Park Infinia at Wee Nam penthouse sold at $2.7 mil profit

By Angela Teo / EdgeProp | October 1, 2017

After a holding period of more than 12 years, the seller of a 3,240 sq ft, four-bedroom penthouse at Park Infinia at Wee Nam made a $2.71 million (113%) profit, or 6.4% a year.

The previous owner bought the two-level penthouse from developer Keppel Land at $2.4 million ($741 psf) in August 2005, before Park Infinia at Wee Nam was officially launched in October 2005. He sold it to a Singaporean buyer for $5.1 million ($1,577 psf) on Sept 15. The transaction marks the highest profit at Park Infinia at Wee Nam in 2017, based on the matching of URA caveat data.

Since its completion in 2008, there have been seven profitable transactions and no unprofitable ones for units larger than 3,000 sq ft at Park Infinia at Wee Nam. Profits ranged from $850,000 to $2.71 million. All seven units were located on the 29th floor.

So far this year, Park Infinia at Wee Nam has seen 21 profitable and three unprofitable transactions. While profits ranged from $8,400 for a one-bedroom unit on the 27th floor to $2.71 million for a four-bedroom penthouse on the 29th floor, losses were between $60,000 for a three-bedroom unit on the 21st level and $152,000 for a one-bedroom unit on the 31st level.

Located on Lincoln Road, the 486-unit Park Infinia at Wee Nam was one of the largest condominiums in the Newton area when it was launched in October 2005. The condo has 30- and 36-storey towers that house one-to four-bedroom units as well as penthouses. Units measure 560 to 3,315 sq ft. According to Keppel Land, the freehold condo was fully sold in 2009.

Park Infinia at Wee Nam is located within walking distance of United Square Shopping Mall and within a 1km radius of St Joseph’s Institution Junior.

On Mimosa Road in Serangoon, a 2,153 sq ft unit on the ninth floor at Mimosa Park was sold at more than triple its purchase price. The Mimosa Park unit was purchased in December 2005 at $600,000 ($279 psf), and sold on Sept 19 to a Singaporean buyer at $1.87 million ($869 psf). This translates into a $1.27 million (212%) profit.

Developed by Bukit Sembawang Estates, the 175-unit Mimosa Park was completed in 1979. Besides 144 condo units, the freehold development also consists of 31 strata landed homes.

Meanwhile, the seller of a 1,453 sq ft unit at 8 @ Mount Sophia made a $270,000 (12%) loss. The third-floor unit was bought for $2.31 million ($1,590 psf) in March 2012, and sold at $2.04 million ($1,404 psf) on Sept 14. This works out to a loss of about 2% a year over a holding period of 5˝ years.

The 313-unit 8 @ Mount Sophia has seen two profitable and eight unprofitable transactions thus far in 2017. Profits were between $33,300 for a 1,442 sq ft unit on the fourth floor and $923,688 for a 1,464 sq ft unit on the eighth floor. Losses were lodged at $153,000 and $270,000 for a 1,464 sq ft unit on the eighth floor and a 1,453 sq ft unit on the third floor respectively.

8 @ Mount Sophia led the revitalisation of the Mount Sophia area in District 9 when it was launched and fully sold by Frasers Centrepoint in November 2002. Located within walking distance of the Dhoby Ghaut MRT interchange and Plaza Singapura, the 103-year leasehold condo is near St Margaret’s Primary School.