Four Bedder Wing Life Garden Sold 44 Mil Profit
The top resale transaction for a condominium during the week of July 30 to August 6 was a four-bedroom apartment at Wing On Life Garden, which sold for a record-breaking profit of $4.42 million. The unit, located on the 12th floor and measuring 3,305 square feet, was purchased for $3.03 million in November 1997 and was resold for $7.45 million on August 5. This translates to a profit of 146% for the seller, who had owned the unit for almost 27 years.
The resale transaction at Wing On Life Garden surpassed the previous record of $3.2 million made on the sale of another four-bedroom unit in February 2015. The seller of that unit had bought it in April 2005 for $2.3 million and sold it for $5.5 million, earning a profit of $3.2 million or 139% after owning it for 10 years.
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Wing On Life Garden is a freehold boutique condo located along Bukit Timah Road in prime District 10. Completed in 1982, it has a total of 82 units, with four-bedroom units ranging from 3,240 square feet to 3,671 square feet. There are also two penthouses measuring 7,610 square feet and 7,050 square feet.
According to caveats lodged, there has only been one other resale transaction at Wing On Life Garden this year. This was for a 3,240 square foot four-bedroom unit on the 25th floor, which was sold for $7.6 million ($2,346 psf) on April 19.
RiverGate recorded the second most profitable condo resale transaction during the week, with the sale of a 1,539 square foot, three-bedroom unit on August 1. The unit, located on the 38th floor, was sold for $4.38 million ($2,849 psf), earning the seller a profit of $2.04 million. The unit was purchased in October 2008 for $2.34 million and was held for nearly 16 years.
RiverGate is a freehold development located along Robertson Quay in District 9. Completed in 2009, it has 545 units across three 43-storey blocks. Units comprise a mix of two- to four-bedroom apartments, ranging from 1,023 square feet to 3,918 square feet.
There have been eight resale transactions recorded at RiverGate so far this year, all of which were profitable. Units measuring between 1,539 square feet and 2,077 square feet were sold at prices ranging from $4.16 million to $6.24 million, or between $2,700 psf and $3,003 psf. The sellers earned profits ranging from $1.4 million to $2.42 million.
On the other hand, the most unprofitable condo resale transaction during the week was at OUE Twin Peaks, where a three-bedroom unit on the 29th floor was sold for $3.2 million ($2,287 psf) on August 1. The unit was last sold in July 2017 for $3.97 million ($2,836 psf), resulting in a loss of about $770,000 (19.4%) for the seller after seven years of ownership.
OUE Twin Peaks is a 99-year leasehold development located at 33 Leonie Hill Road in prime District 9. It was completed in 2015 and has 462 units across two 35-storey towers. Units range from one- to four-bedrooms, from 549 square feet to 1,895 square feet.
Eight resale transactions have been recorded at OUE Twin Peaks so far this year, with six of them resulting in a loss for the sellers. The most unprofitable resale transaction so far was recorded for a three-bedroom unit on the 31st floor, which was sold for $3.3 million ($2,380 psf) on June 13. The unit was purchased as a new unit in August 2010 for $4.43 million ($3,169 psf), resulting in a loss of about $1.1 million (25%) after a holding period of nearly 14 years. The other unprofitable resale transactions saw losses ranging from $220,000 to $769,100.
