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Thread: Seller of The Gardens at Bishan unit makes $765,560 profit

  1. #1
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    Jun 2020
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    Default Seller of The Gardens at Bishan unit makes $765,560 profit

    Seller of The Gardens at Bishan unit makes $765,560 profit

    By Timothy Tay
    EdgeProp Singapore

    June 12, 2020 6:30 AM SGT

    https://www.edgeprop.sg/property-new...-765560-profit

    SINGAPORE (EDGEPROP) - Resale transactions in the suburbs dominated the list of most profitable deals during the week in review from May 26 to June 2. The most profitable deal during the week is the sale of a 1,206 sq ft, three-bedroom unit at The Gardens at Bishan, which fetched $1.34 million ($1,114 psf) on May 29. According to URA caveats, it was bought for $577,440 ($479 psf) in June 2003. Thus, the seller made a $765,560 (133%) profit on the transaction, which translates into an annualised profit of 5.1% over 17 years.

    The Gardens at Bishan is a 99-year leasehold development along Sin Ming Walk in District 20. The condominium is located between Peirce Secondary School and Ai Tong School, and is beside the upcoming Bright Hill MRT Station on the Thomson-East Coast Line. The 756-unit development — which was completed in 2004 and comprises two- to four-bedroom units ranging from 861 to 2,755 sq ft — is also less than 200m from Bishan-Ang Mo Kio Park.


    A three-bedroom unit at The Gardens at Bishan was sold for $1.34 million on May 29. (Picture: The Edge Singapore)

    The latest sale at The Gardens at Bishan marks the sixth resale transaction at the condominium so far this year. Based on the matching of caveats, all of the resale deals so far this year have been profitable — ranging from $498,000 for the sale of an 861 sq ft unit in February, to $853,560 when a 1,152 sq ft unit changed hands in April.

    The second most profitable resale transaction during the week was the sale of a 1,281 sq ft unit at Symphony Heights, a freehold condominium along Hume Avenue in District 21. The three-bedroom unit sold for $1.31 million ($1,023 psf) on May 29, had been bought for $683,000 ($533 psf) in January 1999. This means that the seller earned a profit of $627,000 (92%). Over a holding period of 21 years, this translates into an annualised profit of 3.1%.

    Symphony Heights is a freehold development with 449 units, comprising two- to four-bedroom units from 915 to 1,798 sq ft. It was completed in 1998. The latest resale is the second transaction at the condominium so far this year — a 926 sq ft unit sold for $1.29 million ($1,394 psf) on Jan 17 this year.

    However, the most unprofitable resale transaction recorded during the week in review was for a 1,593 sq ft, three-bedroom unit at the luxury Hilltops condominium along Cairnhill Circle. The property, which is located in prime District 9, was sold for $4.38 million ($2,746 psf) on May 26. It was previously purchased for $4.84 million ($3,038 psf) in March 2015. This resulted in a loss of $465,000 (10%) and also translates to an annualised loss of 1.9% over five years.


    The seller of a three-bedroom unit at Hilltops incurred a $465,000 loss on on May 26. (Picture: The Edge Singapore)

    The 240-unit freehold development was completed in 2011, and comprises a 14-storey block and two 20-storey towers with a mix of unit types from two- to five-bedroom apartments and penthouses that range from 807 sq ft to 7,728 sq ft.

    Based on the matching of URA caveats, the latest resale transaction at Hilltops is the second most unprofitable deal at the freehold condominium. Topping the unprofitable list is the sale of a 1,550 sq ft unit that fetched $3.75 million ($2,419 psf) in September 2016, after it was purchased for $5.54 million ($3,576 psf) in November 2007. This resulted in a record loss of $1.79 million (32%) for the seller. Other losses range from $137,500 to $240,000 across four other transactions.


  2. #2
    Join Date
    Jan 2021
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    Default Re: Seller of The Gardens at Bishan unit makes $765,560 profit

    they have good units there, I used to power wash your home, but now I moved.

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