Four Bedder Sovereign Nets 35 Mil Profit
The profitable resale of a 2,637 sq ft unit at The Sovereign, located on Meyer Road in District 15, made headlines during the week of July 22 to 29. The four-bedroom unit on the 16th floor was sold for $6.5 million ($2,465 psf) on July 24, earning the seller a profit of $3.5 million (116.7%). This is the most lucrative resale transaction at The Sovereign to date, according to lodged caveats.
The seller had purchased the unit in February 2007 for around $3 million ($1,138 psf). This translates to an annualised profit of 4.3% over more than 18 years. The latest transaction is also the fifth most profitable deal at The Sovereign.
The development’s record gain of $4.3 million was set on July 14, when a similar four-bedroom unit on the fourth floor was sold for $6.15 million ($2,332 psf). The seller, who had bought the unit for around $1.85 million ($700 psf) in April 2005, recorded an annualised gain of 6.1% over more than 20 years.
The Sovereign, a freehold condo completed in 1993, is situated within walking distance of Tanjong Katong MRT Station on the Thomson-East Coast Line. It features a single-tower with 87 residential units, consisting of four-bedroom units ranging from 2,637 to 3,305 sq ft.
Apart from the July 14 and July 24 transactions, there was another profitable resale deal at The Sovereign this year. On May 22, a 3,305 sq ft unit was sold for $7.7 million ($2,330 psf), earning the seller a profit of $3.3 million. The unit was acquired in December 2007 for around $4.4 million ($1,331 psf).
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Waterfall Gardens, another freehold condo in prime District 10, also saw a profitable resale transaction during the week. A 4,036 sq ft penthouse unit on the 11th floor was sold for $8.08 million ($2,002 psf) on July 28, earning the seller a profit of $1.86 million (29.9%). The unit was originally bought from the developer in February 2007 for around $6.22 million ($1,542 psf).
This latest transaction sets a new record for Waterfall Gardens’ most profitable resale deal, surpassing the previous record gain of $1.57 million. The previous record was set from the sale of a 4,037 sq ft penthouse unit on the 11th floor in June 2007, which was sold for around $7.38 million ($1,828 psf). The seller had purchased the unit in February 2007 for $5.81 million ($1,440 psf), registering an annualised profit of 98.8% in less than a year.
Completed in 2010, Waterfall Gardens boasts 132 residences spread across three 12-storey towers. The development offers a mix of three- and four-bedroom apartments ranging from 1,829 to 2,583 sq ft, as well as 12 penthouse units measuring 3,380 to 4,844 sq ft.
On the other hand, the most unprofitable resale transaction during the week happened at Devonshire Residences. The sale of a 947 sq ft, one-bedroom unit for $1.55 million ($1,636 psf) on July 22 resulted in a loss of $912,200 (37%) for the seller. The unit was originally bought for around $2.46 million ($2,599 psf) in April 2011.
This is the biggest loss incurred on a unit at Devonshire Residences to date, surpassing the previous record of $240,500 from the sale of a 495 sq ft, one-bedroom unit for $999,900 ($2,020 psf) in September 2024. The unit was bought in April 2011 for around $1.24 million ($2,505 psf), resulting in an annualised loss of 1.6% over slightly more than 13 years.
The freehold development, completed in 2015, is situated along Devonshire Road in prime District 9. It features 85 units ranging from one-bedroom apartments measuring 495 to 829 sq ft to one-bedroom penthouse units spanning 818 to 1,055 sq ft.
