Four-bedder at Manhattan Mansions rakes in $2.28 mil profit

November 3, 2022



The most profitable transaction recorded during the fortnight from Oct 11 to 25 was for a four-bedroom apartment at Manhattan Mansions. The seller reaped a profit of $2.28 million on the 2,228 sq ft, second-floor apartment when it was sold for $3.88 million ($1,741 psf) on Oct 12. The apartment had been purchased for $1.6 million ($698 psf) in July 2001. This means the seller made a 4.2% gain annually over more than two decades.

Manhattan Mansions is a 29-unit, freehold apartment complex along Grange Road, in River Valley District 10. Developed by Ban Hin Leong Group, the 10-storey apartment block was completed in 1994.

The development is located just off Grange Road and Paterson Hill. It is within 500m of the upcoming Orchard MRT Interchange Station for the Thomson-East Coast Line and North-South Line.

The second most profitable transaction for the period was for a four-bedder at The Hacienda, which was sold for $5.4 million ($1,672 psf) on Oct 13. The seller purchased the 3,229 sq ft unit on the ground floor for $3.18 million ($985 psf) in June 2008. Hence, the seller made a gross capital gain of $2.22 million over a 14-year holding period. The 3,229 sq ft unit is one of the three largest at The Hacienda and has changed hands five times over the past 27 years.

The Hacienda is a freehold, four-storey condominium located on Hacienda Grove, off Upper East Coast Road in prime District 15. Developed by AssoBuild Realty, the 109-unit The Hacienda was built in 1986.

The most unprofitable transaction for the fortnight occurred at Reflections at Keppel Bay. It was for a 3,283 sq ft, four-bedroom unit on the third floor that changed hands for $7.22 million ($2,199 psf) on Oct 14, according to a caveat lodged. The unit was purchased for $8.4 million ($2,558 psf) in August 2007 from the developer, Keppel Land. Hence, the seller recorded a loss of $1.18 million on the sale, or a 14% loss over a 15-year period.

The 1,129-unit, 99-year leasehold Reflections at Keppel Bay is a luxury landmark condominium at Keppel Bay. Designed by acclaimed architect Daniel Libeskind, Reflections at Keppel Bay was completed in 2011. It has six high-rise residential towers of 24 to 41 storeys; and 11 fan-shaped, six-storey villa blocks fronting the sea.

Read more at: https://www.edgeprop.sg/property-new...228-mil-profit