish Village continues to attract buyers as it is a freehold development located on Farrer Road with 226 spacious units. Built in 1987, the condo sits on a large elevated site of 331,457 sq ft, directly opposite the Empress Road Market & Food Centre. The development is made up of six blocks, and has a variety of unit types to cater to different needs. The one-bedroom units range from 700 to 786 sq ft, while the two-bedroom units are sized between 1,109 and 1,163 sq ft. The largest units are the three-bedroom apartments, which range from 1,173 to 2,368 sq ft.Read also: Collective sale hopefuls Mera Springs and The Lumos clock new record gainsAs for the second most profitable resale transaction in the week of April 23 to 30, it took place at Mera Springs, another freehold condo located in District 8. The three-bedroom unit measuring 1,292 sq ft was sold for $2.5 million, making it a gain of $1.64 million for the seller. This translates to a whopping 189% profit over a holding period of 18 years and two months. This is only the second-highest gain ever recorded at Mera Springs, with the current record belonging to a larger unit that was sold for $2.84 million in August 2023.The third most profitable transaction during the week was recorded at The Lumos, a freehold development located in District 9. However, unlike the other two condos, this transaction resulted in a loss for the seller. A four-bedroom-plus-study unit measuring 2,433 sq ft was sold for $5.7 million, incurring a capital loss of $2.52 million for the seller. This is the second loss ever recorded at The Lumos, with the previous record being a $2.7 million loss for a similar unit in August 2022. It seems that the trend is continuing at The Lumos, which has only recorded two transactions since its completion in 2011. With its prime location and luxury features, it is expected that the development will see more resale transactions in the future.