A four-bedroom unit at The Sovereign was recently sold for a record-breaking profit of $2.7 million. The sale on Sept 10 marked the biggest resale transaction at the condo during the week of Sept 10 to 17. The 2,637 square feet unit on the ninth floor was sold for $6.2 million, which translates to $2,351 psf. The unit was previously purchased in May 2016 for $3.5 million ($1,327 psf), yielding a profit of 77% for the seller who owned the unit for just over eight years.
This unit was the second resale deal to take place at The Sovereign this year. In June, a larger 3,305 sq ft unit on the 15th floor was sold for $8.6 million ($2,602 psf). The seller had bought the unit in February 2010 for $4.6 million ($1,392 psf), resulting in a profit of $4 million, the highest ever recorded for a unit at The Sovereign.
The Sovereign is a freehold condo located on Meyer Road in District 15. It was built in 1993 and consists of a single residential tower with 87 units. The units are all four-bedders ranging from 2,637 to 3,305 sq ft. The condo is conveniently located within walking distance to Tanjong Katong MRT Station on the Thomson-East Coast Line.
On the other hand, Maple Woods saw the second most profitable condo resale deal for the week when a four-bedroom unit on the eighth floor was sold for $5 million ($1,665 psf) on Sept 10. The seller had previously purchased the 3,003 sq ft unit from the developer in September 1998 for around $2.4 million ($798 psf). This resulted in a gain of $2.6 million or 109% for the seller after holding the unit for 26 years.
This is also the third most profitable resale transaction at Maple Woods. Another unit at the same development, a three-bedder measuring 1,787 sq ft on the second floor, was sold on the same day for $3.82 million ($2,138 psf). The seller, who had purchased 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 also a freehold condo located on Bukit Timah Road in Prime District 10. It was built in 1997 and has a total of 697 units consisting of two to four-bedders measuring 850 to 3,003 sq ft. The condo is located within a five-minute walk to King Albert Park MRT Station on the Downtown Line. It is also close to reputable schools such as Methodist Girls’ School and the Rail Corridor.
Meanwhile, the most unprofitable condo resale transaction of the week took place at The Orchard Residences. The sale of a 2,852 sq ft four-bedroom unit on Sept 10 fetched $10.25 million ($3,593 psf). The seller had previously bought the unit from the developer in May 2010 for $12 million ($4,207 psf), resulting in a loss of $1.75 million (15%) after holding the unit for just over 14 years.
This is the sixth biggest loss incurred for a unit at The Orchard Residences to date. The record belongs to a 2,852 sq ft unit sold in July last year for $9.68 million ($3,394 psf). The seller had bought the unit from the developer in October 2007 for approximately $13 million ($4,557 psf), resulting in a loss of $3.32 million on the deal.
The Orchard Residences is a 175-unit luxury condo located on Orchard Road. It is the residential component of Ion Orchard, which includes the Ion Orchard shopping mall and is linked to the Orchard MRT Interchange Station (North-South and Thomson-East Coast Lines). The condo was completed in 2010 and consists of three to four-bedders measuring 1,808 to 2,852 sq ft.
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To date, The Orchard Residences has seen two other units being sold this year. On Feb 28, a 2,174 sq ft unit on the 18th floor was sold for $6.9 million ($3,173 psf). The seller had bought the unit as a new unit in July 2009 for $6.06 million ($2,788 psf), resulting in a profit of about $839,000. On May 14, another 2,174 sq ft unit was sold for $5.69 million ($2,616 psf). The seller had purchased the unit in October 2010 for $6.6 million ($3,035 psf), incurring a loss of approximately $911,000.