Penthouse Veranda Sold 167 Mil Profit
The recent sale of a three-bedroom penthouse at Veranda, a boutique condominium, has set a new record for the most profitable condo resale transaction in the week of April 30 to May 7. This 2,486 square feet apartment, located on the fifth floor, was sold for $2.88 million or $1,158 per square foot (psf) on April 30. The seller had initially purchased the unit for $1.22 million or $489 psf in March 2008, reaping a profit of $1.67 million. This translates to a capital gain of 137% after holding the unit for a little over 16 years. This transaction has surpassed the previous record of $1.23 million achieved by the seller of a 1,281 square feet three-bedroom unit in November 2022. The unit was sold for $1.88 million or $1,468 psf, while the seller had bought it for $650,000 or $507 psf in January 2014.
Veranda, a freehold development located on Lorong K Telok Kurau in District 15, comprises of only 24 units spread over five storeys. The units range from two to three-bedrooms, measuring between 1,087 and 1,421 square feet. There are also penthouses available, ranging from 2,099 to 2,691 square feet. Completed in 2004, this development is situated near the Joo Chiat area, attracting buyers who value a quiet and exclusive living environment.
The second most profitable condo resale transaction for the week was the sale of a 1,432 square feet three-bedroom unit at Thomson 800, fetching $2.62 million or $1,832 psf on April 30. The seller had purchased the unit directly from the developer in January 1999 for approximately $958,000 or $669 psf. This translates to a gain of $1.66 million or 174% after owning the unit for over 25 years.
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Thomson 800 is a freehold development located on Thomson Road in District 11. Completed in 1999, this 390-unit development consists of three 20-storey towers housing predominantly three-bedroom units ranging between 1,281 and 1,808 square feet. There are also four-bedroom simplex and duplex penthouses available, measuring between 3,757 and 5,823 square feet. The sale of the 1,432 square feet unit on April 30 is the fifth most profitable transaction at Thomson 800 to date. The biggest resale profit at this property was achieved in July 2022 when a 3,757 square feet unit was sold for $4.83 million or $1,285 psf. The seller had initially purchased this unit for $2.93 million or $781 psf in January 2000, making a profit of $1.89 million.
Besides the sale on April 30, there were three other profitable transactions at Thomson 800 this year. On January 2, a 1,625 square feet unit was sold for $2.8 million or $1,723 psf, resulting in a profit of $1.61 million for the seller who bought the unit in April 2002 for $1.19 million or $730 psf. On January 29, another 1,625 square feet unit was sold for $3 million or $1,851 psf, making a profit of $1.79 million for the seller who had purchased the unit in February 1999 for $1.22 million or $750 psf. On April 8, a 1,625 square feet unit was sold for $3.05 million or $1,877 psf, representing a profit of $1.05 million for the seller who had bought the unit in June 2016 for $2 million or $1,230 psf.
On the other hand, the least profitable condo resale transaction for the week occurred at Marina Bay Residences, with the sale of a 732 square feet one-bedroom unit for $1.5 million or $2,049 psf on May 2. The seller had initially bought the unit in February 2012 for $1.57 million or $2,145 psf, resulting in a loss of $70,000 or 4.5% after holding the property for over 12 years.
Marina Bay Residences is a 99-year leasehold condo located on Marina Boulevard in District 1’s Marina Bay area. It is part of the Marina Bay Financial Centre mixed-use development, comprising of offices and retail space. This 428-unit development was completed in 2010, offering one to four-bedroom apartments ranging from 710 to 2,379 square feet. There are also nine penthouse units measuring from 3,606 to 4,672 square feet, as well as a triplex penthouse measuring 11,011 square feet, equipped with a roof terrace and private pool.
According to caveats lodged, there have been 11 resale transactions at Marina Bay Residences this year. Of these, five have been sold below the purchase price, with units ranging from 732 to 1,227 square feet and sold for $1.5 million to $2.8 million or $2,049 to $2,282 psf. This has resulted in a loss of $70,000 to $1.25 million for the respective sellers. Check out the latest listings for Thomson 800, Veranda, and Marina Bay Residences properties on EdgeProp’s website.