Four Bedroom Unit Sovereign Sold 27 Mil Profit
The Sovereign, located on Meyer Road in District 15, saw the most profitable resale transaction during the week of September 10 to 17. This comes after a four-bedroom unit spanning 2,637 sq ft on the ninth floor changed hands for $6.2 million, or $2,351 psf, on September 10. The seller had purchased the unit in May 2016 for $3.5 million, or $1,327 psf. As a result, the seller made a profit of $2.7 million, representing a capital gain of 77%, after owning the unit for just over eight years.
This transaction is the second resale deal recorded at The Sovereign this year. Back in June, a larger unit measuring 3,305 sq ft on the 15th floor was sold for $8.6 million, or $2,602 psf. The seller, who bought the unit in February 2010 for $4.6 million, or $1,392 psf, made a gain of $4 million on the sale. This is the highest profit ever recorded for a unit at The Sovereign.
The Sovereign is a freehold condo that was built in 1993. It comprises a single residential tower housing 87 four-bedroom units ranging from 2,637 to 3,305 sq ft. It is situated within walking distance of Tanjong Katong MRT Station on the Thomson-East Coast Line.
Another condo that saw a profitable resale deal during the week was Maple Woods, with a four-bedroom unit on the eighth floor selling for $5 million, or $1,665 psf, on September 10. The seller had bought the unit from the developer in September 1998 for around $2.4 million, or $798 psf. This means the seller made a profit of $2.6 million, representing a 109% gain, after holding the unit for 26 years.
This sale is the third most profitable resale transaction recorded at Maple Woods, based on available caveats. Another unit at the development – a three-bedroom unit spanning 1,787 sq ft on the second floor – also changed hands on September 10, fetching a price of $3.82 million, or $2,138 psf. The seller, who acquired the unit in March 2007 for $1.35 million, or $756 psf, made a profit of $2.47 million. This is the fourth most profitable resale deal at the condo.
Maple Woods is a freehold condo located on Bukit Timah Road in prime District 10. It was built in 1997 and comprises 697 units ranging from two- to four-bedrooms spanning 850 to 3,003 sq ft. It is a five-minute walk from King Albert Park MRT Station on the Downtown Line and is close to Methodist Girls’ School and the Rail Corridor.
On the other hand, the most unprofitable condo resale transaction during the week occurred at The Orchard Residences. This came with the sale of a four-bedroom unit spanning 2,852 sq ft for $10.25 million, or $3,593 psf, on September 10. The seller, who bought the unit from the developer in May 2010 for $12 million, or $4,207 psf, suffered a loss of $1.75 million, representing a 15% decline, after owning the unit for around 14 years.
This is the sixth biggest loss recorded for a unit at The Orchard Residences. The record belongs to a similar unit that was sold for $9.68 million, or $3,394 psf, in July 2020. The seller had bought the unit from the developer in October 2007 for just under $13 million, or $4,557 psf, resulting in a loss of $3.32 million.
The Orchard Residences is a 175-unit luxury condo situated on Orchard Road. It is the residential component of Ion Orchard, which also includes the Ion Orchard shopping mall. The development was completed in 2010 and offers three- to four-bedroom units measuring 1,808 to 2,852 sq ft. It is directly linked to Orchard MRT Interchange Station (North-South and Thomson-East Coast Lines).
To date, two other units have changed hands at The Orchard Residences this year. On February 28, a four-bedroom unit measuring 2,174 sq ft on the 18th floor was sold for $6.9 million, or $3,173 psf. The seller, who bought the unit as a new unit in July 2009 for $6.06 million, or $2,788 psf, made a profit of around $839,000.
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On May 14, a similar unit changed hands for $5.69 million, or $2,616 psf, resulting in a loss of around $911,000. The seller had purchased the unit in October 2010 for $6.6 million, or $3,035 psf.