Four Bedder Glentrees Sold 246 Mil Profit
During the week of October 8 to October 15, the most lucrative condo resale transaction was the sale of a four-bedroom apartment at Glentrees, measuring 1,701 sq ft. The second-floor unit was purchased for $3.65 million ($2,146 psf) on October 11. The seller had originally bought the unit from the developer in June 2005 for $1.19 million ($700 psf). As a result, the seller made a profit of $2.46 million on the sale after owning the unit for nearly 19 and a half years. This represents a capital gain of 207% or an annualized profit of 10.9% for the seller.
Located on Mount Sinai Lane in prime District 10, Glentrees is a 999-year leasehold condominium built in 2005. It consists of eight five-storey blocks with a total of 176 units. These units range from two- to four-bedrooms and measure between 1,346 sq ft to 1,884 sq ft. There are also top-floor loft units that consist of two- to four-bedrooms between 1,991 sq ft and 2,691 sq ft. The largest units are the Garden Terraces, which are located on the ground floor and have two- or three-story layouts similar to a landed home. These units range from 2,626 sq ft to 3,670 sq ft.
To date this year, there have been seven other resale transactions at Glentrees, all of which were profitable. This includes the sale of a 3,671 sq ft, four-bedroom unit on the first floor for $4.4 million ($1,199 psf) on February 22. The seller, who had bought the unit from the developer in May 2004 for $1.5 million ($409 psf), made a profit of $2.9 million (193%) on the sale, which is the highest profit recorded for a unit at Glentrees. Other units at the development that changed hands this year resulted in gains between $150,000 and $770,000.
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The second most profitable resale deal during the week was the sale of a three-bedroom unit at Flame Tree Park on October 10. The 1,765 sq ft unit sold for $3.18 million ($1,801 psf). Records show that the unit had last changed hands in May 1995 for $1.03 million ($582 psf). This means that the seller made a profit of $2.15 million (209%) on the sale after owning the unit for nearly 29 and a half years.
This is the most profitable resale deal recorded at Flame Tree Park thus far. It surpasses the previous record of $1.84 million made from the sale of a 1,593 sq ft, three-bedroom unit for $2.82 million ($1,770 psf) on December 22, 2023. The seller had purchased the unit in August 1997 for $980,000 ($615 psf).
Flame Tree Park is a freehold condominium located on Sin Ming Avenue, off Upper Thomson Road in District 20. Completed in 1989, the development comprises a single 28-storey tower with 160 units. These units are mostly three-bedrooms ranging from 1,593 sq ft to 2,164 sq ft.
Meanwhile, the most unprofitable condo resale transaction this week occurred at Martin No 38. A three-bedroom unit measuring 1,485 sq ft on the 14th floor changed hands for $4.2 million ($2,827 psf) on October 15. The seller had purchased the unit in May 2011 for $4.4 million ($2,962 psf). This resulted in a loss of $200,000 (4.5%) for the seller after holding the unit for approximately 13 and a half years.
According to available records, the October 15 transaction is the first unprofitable resale deal at Martin No 38 since February 2022, when a 969 sq ft unit was sold for $2.4 million ($2,477 psf), resulting in a loss of $10,000. It is also the fifth biggest loss made on a unit at the development, with the record belonging to a 1,335 sq ft, two-bedroom unit that incurred a loss of approximately $238,000 after selling for $3.45 million ($2,585 psf) on December 18, 2023.
Martin No 38 is a freehold condo located on Martin Road in the River Valley residential enclave, near Robertson Quay. Built in 2011, the 15-storey building houses 88 units consisting of two- to four-bedrooms apartments measuring from 969 sq ft to 2,648 sq ft. There are also penthouses ranging from 3,660 sq ft to 4,392 sq ft.