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30-09-23, 14:30
Three-bedder at The Park Vale in Bukit Timah sold at $2.4 mil profit
September 29, 2023
https://i.imgur.com/1DaQHpV.jpg
Taking the top spot in the list of most profitable resale transactions during the week of Sept 12 to 19 is the sale of a three-bedroom unit at The Park Vale, a 999-year leasehold condo in prime District 11. The 2,034 sq ft unit was sold for $3.5 million ($1,720 psf) on Sept 12. It had been purchased for $1.13 million ($555 psf) in July 2006. As a result, the seller made a profit of $2.37 million (210%), which translates to an annualised gain of 6.8% over 17 years.
Based on resale caveats, this is also the most profitable resale transaction recorded so far at The Park Vale. The previous record was set in 2013 when a 1,927 sq ft three-bedder changed hands for $2.35 million ($1,218 psf) and the seller made a $1.27 million (118%) profit, which translates to an annualised gain of 11% over seven years.
The Park Vale is a 40-unit development at 4B Park Vale, off Shelford Road in Bukit Timah. It is near landed neighbourhoods along Watten Estate Road, Hillcrest Road, Vanda Avenue, as well as the Good Class Bungalow areas of Raffles Park and Eng Neo Avenue. Several schools are also in the vicinity, including Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution, and National Junior College.
Resale transactions at The Park Vale are relatively few and far between. There has only been one other resale recorded this year — a 1,119 sq ft, three-bedroom unit was sold for $2 million ($1,787 psf) on March 24. Previously, the unit fetched about $929,900 ($831 psf) in April 1996. Thus, the seller raked in a profit of $1.07 million (115%), which translated to an annualised gain of 2.8% over close to 27 years.
Resale prices at The Park Vale have risen over the past few decades. Data tabulated by EdgeProp Singapore show that the average resale price was $754 psf in September 2003. This climbed to $1,116 psf by September 2013, and subsequently to $1,787 psf this month.
The second most profitable resale transaction during the week in review is the sale of a 2,056 sq ft unit at Costa Rhu. The three-bedroom unit, on the 10th floor, was sold for $3.1 million ($1,508 psf) on Sept 14. The unit last changed hands for $1.03 million ($500 psf) in May 1999. As a result, the seller made a profit of $2.07 million (202%), which translates to an annualised gain of 4.6% over 24 years.
This is the most profitable resale transaction at Costa Rhu so far this year. The record profit is $3.15 million (137%), which was set in 2018 when a 4,209 sq ft unit was sold for $5.45 million ($1,295 psf). The unit had been purchased for $2.29 million ($546 psf) in March 2005.
Costa Rhu is one of a handful of condos along Tanjong Rhu with unblocked views of the Kallang River. The 99-year leasehold development comprises 737 units and was completed in 1997. Costa Rhu is the only condo on Tanjong Rhu that faces Beach Road and the CBD, with visible landmarks including Suntec City, South Beach, The Gateway, and The Concourse.
On the other hand, the most unprofitable transaction during the week in review was the sale of a 667 sq ft, one-bedroom unit at The Sail @ Marina Bay. The unit, on the 41st floor, fetched $1.19 million ($1,776 psf) on Sept 18. However, it had been purchased for $1.42 million ($2,128 psf) in June 2012. Thus, the seller made a loss of about $235,000 (17%), which translates to an annualised loss of 1.6% over 11 years.
More at: https://www.edgeprop.sg/property-news/three-bedder-park-vale-bukit-timah-sold-24-mil-profit
September 29, 2023
https://i.imgur.com/1DaQHpV.jpg
Taking the top spot in the list of most profitable resale transactions during the week of Sept 12 to 19 is the sale of a three-bedroom unit at The Park Vale, a 999-year leasehold condo in prime District 11. The 2,034 sq ft unit was sold for $3.5 million ($1,720 psf) on Sept 12. It had been purchased for $1.13 million ($555 psf) in July 2006. As a result, the seller made a profit of $2.37 million (210%), which translates to an annualised gain of 6.8% over 17 years.
Based on resale caveats, this is also the most profitable resale transaction recorded so far at The Park Vale. The previous record was set in 2013 when a 1,927 sq ft three-bedder changed hands for $2.35 million ($1,218 psf) and the seller made a $1.27 million (118%) profit, which translates to an annualised gain of 11% over seven years.
The Park Vale is a 40-unit development at 4B Park Vale, off Shelford Road in Bukit Timah. It is near landed neighbourhoods along Watten Estate Road, Hillcrest Road, Vanda Avenue, as well as the Good Class Bungalow areas of Raffles Park and Eng Neo Avenue. Several schools are also in the vicinity, including Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution, and National Junior College.
Resale transactions at The Park Vale are relatively few and far between. There has only been one other resale recorded this year — a 1,119 sq ft, three-bedroom unit was sold for $2 million ($1,787 psf) on March 24. Previously, the unit fetched about $929,900 ($831 psf) in April 1996. Thus, the seller raked in a profit of $1.07 million (115%), which translated to an annualised gain of 2.8% over close to 27 years.
Resale prices at The Park Vale have risen over the past few decades. Data tabulated by EdgeProp Singapore show that the average resale price was $754 psf in September 2003. This climbed to $1,116 psf by September 2013, and subsequently to $1,787 psf this month.
The second most profitable resale transaction during the week in review is the sale of a 2,056 sq ft unit at Costa Rhu. The three-bedroom unit, on the 10th floor, was sold for $3.1 million ($1,508 psf) on Sept 14. The unit last changed hands for $1.03 million ($500 psf) in May 1999. As a result, the seller made a profit of $2.07 million (202%), which translates to an annualised gain of 4.6% over 24 years.
This is the most profitable resale transaction at Costa Rhu so far this year. The record profit is $3.15 million (137%), which was set in 2018 when a 4,209 sq ft unit was sold for $5.45 million ($1,295 psf). The unit had been purchased for $2.29 million ($546 psf) in March 2005.
Costa Rhu is one of a handful of condos along Tanjong Rhu with unblocked views of the Kallang River. The 99-year leasehold development comprises 737 units and was completed in 1997. Costa Rhu is the only condo on Tanjong Rhu that faces Beach Road and the CBD, with visible landmarks including Suntec City, South Beach, The Gateway, and The Concourse.
On the other hand, the most unprofitable transaction during the week in review was the sale of a 667 sq ft, one-bedroom unit at The Sail @ Marina Bay. The unit, on the 41st floor, fetched $1.19 million ($1,776 psf) on Sept 18. However, it had been purchased for $1.42 million ($2,128 psf) in June 2012. Thus, the seller made a loss of about $235,000 (17%), which translates to an annualised loss of 1.6% over 11 years.
More at: https://www.edgeprop.sg/property-news/three-bedder-park-vale-bukit-timah-sold-24-mil-profit