Archive for category: Misc

for three-bedder on resale in 9 yearsRiverside Piazza $3.9 mil penthouse sale marks record profit for year

The recent sale of a four-bedroom unit at Yong An Park has become the most profitable resale transaction during the period of September 23 to 30. The seller of this 3,434 square feet unit made an impressive profit of $6.55 million (which translates to 256.9% profit) when it was sold for $9.1 million, or $2,650 per square foot, on September 25. This unit was originally purchased in April 2004 for $2.55 million ($743 per square foot), making it an annualized profit of 6.1% over 21 and a half years.

This transaction on September 25 now holds the record for the fourth most profitable deal at Yong An Park. It falls just $2.15 million short of the development’s record gain of $8.7 million, which was achieved with the sale of a 6,577 square feet penthouse for $12.5 million ($1,901 per square foot) in September 2021. The seller, who originally purchased the unit for approximately $3.8 million ($578 per square foot), reaped an annualized gain of 5.7% over more than 21 years.

Located on River Valley Road in prime District 9, Yong An Park is a freehold condominium completed in 1986. The development boasts a mix of one- to four-bedroom units ranging from 1,023 square feet to 3,778 square feet, as well as three- to five-bedroom penthouses spanning 3,466 square feet to 6,878 square feet. It also features six-bedroom strata-titled townhouses.

In total, there have been four transactions recorded at Yong An Park this year, including the unit sold on September 25. All of these deals were profitable, with the sellers making gains ranging from $1.23 million to $6.5 million.

The second most profitable transaction during this period occurred at Sky@Eleven, with the sale of a three-bedroom unit. This 2,271 square feet unit on the 16th floor was sold for $5.15 million ($2,268 per square foot) on September 26. The seller originally acquired the unit in March 2007 for about $2.23 million ($980 per square foot), earning a profit of approximately $2.93 million after owning the unit for 18 and a half years. This equates to a capital gain of 131.5% for the seller.

Sky@Eleven, a freehold condominium along Thomson Lane in the Toa Payoh area of prime District 11, was completed in 2010 and offers 273 units spread across four residential blocks. The development features a mix of three-bedroom+study units spanning 1,851 square feet, and four-bedroom units ranging from 2,271 square feet to 2,820 square feet. It also offers four- and five-bedroom duplex penthouses spanning 3,757 square feet to 5,597 square feet. The sale of this unit on September 26 marks the fifth most profitable gain recorded at Sky@Eleven so far. The record profit achieved at the development was the sale of a 2,713 square feet, four-bedroom unit for $6.48 million ($2,389 per square foot) in April 2024. The seller, who purchased the unit in March 2007 for $2.8 million ($1,031 per square foot), made a profit of $3.68 million.

On the other hand, the most unprofitable transaction during this week was recorded at The Reef at King’s Dock. This sub-sale of an 883 square feet, two-bedroom unit on the sixth floor was sold for $1.47 million ($1,666 per square foot) on September 26. The seller had purchased the unit from the developers for approximately $2.12 million ($2,404 per square foot) in July 2021. This resulted in a loss of $651,654 (30.7%), or an annualized loss of 8.3% after holding the unit for slightly over four years.

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This marks the first unprofitable transaction at The Reef at King’s Dock, which was completed in 2024 and has recorded 31 sub-sale transactions at an average price of approximately $2,557 per square foot.

Located at Harbourfront Avenue in District 4, The Reef at King’s Dock is a 99-year leasehold condominium in close proximity to the Harbourfront area. It offers 429 units including one- to three-bedroom units spanning 431 square feet to 1,572 square feet. The development is within walking distance of VivoCity and the Harbourfront MRT interchange station on the Circle and North-East Lines.