Four Bedder Skyeleven Sold 31 Mil Profit
During the week of June 11 to 18, the most profitable condo resale transaction took place at Sky@Eleven with the sale of a four-bedroom apartment. The unit, measuring 2,820 sq ft and located on the 14th floor, was sold for a whopping $5.9 million ($2,092 psf) on June 12. The seller had originally purchased the unit from the developer for $2.8 million ($994 psf) back in March 2007, resulting in a gain of $3.1 million. This translates to a capital gain of 111% for the seller after owning the unit for over 17 years.
Interestingly, this is not the first time Sky@Eleven has seen such a profitable transaction. In fact, it is the second most profitable deal recorded at the development based on lodged caveats. The most profitable sale belongs to a unit that was sold just two months earlier in April 2023. This four-bedroom unit, measuring 2,713 sq ft, was sold for $6.48 million ($2,389 psf), resulting in a profit of $3.68 million. The previous owner had bought the unit in March 2007 for approximately $2.8 million ($1,031 psf).
Sky@Eleven is a freehold condo located on Thomson Lane in District 11’s Toa Payoh area. It was completed in 2010 and boasts 273 units spread across 42 floors. The unit mix includes three-bedroom-plusstudy apartments measuring 1,851 sq ft, as well as four-bedroom units ranging from 2,271 to 2,820 sq ft. There are also four- and five-bedroom duplex penthouses measuring 3,757 to 5,597 sq ft.
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The second most profitable resale transaction during the week of June 11 to 18 took place at Viz At Holland. The seller of the three-bedroom unit, spanning 1,927 sq ft, was able to fetch a selling price of $2.9 million ($1,505 psf) on June 13. The seller had originally purchased the unit from the developer for approximately $998,000 ($518 psf) back in January 2006, resulting in a profit of $1.9 million after owning the unit for almost 18 and a half years. This equates to a capital gain of 191% for the seller.
Interestingly, this is not the highest profit recorded at Viz At Holland. In fact, the record profit for a resale unit at the development belongs to a five-bedroom, 2,519 sq ft penthouse sold for $4.15 million ($1,648 psf) in March 2023. The previous owner had bought the unit for $1.95 million ($774 psf) in December 2006, resulting in a profit of $2.2 million.
Located along Queensway, just off Holland Road in prime District 10, Viz At Holland is a freehold development completed in 2008. It boasts 165 residences, including one-bedroom units measuring 495 sq ft, two-bedroom units ranging from 818 to 1,227 sq ft, two-bedroom-plus-study units ranging from 947 to 1,679 sq ft, and three-bedroom units ranging from 1,259 to 1,927 sq ft. There are also penthouse units available in four- and five-bedroom options, measuring 2,390 to 2,648 sq ft.
On the opposite end of the spectrum, the most unprofitable condo resale transaction during the week of June 11 to 18 was recorded at OUE Twin Peaks. The sale of a 1,399 sq ft, three-bedroom unit on the 31st floor fetched a measly $3.3 million ($2,380 psf) on June 13. The seller had originally purchased the unit as a new unit in August 2010 for $4.44 million ($3,169 psf), resulting in a loss of $1.11 million (25%) after a holding period of nearly 14 years.
This sale marks the highest loss recorded for a resale unit at OUE Twin Peaks, surpassing the previous record loss of $1 million incurred on the sale of a 1,604 sq ft, three-bedroom unit for $3.5 million ($2,182 psf) in August 2016.
Located at 33 Leonie Hill Road, near the Orchard Road shopping strip in prime District 9, OUE Twin Peaks is a 99-year leasehold development completed in 2015. It boasts 462 units spread across two 35-storey towers, including one- to four-bedroom units ranging from 549 to 1,895 sq ft.
The second most unprofitable condo resale transaction during the week of June 11 to 18 also took place at OUE Twin Peaks. A one-bedroom unit measuring 570 sq ft was sold for $1.3 million ($2,279 psf) on June 12, resulting in a loss of nearly $300,000 for the seller. The unit was originally purchased for $1.6 million ($2,803 psf) in May 2016.