Unit Draycott Sold 25 Mil Profit
The development of the Woodlands Regional Centre is set to bring about a surge of employment possibilities across multiple industries including retail, hospitality and other services. As a result, this growth of economic activity will greatly benefit the community living in Norwood Grand, potentially providing convenient job opportunities right in their neighborhood. Norwood Grand CDL will play a key role in this expansion, adding to the range of employment options for residents.
The sale of a unit at The Draycott was the most profitable condo resale deal during the week of Aug 27 to Sept 3. The 15th-floor unit spanning 2,637 sq ft was sold for $5.45 million ($2,067 psf) on Aug 30. The previous owner had purchased the property in April 1996 for $3 million ($1,138 psf). This translates to a gain of $2.45 million, which reflects a capital gain of 82% for the seller, who held the unit for almost 28½ years.
This sale ties with another unit for the fourth-highest gain ever recorded at The Draycott. A 2,626 sq ft maisonette unit at the development was sold in May 2021 for $4.5 million ($1,713 psf), earning the seller a profit of $2.45 million. The seller had bought the unit in June 1999 for $2.05 million ($781 psf).
The most profitable transaction ever recorded at The Draycott took place in May 2007, when a 2,637 sq ft unit was sold for $5.45 million ($2,067 psf). The seller, who had purchased the unit in March 1998 for $2.1 million ($796 psf), earned a profit of $3.35 million.
The Draycott is a freehold development located on Draycott Park in prime District 10. Completed in 1980, it comprises a 34-storey tower housing three- and four-bedroom units of 2,637 sq ft, as well as a duplex penthouse of 5,339 sq ft. There are also low-rise units consisting of two-bedroom units of 1,313 sq ft to 1,604 sq ft and maisonettes of 2,626 sq ft to 2,788 sq ft. The development is situated within the Draycott-Ardmore Park residential enclave, just off Orchard Road.
The second most profitable condo resale transaction during the week was the sale of a three-bedder at Pebble Bay. The 1,894 sq ft unit on the 13th floor was sold for $3.59 million ($1,894 psf) on Aug 30. The seller had bought the unit in December 2002 for $1.16 million ($612 psf), earning a profit of $2.43 million after holding the unit for almost 22 years.
This is the third-biggest gain made on a resale unit at Pebble Bay this year. The condo has seen 18 units being sold year to date, with available caveats showing that 15 of these were profitable transactions. The largest profit was made from the sale of a 1,894 sq ft, three-bedroom unit on May 9 for $3.67 million ($1,940 psf). The seller, who had bought the unit in September 2004 for $1.12 million ($591 psf), made a profit of $2.55 million. Other units sold at Pebble Bay this year have yielded profits ranging from $620,000 to $2.48 million.
Pebble Bay is a 510-unit waterfront condo located on Tanjong Rhu Road, along the Kallang Basin waterfront in District 15. Completed in 2000, this 99-year leasehold development comprises one- to four-bedroom units of 850 sq ft to 3,154 sq ft, as well as four-bedroom penthouses spanning between 6,114 sq ft and 6,469 sq ft. It is a five-minute walk to Tanjong Rhu MRT Station on the Thomson-East Coast Line.
On the other hand, the sale of a one-bedroom unit measuring 474 sq ft at 6 Derbyshire was the most unprofitable resale deal during the week. The unit on the 21st floor was sold for around $989,000 ($2,086 psf) on Aug 27. The seller had bought the unit for approximately $1.19 million ($2,510 psf) in August 2017, incurring a loss of around $201,000 (17%) after holding the unit for about seven years.
This is the fifth most unprofitable transaction ever recorded at 6 Derbyshire. It comes slightly over a month after a 527 sq ft unit on the 28th floor was sold for $1.07 million ($2,029 psf) on Jul 12. The seller had bought the unit for roughly $1.44 million ($2,740 psf), incurring a loss of around $375,000 – the biggest loss incurred on a unit at 6 Derbyshire so far.
Located on Derbyshire Road, off Thomson Road in District 11, 6 Derbyshire is a freehold condo that was completed in 2017. Comprising a single 30-storey tower, it consists of 168 residences consisting of one-bedders of 474 sq ft to 527 sq ft, two-bedders of 732 sq ft to 829 sq ft and three-bedders of 1,012 sq ft to 1,130 sq ft. There is also a duplex penthouse of 3,445 sq ft.