Three-bedder at Camelot By-The-Water rakes in $2.47 mil profit

Three-bedder at Camelot By-The-Water rakes in $2.47 mil profit

June 17, 2022

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The most profitable resale transaction during the week of May 31 to June 7 was that of a 2,433 sq ft, three-bedroom unit at Camelot By-The-Water, a condominium on Tanjong Rhu Road in District 15.

The unit fetched $4.15 million ($1,706 psf) on May 31. The property had been purchased for $1.68 million ($691 psf) in October 2006. As a result, the seller earned a profit of $2.47 million (147%) on the transaction, which translates to an annualised profit of 6% over 15½ years.

Camelot By-The-Water is a 99-year leasehold development that was completed in 2000. The 99-unit development comprises a mix of three- to five-bedroom units that range from 2,433 to 5,834 sq ft. The condo is one of four condo projects located on the waterfront of Kallang Basin. The other developments are Casurina Cove, Pebble Bay and Costa Rhu.

The Tanjong Rhu area enjoys proximity to the Singapore Sports Hub and various water sport facilities. It is close to the CBD, Civic District, and areas such as Beach Road, Bugis and East Coast.

According to URA caveats, the most profitable resale transaction at Camelot By-The-Water was that of a 5,834 sq ft, five-bedroom unit, which changed hands for $9 million ($1,543 psf) in May 2010. The unit was purchased for $3.73 million ($640 psf) back in June 2000. Thus, the seller raked in a record profit of $5.27 million (141%), which translates to an annualised profit of 9.2% over 10 years.

So far this year, there has only been one other resale at the condo: another 2,433 sq ft three-bedder was sold for $3.78 million ($1,552 psf) on Jan 5. The unit had fetched $3.44 million ($1,414 psf) in May 2010. Thus, the seller made a profit of $335,754 (9%), which is an annualised profit of 0.8% over 11 years.

Staying within District 15, the sale of a 2,099 sq ft, four-bedroom unit at The Seafront on Meyer was the second most profitable during the week. The unit was sold for $4.65 million ($2,215 psf) on June 1, having been bought for $3.4 million ($1,620 psf) in May 2007. As a result, the seller walked away with a profit of $1.25 million (37%), which translates to an annualised profit of 2.1% over 15 years.

Read more at: https://www.edgeprop.sg/property-new...247-mil-profit