Four Bedder Sovereign Sold 4 Mil Profit

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.The sale of a four-bedroom unit at The Sovereign was the most profitable condo resale transaction during the week of June 18 to 25, according to data compiled on EdgeProp Research. The 3,305 sq ft unit on the 15th floor was sold for $8.6 million on June 20, marking a profit of $4 million for the seller. This equates to a capital gain of 87% after owning the unit for slightly over 14 years.This record-breaking transaction at The Sovereign surpassed the previous highest profit of $3.86 million made by the seller of another 3,305 sq ft unit in May 2012. This unit, which changed hands for $7 million, was originally purchased in August 2004 for $3.14 million. The sale on June 20 also set a new psf-price high for the condo, breaking the previous record of $2,456 psf from the sale of a 2,637 sq ft unit in November 2020.The Sovereign, a freehold condo located on Meyer Road in District 15, was built in 1993. The development comprises a single residential tower with 87 units, consisting of four-bedroom units ranging from 2,637 to 3,305 sq ft. It is conveniently situated within walking distance to the newly-opened Tanjong Katong MRT Station on the Thomson-East Coast Line.Another notable profit was made at Chiltern Park, where a two-bedroom-plus-study unit measuring 1,270 sq ft was sold for $1.85 million on June 18. The seller had purchased the unit in February 2003 for $500,000, resulting in a gain of $1.35 million. This translates to a remarkable capital gain of 270% over a holding period of approximately 21 and a half years.This transaction is the second most profitable resale deal recorded at Chiltern Park so far, falling $100,000 short of the record profit of $1.45 million achieved from the sale of a 1,518 sq ft unit for $2.05 million in August 2020. The seller bought this unit for $600,000 in January 2002, resulting in a capital gain of 160%.Chiltern Park, a 99-year leasehold condo on Serangoon Avenue 3 in District 19, was completed in 1995. It comprises 500 units, offering a range of one- to four-bedroom units from 904 to 1,711 sq ft. Residents can enjoy the convenience of being within walking distance to Lorong Chuan MRT Station on the Circle Line. So far in 2021, three other profitable transactions have been recorded at Chiltern Park. A 936 sq ft unit sold for $1.33 million on May 2, resulting in a gain of $697,000 for the seller. The following day, two more units were sold: a 1,249 sq ft apartment for $1.83 million and a 1,518 sq ft unit for $2.05 million, resulting in gains of $748,000 and $700,000 respectively.Meanwhile, an unprofitable transaction was recorded at Hilltops, where a three-bedroom unit measuring 1,550 sq ft was sold for $4.6 million on June 21. The seller incurred a loss of $1.94 million after owning the unit for almost 17 years. This marks a record loss for resale units at Hilltops, surpassing the previous highest loss of $1.8 million from the sale of a 1,550 sq ft unit for $3.75 million in September 2016. The seller had acquired this unit from the developer for $5.54 million in November 2007.Hilltops, a freehold condo on Cairnhill Circle in District 9, was completed in 2011 and comprises 241 units. It offers a mix of two- to five-bedroom units ranging from 807 to 5,317 sq ft. There are also penthouses from 6,372 to 8,385 sq ft. The development is located within walking distance to Orchard Road.