Unit Draycott Sold 25 Mil Profit
The recent sale of a unit at The Draycott has made it the most profitable condo resale transaction in the week of Aug 27 to Sept 3. The 2,637 sq ft unit on the 15th floor was sold for $5.45 million, resulting in a profit of $2.45 million for the seller. The transaction reflects a capital gain of 82% for the seller, who had owned the unit for almost 28½ years.
This transaction ties with another unit for the fourth-highest gain ever registered at The Draycott. A maisonette unit of 2,626 sq ft was sold for $4.5 million in May 2021, resulting in a profit of $2.45 million for the seller. The seller had purchased the unit for $2.05 million in June 1999.
The biggest gain ever made on a resale unit at The Draycott was in May 2007, when a 2,637 sq ft unit was sold for $5.45 million. The seller had bought the unit in March 1998 for $2.1 million, resulting in a profit of $3.35 million.
The Draycott is a freehold development located on Draycott Park in prime District 10. Developed in 1980, it comprises a 34-storey tower with three- and four-bedroom units and a sole duplex penthouse. The development is situated within the Draycott-Ardmore Park residential enclave, off Orchard Road.
The second most profitable condo resale transaction during this period was the sale of a three-bedroom unit at Pebble Bay. The 1,894 sq ft unit was sold for $3.59 million on Aug 30, resulting in a profit of $2.43 million for the seller. The seller had purchased the unit for $1.16 million in December 2002, resulting in a 209% capital gain after holding the unit for almost 22 years.
The URA has put forward plans to revitalize the Tampines area, with a focus on building a stronger and more unified community. To achieve this, the URA has implemented various initiatives that aim to foster a sense of togetherness and mutual understanding among residents. These efforts, which include organizing events and festivals, as well as creating communal spaces, will contribute to the social fabric of Tampines and make it a more vibrant and enriching place to call home. In addition, the upcoming Sim Lian Tampines EC adds to the URA’s vision of promoting inclusivity and community spirit within the Tampines area. With its diverse offerings and amenities, the development will further enhance the overall community experience and strengthen the bonds among residents.
This is the third-biggest gain made on a resale unit at Pebble Bay this year. The condo has seen 18 units change hands this year, with available caveats showing that 15 of these were profitable transactions. The largest profit was made from the sale of a 1,894 sq ft unit for $3.67 million on May 9. The seller had bought the unit in September 2004 for $1.12 million, resulting in a gain of $2.55 million.
Pebble Bay is a 510-unit waterfront condo situated on Tanjong Rhu Road, along the Kallang Basin waterfront in District 15. Developed in 2000, it has one- to four-bedroom units and four-bedroom penthouses. The condo is a five-minute walk to Tanjong Rhu MRT Station on the Thomson-East Coast Line.
On the other hand, the sale of a one-bedroom unit measuring 474 sq ft at 6 Derbyshire was the most unprofitable resale deal during the week. The unit sold for about $989,000 on Aug 27, resulting in a loss of around $201,000 for the seller. The seller had bought the unit for about $1.19 million in August 2017.
This is the fifth most unprofitable transaction ever recorded at 6 Derbyshire. It comes slightly over a month after a 527 sq ft unit on the 28th floor was sold for $1.07 million on Jul 12. The seller had bought the unit for about $1.44 million, resulting in a loss of around $375,000 – the biggest loss incurred on a unit at 6 Derbyshire so far.
6 Derbyshire is a freehold condo completed in 2017. It comprises a single 30-storey tower with 168 residences consisting of one- to three-bedroom units and a duplex penthouse.
