Four-bedder at The Sea View sold at $2.7 mil profit

November 8, 2023



The sale of a four-bedroom unit at The Sea View was the most profitable condo resale transaction recorded during the week of Oct 24 to 31. The 1,647 sq ft unit on the seventh floor changed hands for $3.96 million ($2,405 psf) on Oct 26. It was purchased by the seller from the developer in March 2006 for $1.24 million ($753 psf). Thus, the seller made a gross profit of $2.72 million or 219% upon selling the unit, which they had held for around 17 years.

This is the most profitable resale transaction ever recorded at The Sea View, based on caveats lodged. It beats the previous record gain of $2.48 million netted by the seller of a 2,809 sq ft unit in April 2021. The unit, which had been purchased by the seller for $2.52 million ($897 psf) in October 2005, was sold for $5 million ($1,780 psf).

The Sea View is a freehold condo on Amber Road in District 15. Completed in 2008 by Wharf Estates Singapore (the former Wheelock Properties), the 546-unit development features six 22-storey blocks. Residences comprise one-bedders from 527 sq ft, two-bedders from 1,216 sq ft, three-bedders from 1,410 sq ft, four-bedders from 1,518 sq ft, and five-bedroom penthouse units from 2,809 sq ft.

Amenities near The Sea View include malls like Parkway Parade on Marine Parade Road and I12 Katong on East Coast Road, both within walking distance. The upcoming Marine Parade MRT Station on the Thomson-East Coast Line is less than a 10-minute walk away.

The second most profitable transaction during the week in review took place at Valley Park. On Oct 31, a three-bedroom-plus-study unit measuring 1,808 sq ft was sold for $4.06 million ($2,245 psf). The seller bought the unit in March 1996 for $1.89 million ($1,045 psf). Hence, they netted a gain of $2.17 million (115%) after holding the unit for around 27 years.

The sale marks the fourth-highest profitable resale transaction logged at Valley Park, and the second-highest one this year. The most profitable transaction at the development occurred in June 2022 with the sale of a 3,789 sq ft unit for $7.57 million ($1,998 psf). The seller, who had bought the unit in May 2006 for $3.36 million ($886 psf), raked in a gross profit of about $4.21 million.

Among the 11 resale transactions logged at Valley Park this year, the most profitable transaction occurred on July 14 when a 1,701 sq ft unit changed hands for $3.85 million ($2,264 psf). The seller made a gain of $2.2 million on the sale.

Located along River Valley Road in prime District 10, Valley Park is a 999-year leasehold condo by Frasers Property that was completed in 1997. It comprises five apartment blocks housing 728 residences ranging between oneand four-bedders of 710 to 3,940 sq ft.

Meanwhile, the most unprofitable condo resale transaction during the week in review was the sale of a four-bedroom unit at Manhattan Mansions. The 2,196 sq ft apartment fetched $3.99 million ($1,817 psf) on Oct 30. The seller, who had acquired the fourth-floor unit in July 2007 for $4.28 million ($1,949 psf), suffered a loss of $290,000 (7%). They had owned the unit for a little over 16 years.

This is the first resale transaction at Manhattan Mansions since October 2022, when a 2,228 sq ft unit was sold for $3.88 million ($1,741 psf). The transaction netted the seller a gain of $2.28 million, making it the second-most profitable resale deal recorded at the development.

The unit sold on Oct 30 is the first unprofitable resale transaction at Manhattan Mansions in about 17 years, according to data compiled on EdgeProp Research. Based on caveats lodged, the last unprofitable sale occurred in September 2006, when a 2,228 sq ft unit was sold at a loss of $50,000.

Manhattan Mansions is a 29-unit, freehold apartment along Grange Road in District 10. The 10-storey apartment block was completed in 1994. Residences consist of three- and four-bedders of between 1,485 and 2,239 sq ft.

More at: https://www.edgeprop.sg/property-new...-27-mil-profit