Unit Draycott Sold 25 Mil Profit
The sale of a unit at The Draycott has been the most profitable condo resale transaction for the week of Aug 27 to Sept 3. The 2,637 sq ft unit, located on the 15th floor, was sold for $5.45 million ($2,067 psf) on Aug 30. The original purchase was made in April 1996 for $3 million ($1,138 psf), resulting in a gain of $2.45 million for the seller. This translates to a capital gain of 82% for the seller, who held the unit for almost 28 ½ years.
Interestingly, this transaction is tied with another unit for the fourth-highest gain ever recorded at The Draycott. In May 2021, a 2,626 sq ft, maisonette unit was sold for $4.5 million ($1,713 psf), netting a profit of $2.45 million for the seller. The unit was purchased in June 1999 for $2.05 million ($781 psf).
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The most profitable transaction ever recorded at The Draycott was in May 2007, when a 2,637 sq ft unit was sold for $5.45 million ($2,067 psf). The seller, who bought the unit in March 1998 for $2.1 million ($796 psf), gained $3.35 million from the sale.
The Draycott is a freehold development located on Draycott Park in prime District 10. It consists of a 34-storey tower with three- and four-bedroom units of 2,637 sq ft and a duplex penthouse of 5,339 sq ft. There are also low-rise units comprising of two-bedroom units of 1,313 sq ft to 1,604 sq ft and maisonettes of 2,626 sq ft to 2,788 sq ft. The development is situated in the prestigious Draycott-Ardmore Park residential enclave, just off Orchard Road.
The second most profitable condo resale transaction for the week was the sale of a three-bedder at Pebble Bay. The 1,894 sq ft unit on the 13th floor was sold for $3.59 million ($1,894 psf) on Aug 30. The original purchase was made in December 2002 for $1.16 million ($612 psf), resulting in a profit of $2.43 million for the seller. This translates to a 209% capital gain after holding the unit for almost 22 years.
This is the third-biggest gain made on a resale unit at Pebble Bay this year. The condo has seen 18 units change hands year to date, with available caveats showing that 15 of these were profitable transactions. The largest profit was made from the sale of a 1,894 sq ft, three-bedroom unit on May 9 for $3.67 million ($1,940 psf). The original purchase was made in September 2004 for $1.12 million ($591 psf), resulting in a gain of $2.55 million. Other units sold at Pebble Bay this year have netted gains ranging from $620,000 to $2.48 million.
Pebble Bay is a 510-unit waterfront condo situated on Tanjong Rhu Road, along the Kallang Basin waterfront in District 15. Completed in 2000, the 99-year leasehold development features one- to four-bedroom units of 850 sq ft to 3,154 sq ft. There are also four-bedroom penthouses spanning between 6,114 sq ft and 6,469 sq ft. The condo is located a five-minute walk from Tanjong Rhu MRT Station on the Thomson-East Coast Line.
On the other hand, the most unprofitable resale deal of the week was the sale of a one-bedroom unit measuring 474 sq ft at 6 Derbyshire. The unit on the 21st floor was sold for around $989,000 ($2,086 psf) on Aug 27. The original purchase was made in August 2017 for about $1.19 million ($2,510 psf), incurring a loss of around $201,000 (17%) after owning the unit for about 7 years.
This is the fifth most unprofitable transaction ever recorded at 6 Derbyshire. It comes just over a month after another unit on the 28th floor was sold for around $1.07 million ($2,029 psf) on Jul 12. The original purchase was made in September 2014 for around $1.44 million ($2,740 psf), resulting in a loss of around $375,000 – the biggest loss incurred on a unit at 6 Derbyshire so far.
6 Derbyshire is a freehold condo situated on Derbyshire Road, off Thomson Road in District 11. Completed in 2017, the development comprises a single 30-storey tower with 168 residences consisting of one-bedders of 474 sq ft to 527 sq ft, two-bedders of 732 sq ft to 829 sq ft, and three-bedders of 1,012 sq ft to 1,130 sq ft. There is also a duplex penthouse of 3,445 sq ft.