Five Bedder Unit Leedon Residence Sold 33 Mil Profit

The most profitable transaction for the week of June 24 to July 1 was the sale of a five-bedroom unit at Leedon Residence, which fetched $15.8 million or $1,962 per square foot on June 30. The unit, spanning 8,051 square feet and located on the first floor, was previously purchased for $12.5 million or $1,553 per square foot back in February 2017. This represents a profit of $3.3 million, equivalent to 26.4%, or an annualized profit of 2.8% over the course of more than eight years.

Based on records of caveats lodged, this transaction is the second most profitable to date at Leedon Residence, falling short of the development’s record gain of $4 million from the sale of a five-bedroom unit on the 11th floor for $16 million or $2,612 per square foot on March 26. Following the purchase of the unit for around $12 million or $1,959 per square foot, the seller made an annualized profit of 3.7% after holding the unit for approximately eight years.

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Developed in 2015, Leedon Residence is a freehold property situated along Leedon Heights in the highly sought-after District 10. It comprises 381 units spread across 12 blocks, with a mix of two- to five-bedroom units ranging from 1,044 to 4,704 square feet. The development also includes “garden suites” on the first floor, consisting of three- to five-bedroom units sized between 3,789 and 8,051 square feet, while the top floors are home to penthouses with three to five bedrooms spanning 3,283 to 7,718 square feet.

To date, this year has seen seven profitable resale transactions at Leedon Residence, including the June 30 and March 26 deals. These units were transacted at an average price of $2,456 per square foot.

Second most profitable resale for the week was noted at Shelford Green, where a three-bedroom unit on the third floor sold for $5.15 million or $1,812 per square foot on June 30. The seller had originally bought the 2,842-square-foot unit for around $3 million or $1,056 per square foot in October 2010, earning a profit of $2.15 million, equivalent to 71.7%, after holding the unit for almost 15 years.

This sale marks the second-highest gain ever recorded at Shelford Green, just $700,000 shy of the development’s largest gain of $4.3 million, which came from the sale of a five-bedroom unit spanning 3,735 square feet for $6.2 million or $1,660 per square foot in April 2008. The unit was originally purchased for $1.9 million or $509 per square foot in April 1998, resulting in an annualized gain of 12.5% over a period of 10 years.

Located in District 11, Shelford Green is a freehold condominium situated along Shelford Road. Developed in 1982, the property comprises 33 units with a mix of two- to five-bedroom apartments ranging from 1,302 to 3,757 square feet in size.

In contrast, the least profitable transaction for the week concerned a four-bedroom unit spanning 2,497 square feet at Turquoise, which sold for $3.5 million or $1,402 per square foot on June 26. The same unit had been purchased for $6.6 million or $2,655 per square foot in October 2007, resulting in a loss of $3.13 million, equivalent to 47.2%, or an annualized loss of 3.6% over the course of nearly 18 years.

Developed in 2010, Turquoise is one of a small number of 99-year leasehold condos in the exclusive residential enclave Sentosa Cove. The development includes 91 units spread across three six-storey blocks, offering a mix of three- and four-bedroom apartments spanning from 2,088 to 3,050 square feet. It also includes penthouses ranging from 3,111 to 3,764 square feet and sky villas from 6,900 to 7,987 square feet.

This is the seventh most unprofitable transaction to take place at the property thus far. The record loss belongs to the sale of a five-bedroom penthouse unit of 3,746 square feet for $4.4 million or $1,175 per square foot in September 2018. The unit had been purchased for $9.53 million or $2,545 per square foot in November 2007, leading to a loss of $5.13 million, equivalent to an annualized loss of 6.9% over a period of 10 years.