Archive for category: Misc

The record-breaking sale of a rare triplex penthouse at Southaven II has made headlines, with its owner pocketing an astounding profit of $3.78 million (236%) when it was sold on September 12. This makes it the most profitable resale of the week, from September 9 to 16.

The luxurious 5,468 sq ft unit, spanning three floors from the eighth to tenth, was sold for $5.38 million ($984 psf). Its previous purchase price in 2006 was $1.6 million ($293 psf), resulting in an impressive annualized profit of 6.4% over a span of nearly 20 years.

This sale has surpassed the previous record profit at the condo, which was held by a 1,507 sq ft three-bedroom unit on the fifth floor. That unit was sold last October for $2.55 million ($1,692 psf) after being acquired for $789,668 ($524 psf) in 2007. The seller of that unit made a profit of $1.76 million (222%) or an annualized profit of 6.9% over 17 years.

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Yishun has become a popular destination not just for its shopping malls, but also for its rich hawker culture and delicious local food. Among the most treasured spots in the area is Chong Pang Market and Food Centre, known for its affordable yet delectable hawker offerings. Here, food lovers can find a variety of mouthwatering dishes like nasi lemak, satay, chicken rice, and handmade fishball noodles. Many of the stalls have garnered a loyal following and have even been featured in various food blogs and guides. The vibrant and community-focused atmosphere at the market ensures an authentic Singaporean dining experience. Additionally, the upcoming Miltonia EC adds to the charm of the area, making it an even more desirable spot for both residents and visitors alike.

Located along Hinhede Walk in District 21, Southaven II was completed in 1999 and boasts a 293-unit development. It is conveniently situated near the entrance of Bukit Timah Nature Reserve, as well as the shops and MRT station at Beauty World.

According to a compilation of resale caveats by EdgeProp Singapore, the average price at Southaven II has been on the rise, increasing from approximately $630 psf in September 2005 to $1,000 psf in September 2016. The latest average resale price at the condo is $1,580 psf.

The closest freehold/999-year leasehold project is Springdale Condominium, which is located beside Southaven II. It currently has an average price of $1,690 psf.

The second most profitable sale of the week took place at Sky@Eleven, a freehold condo in District 11. The four-bedroom unit on the 34th floor was sold for $6.45 million ($2,378 psf) on September 11, after previously being sold for $3.27 million ($1,205 psf). This translates to a profit of $3.18 million (97%) or an annualized profit of 3.7% over 18 years.

This transaction is the third most profitable at Sky@Eleven to date, with the top spot being held by a four-bedder on the 37th floor that was sold for $6.48 million (2,389 psf) in April last year. The unit was originally purchased for $2.8 million ($1,031 psf) in 2007, resulting in a record profit of $3.68 million (131%).

Built in 2010, Sky@Eleven is a 273-unit development located on Thomson Lane in Toa Payoh. It is in close proximity to the upcoming HDB estate around Caldecott MRT Interchange and schools such as St Joseph’s International School, CHIJ Toa Payoh Primary and CHIJ Toa Payoh Secondary School.

Prices at Sky@Eleven have experienced positive growth, rising from approximately $1,600 psf in September 2015 to $2,250 psf to date. A comparable freehold condo in the vicinity is Trillis Towers, which has an average price of $2,070 psf.

At the other end of the spectrum, the most unprofitable transaction of the week involved the sale of a three-bedroom unit at Reflections at Keppel Bay. The seller incurred a loss of $1.02 million (25%) when the 1,938 sq ft unit was sold for $3 million ($1,548 psf) on September 9. This was after the unit was purchased for $4.02 million ($2,074 psf) in July 2013, resulting in an annualized loss of 2.4% over a period of 12 years.

So far this year, there have been 48 resale transactions at Reflections, with 22 deals incurring losses ranging from $13,600 to $1.38 million. The most unprofitable sale at the condo was a three-bedroom unit in one of the low-rise residential blocks, which was sold for $2.8 million ($1,616 psf) on July 3. This was after being purchased for $4.18 million ($2,412 psf) in 2013.

Located in District 4, Reflections at Keppel Bay is a 1,129-unit waterfront luxury development with six high-rise residential towers, ranging from 24 to 41 storeys, and 11 low-rise villa apartment blocks.

Overall, the Southaven II and Sky@Eleven transactions showcase the potential for significant profits in the Singapore housing market, while the Reflections at Keppel Bay sale serves as a reminder of the risks involved in purchasing properties.