Four Bedroom Unit Beverly Hill Sold 55 Mil Profit

During the week of July 9 to 16, the most profitable condo resale transaction was recorded at Beverly Hill, with the sale of a four-bedroom apartment. The unit, located on the fifth floor and spanning 3,778 sq ft, was sold for $9.15 million, equating to $2,422 psf on July 15. The seller had originally purchased the unit in 1996 for $3.68 million, which works out to $974 psf. This resulted in a significant profit of $5.47 million for the seller, representing a gain of 149% after owning the unit for 28 years.

This sale marks the second most profitable transaction ever recorded at Beverly Hill, with the record belonging to the sale of a duplex penthouse measuring 7,556 sq ft in July 2023. The seller, who initially purchased the unit in 2007 for $11 million, sold it for a whopping $18 million, resulting in a profit of $7 million (64%) after a holding period of 16½ years.

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Beverly Hill, located on Grange Road in District 10, is a boutique condo built in 1983, offering a total of 86 units over 23 storeys. The condo only features four-bedroom units ranging from 3,369 to 3,778 sq ft, as well as two penthouses measuring 7,556 sq ft each.

Besides the unit sold on July 15, only one other unit has been sold at Beverly Hill this year. On April 5, a 3,778 sq ft apartment on the 11th floor was sold for $9.2 million, equating to $2,435 psf.

The second most profitable condo resale deal during this period was recorded at Sommerville Park, with the sale of a 1,948 sq ft, three-bedroom unit on the second floor. The unit was sold for $3.95 million, or $2,027 psf, on July 11. The seller had originally purchased the unit in 2006 for $1.16 million ($595 psf), resulting in a profit of $2.79 million after holding the unit for over 18 years. This translates to a capital gain of 241% for the seller.

This sale marks the third-highest gain recorded at Sommerville Park to date. The most profitable resale deal was recorded in May 2018, when a strata landed property spanning 3,294 sq ft was sold for $5.05 million ($1,533 psf). The seller, who initially bought the property for $1.48 million in 2003, walked away with a profit of $3.57 million.

Sommerville Park, a freehold development on Farrer Drive in prime District 10, boasts of a sprawling 855,571 sq ft site, comprising 396 condo units and 57 strata landed houses. Condo units are housed in four tower blocks and range from one- to three-bedders, while landed units consist of townhouses and two-storey maisonettes.

Besides the unit sold on July 11, eight other apartments have been sold at Sommerville Park this year. Of these, two transactions resulted in a profit. On Jan 11, a 2,680 sq ft unit was sold for $5.41 million ($2,017 psf), with the seller netting a profit of $1.41 million. On March 8, a 1,302 sq ft unit was sold for $2.45 million ($1,880 psf), resulting in a profit of $1.54 million.

The most unprofitable condo resale deal during this period was recorded at Orchard Scotts, with the sale of a four-bedroom-plus-study unit. The unit, measuring 2,497 sq ft and located on the 15th floor, was sold for $3.9 million ($1,562 psf) on July 9. The seller had initially bought the unit in 2009 for $5.54 million ($2,220 psf), resulting in a loss of $1.64 million (30%) after owning it for 15 years.

Orchard Scotts, a 99-year leasehold development on Anthony Road, off Clemenceau Avenue North in prime District 9, was completed in 2008 and offers a total of 387 units ranging from two- to five-bedrooms, measuring 936 to 4,435 sq ft.

This sale marks the first unprofitable resale deal recorded at Orchard Scotts in almost a year, with the last recorded transaction occurring in August 2023. The last resale transaction that occurred below the purchase price was the sale of a 2,282 sq ft unit for $3.78 million ($1,656 psf) on Aug 7, 2023. The seller, who had initially bought the unit in 2010 for $4.61 million ($2,019 psf), incurred a loss of $827,000.