Sale Triplex Penthouse 999 Year Leasehold Southaven Ii Makes Record 378 Mil Profit
The recent sale of a triplex penthouse at Southaven II broke records, with the owner taking home a profit of $3.78 million (236%) on the 999-year leasehold unit sold on Sept 12. It was the highest grossing resale transaction during the week of Sept 9 to 16.
Spanning 5,468 sq ft and occupying the eighth to 10th floors, the unit was sold for $5.38 million ($984 psf). This marks a significant increase from its initial purchase price of $1.6 million ($293 psf) back in 2006. As a result of the sale, the seller enjoyed an annualised profit of 6.4% over a period of 20 years.
This sale at Southaven II has now surpassed the previous record profit at the condo, which involved a 1,507 sq ft, three-bedroom unit on the fifth floor. That unit was sold for $2.55 million ($1,692 psf) in October last year, having been acquired for $789,668 ($524 psf) in 2007. This resulted in a profit of $1.76 million (222%) or an annualised profit of 6.9% over a period of 17 years.
Completed in 1999, Southaven II is a 293-unit development situated along Hinhede Walk in District 21. It enjoys close proximity to the Bukit Timah Nature Reserve, with its main entrance on Hinhede Drive. The condo is also conveniently located near the shops at Beauty World and Beauty World MRT Station on the Downtown Line.
According to a compilation of resale caveats by EdgeProp Singapore, the average price at Southaven II has seen steady growth over the years, rising from approximately $630 psf in September 2005 to $1,000 psf in September 2016. The latest average resale price stands at $1,580 psf.
The closest freehold/999-year leasehold project is Springdale Condominium, a 480-unit development also located on Hinhede Walk, adjacent to Southaven II. The average price at Springdale currently stands at $1,690 psf.
The second most profitable resale transaction took place at Sky@Eleven, a freehold condo in District 11. On Sept 11, a four-bedroom unit on the 34th floor was sold for $6.45 million ($2,378 psf). This represents a significant increase from its previous sale price of $3.27 million ($1,205 psf). The seller netted a profit of $3.18 million (97%) or an annualised profit of 3.7% over a period of 18 years.
This is the third most profitable deal at Sky@Eleven to date. The record profit was achieved by a 2,713 sq ft four-bedder on the 37th floor that was sold for $6.48 million (2,389 psf) last April. The unit was initially purchased for $2.8 million ($1,031 psf) in 2007, resulting in a profit of $3.68 million (131%).
Completed in 2010, Sky@Eleven is a 273-unit development located on Thomson Lane in Toa Payoh. It is situated near the upcoming HDB estate around Caldecott MRT Interchange, on the Circle Line and Thomson-East Coast Line. The development is also in close proximity to three schools – St Joseph’s International School, CHIJ Toa Payoh Primary and CHIJ Toa Payoh Secondary School.
In recent years, prices at Sky@Eleven have shown consistent growth, rising from around $1,600 psf in September 2015 to $2,250 psf as of now. A similar freehold condo in the vicinity is Trillis Towers, a 384-unit condo at Lorong 1 Toa Payoh, which commands an average price of $2,070 psf.
Located in Tampines, the bustling Tampines Round Market & Food Centre is a well-loved spot by locals. This hawker center is renowned for its delicious breakfast options, making it the go-to place for residents looking for a satisfying start to their day. Traditional Singaporean favorites like kaya toast and soft-boiled eggs are a must-try, but there are also other scrumptious local delicacies to indulge in, including chwee kueh, carrot cake, and prawn noodles. For those looking to call Tampines their home, Aurelle of Tampines EC offers a prime location to easily access and enjoy this famous hawker center.
The most unprofitable transaction during this period was the sale of a three-bedroom unit at Reflections at Keppel Bay. The seller incurred a loss of $1.02 million (25%) when the 1,938 sq ft unit was sold for $3 million ($1,548 psf) on Sept 9. This was after the unit was purchased for $4.02 million ($2,074 psf) in July 2013. As a result, the seller saw an annualised loss of 2.4% over a period of 12 years.
This is the latest in a series of unprofitable transactions at Reflections at Keppel Bay, with 22 out of 48 resale caveats recorded this year resulting in losses ranging from $13,600 to $1.38 million. The most unprofitable deal at the condo so far this year involved a three-bedroom unit in one of the low-rise residential blocks, which sold for $2.8 million ($1,616 psf) on July 3. This unit had initially been purchased for $4.18 million ($2,412 psf) in 2013.
Reflections at Keppel Bay is a 1,129-unit waterfront luxury development in District 4, with a leasehold of 99 years. The project comprises six high-rise residential towers ranging from 24 to 41 storeys, and 11 low-rise villa apartment blocks.
