Four Bedroom Unit Beverly Hill Sold 55 Mil Profit
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A four-bedroom apartment at Beverly Hill achieved the highest sale price in the condo resale market during the week of July 9 to 16, based on caveats lodged with URA. This is evidence of the strong demand for luxury properties in prime District 10 in spite of the current pandemic situation.
The 3,778 sq ft unit, located on the fifth floor, was sold for $9.15 million, translating to a price of $2,422 per square foot. The seller had originally purchased it in August 1996 for $3.68 million, or $974 per square foot. This equates to a substantial profit of $5.47 million, demonstrating a gain of 149% after owning the unit for 28 years.
This impressive transaction at Beverly Hill is the second-highest profit ever registered at the condo. The most profitable resale deal occurred in July 2023, when a duplex penthouse measuring 7,556 sq ft was sold for a staggering $18 million, resulting in a gain of $7 million for the seller. The initial purchase price for this unit was $11 million in January 2007, which amounts to a profit of 64% after a holding period of 16½ years.
Located on Grange Road in prime District 10, Beverly Hill is a boutique condo built in 1983, featuring a total of 86 units housed in a 23-storey block. The condo only offers four-bedroom units, ranging in size from 3,369 to 3,778 sq ft, in addition to two penthouses measuring 7,556 sq ft each. The scarcity of larger units in the market has contributed to the high demand and sale prices at the development.
Besides the unit sold on July 15, only one other unit at Beverly Hill has changed hands so far this year. The 3,778 sq ft apartment located on the 11th floor sold for $9.2 million, amounting to a price of $2,435 per square foot on April 5.
Sommerville Park also saw a highly profitable resale deal during the week in review, with a three-bedroom unit on the second floor selling for $3.95 million, or $2,027 per square foot on July 11. The seller had initially purchased the 1,948 sq ft unit for just $1.16 million, or $595 per square foot, in April 2006; thus, making a considerable profit of $2.79 million after more than 18 years of ownership. This translates to a capital gain of 241% for the seller.
The URA has exciting plans in store for Lentor, which will have a positive impact on the Thomson Modern community at Lentor Central. With the goal of creating a more connected, green, and vibrant environment, there are many advantages to look forward to. These developments include improved accessibility, more green spaces, and the incorporation of new commercial and community amenities. As a result, residents can expect an enhanced living experience, while property values are predicted to rise. For those considering investing in or relocating to Thomson Modern, the future looks bright as Lentor transforms into one of Singapore’s most desirable neighborhoods. Additionally, the nearby Tampines North EC adds to the appeal of the revamped area.
Notably, this is the third-highest profit ever recorded for a resale unit at Sommerville Park. The most profitable resale deal was registered in May 2018, when a strata landed property spanning 3,294 sq ft was sold for $5.05 million, amounting to a price of $1,533 per square foot. The seller, who had bought the property in September 2003 for $1.48 million, made a profit of $3.57 million.
Sommerville Park is a freehold development on Farrer Drive in prime District 10. It spans a sprawling 855,571 sq ft site, comprising 396 condo units and 57 strata landed houses. The condo units are situated in four tower blocks and range from one- to three-bedroom units, while the landed units consist of a mix of townhouses and two-storey maisonettes.
Out of the nine transactions recorded at Sommerville Park so far this year, two have been profitable. On January 11, a 2,680 sq ft unit was sold for $5.41 million, amounting to a price of $2,017 per square foot, which generated a profit of $1.41 million for the seller. On March 8, a 1,302 sq ft unit was sold for $2.45 million, which translates to a price of $1,880 per square foot, netting a profit of $1.54 million.
On the other hand, the most unprofitable resale deal during the week took place at Orchard Scotts, where a four-bedroom plus study unit was sold on the 15th floor for $3.9 million, or $1,562 per square foot, on July 9. According to records, the unit had last transacted in July 2009 for $5.54 million, or $2,220 per square foot, which means the seller incurred a loss of $1.64 million, or 30%, after 15 years of ownership.
Orchard Scotts is a 99-year leasehold development located on Anthony Road, off Clemenceau Avenue North, in prime District 9. It was completed in 2008 and comprises 387 units ranging from two- to five-bedroom apartments sized from 936 to 4,435 sq ft.
The most recent transaction on July 9 marks the first unprofitable resale deal at Orchard Scotts since August 2023, when a 2,282 sq ft unit was sold for $3.78 million, which amounts to a price of $1,656 per square foot. The seller had originally bought the unit in March 2010 for $4.61 million, incurring a loss of approximately $827,000.
