Four Bedder Wing Life Garden Sold 44 Mil Profit

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The most profitable resale deal of a four-bedroom apartment in the week of July 30 to August 6 was at Wing On Life Garden. The 3,305 sq ft unit on the 12th floor sold for $7.45 million on August 5, making it the biggest gain seen at the development so far. The seller, who had owned the unit for almost 27 years, purchased it for $3.03 million in November 1997. This translates to a profit of $4.42 million, or a capital gain of 146%.The previous record for the highest gain at Wing On Life Garden was $3.2 million, achieved in February 2015 when another four-bedroom unit of the same size was sold for $5.5 million. The seller of this unit had bought it for $2.3 million in April 2005, making a profit of $3.2 million in just 10 years.The freehold Wing On Life Garden is a boutique condo situated in District 10 and completed in 1982. It comprises 82 units, including four-bedroom units ranging from 3,240 sq ft to 3,671 sq ft, and two penthouses measuring 7,610 sq ft and 7,050 sq ft.Only one other transaction has taken place at the development this year, with a 3,240 sq ft four-bedroom unit on the 25th floor sold for $7.6 million in April for a gain of $2.3 million. RiverGate recorded the second most profitable resale transaction during the same period, with a 1,539 sq ft three-bedroom unit on the 38th floor selling for $4.38 million on August 1. The seller, who bought the unit in October 2008 for $2.34 million, made a profit of $2.04 million, representing an 87% capital gain after a 16-year holding period.The freehold RiverGate, located in District 9 along Robertson Quay, has 545 units spread across three 43-storey blocks. The units range from two- to four-bedrooms, measuring 1,023 sq ft to 3,918 sq ft. Eight profitable resale transactions have taken place this year, with prices ranging from $4.16 million to $6.24 million, or between $2,700 and $3,003 psf.The most unprofitable condo resale deal during the week was at OUE Twin Peaks, with a 1,399 sq ft three-bedroom unit on the 29th floor sold for $3.2 million on August 1. The unit was last sold in July 2017 for $3.97 million, resulting in a loss of $770,000, or 19.4%, for the seller after a seven-year holding period.OUE Twin Peaks, a 99-year leasehold development completed in 2015, is located in prime District 9 at 33 Leonie Hill Road. It consists of 462 units in two 35-storey towers, ranging from one- to four-bedrooms measuring 549 sq ft to 1,895 sq ft. Of the eight resale transactions recorded this year, six were sold below their purchase price, with the most unprofitable being a 1,399 sq ft unit on the 31st floor sold for $3.3 million on June 13. The seller had bought it as a new unit for $4.43 million in August 2010, resulting in a loss of $1.1 million, or 25%. The other five unprofitable transactions incurred losses ranging from $220,000 to $769,100. For more listings at Wing On Life Garden, Rivergate, OUE Twin Peaks, check out the latest properties.