Three Bedroom Unit Spanish Village Sold 27 Mil Profit
The recent sale of a three-bedroom unit at Spanish Village has made headlines as the most profitable resale transaction ever recorded at the property. The 2,056 sq ft unit on the fifth floor sold for $4.2 million on April 24, earning the seller a gain of $2.7 million or 180% after owning the property for 28½ years.
This transaction has surpassed the previous record gain of $2.11 million, which was made from the sale of a 1,604 sq ft unit in July 2022. The sale of the unit, which was bought for $1.07 million in February 2003, earned the seller a profit of 197%.
Built in 1987, Spanish Village is a freehold development located on Farrer Road. It comprises 226 residences and features a mix of one- to three-bedroom units ranging from 700 to 2,368 sq ft. Its prime location directly opposite Empress Road Market & Food Centre and its sprawling elevated site of 331,457 sq ft make it a sought-after property in the area.
The condo has seen three collective sale attempts, with the latest one in February 2019 with a guide price of $882 million. However, the recent resale transaction has shown that individual unit sales can also reap significant gains for its owners.
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Meanwhile, the second most profitable condo resale transaction during the week of April 23 to 30 was recorded at Mera Springs. The sale of a three-bedroom unit measuring 1,292 sq ft on April 25 fetched $2.5 million, earning the seller a profit of $1.64 million or 189% after owning the unit for more than 18 years.
Mera Springs, a freehold development that was completed in 2008, comprises 129 units across 21 floors. It features a mix of two- to four-bedroom units ranging from 1,044 to 1,841 sq ft. The recent sale has become the second most profitable transaction at the property, with the record being held by a 1,550 sq ft unit that was sold for $2.84 million in August 2023.
On the other hand, the least profitable resale transaction during the week was the sale of a four-bedroom-plus-study unit at The Lumos. The 2,433 sq ft unit on the seventh floor with private lift access sold for $5.7 million on April 25, incurring a loss of $2.52 million or 31% for the seller. The property, which was completed in 2011, features a single 36-storey residential tower comprising 53 units. Its mix of one- to four-bedroom apartments and duplex penthouses have been popular among buyers.
While the recent transaction is the second least profitable deal recorded at The Lumos, the record goes to a sale of a 2,433 sq ft unit in August 2022 for $5.74 million. The seller, who bought the unit for $8.43 million in August 2007, incurred a loss of $2.7 million.
Overall, Spanish Village, Mera Springs, and The Lumos have shown promising resale values for their owners, with the recent transactions reflecting significant gains for sellers. Despite past collective sale attempts, individual unit sales have proven to be a lucrative option for property owners in these developments.