Three-bedder at Tanglin Park sold at $2.7 mil profit

March 28, 2024



The sale of a three-bedroom apartment at Tanglin Park was the most profitable condo resale transaction logged during the week of March 12 to 19. The 1,765 sq ft unit on the eighth floor fetched $4.2 million ($2,379 psf) on March 15. It was purchased by the seller for $1.49 million ($844 psf) in July 2004. This means they made a gain of $2.71 million on the sale, which works out to a capital gain of 182% across a holding period of nearly 20 years.

This is the most profitable resale transaction that has ever taken place at Tanglin Park, based on caveats lodged. It surpasses the previous record profit of $2.47 million racked up by the seller of a 2,067 sq ft unit that fetched $4.5 million ($2,177 psf) in October 2021. They had bought the unit in September 2006 for $2.04 million ($985 psf).

Tanglin Park is a freehold condo along Ridley Park, off Tanglin Road in prime District 10. Completed in 1988, it has 274 units spread across 12 lowrise blocks. Apartments include a mix of two- to four-bedroom units between 1,023 and 2,067 sq ft.

The development has seen two units change hands to date this year, including the unit sold on March 15. The other transaction was the sale of another three-bedroom, 1,765 sq ft unit for $3.85 million ($2,181 psf) on Jan 5. The seller, who acquired the unit in May 2006 for $1.8 million ($1,020 psf), walked away with a profit of $2.05 million.

The sale of a duplex penthouse at Langston Ville was the second most profitable condo resale logged during the week in review. The 1,862 sq ft, three-bedroom-plus-study unit on the 10th floor changed hands for $3.18 million ($1,708 psf) on March 15. The seller bought the unit from the developer in November 1999 for about $1 million ($541 psf). Hence, they netted a gain of $2.17 million or 216% after owning the unit for over 24 years.

This marks a new record gain among resale transactions at Langston Ville. Before this, the top gain was for the sale of a 1,862 sq ft unit for $2.1 million ($1,128 psf) in February 2017. The seller, having purchased the unit in April 2003 for $1.02 million ($548 psf), made a profit of $1.08 million.

Located on Kim Yam Road in District 9ís River Valley area, Langston Ville is a 999-year leasehold condo built in 2000. The boutique development comprises a single tower with 54 units, consisting largely of two-bedders of 936 sq ft and three-bedders of 947 sq ft. There are also penthouses of 1,841 to 1,862 sq ft.

On the other hand, Draycott Eight saw the least profitable condo resale transaction during the week in review. A four-bedroom unit spanning 2,896 sq ft was sold for $6.28 million ($2,169 psf) on March 12. The seller bought the unit in December 2012 for $7.18 million ($2,480 psf). Therefore, they made a loss of $900,000 (13%) on the deal, having held the unit for over 11 years.

Draycott Eight is a 99-year leasehold project that was completed in 2005. The development comprises three 24-storey blocks that house a total of 136 units. Apartments are made up of two- and four-bedroom units from 1,173 sq ft to 3,348 sq ft. There are also four-bedroom penthouses starting from 4,015 sq ft.

The unit sold on March 12 is the first apartment at the development to change hands this year. Last year, five resale transactions occurred at Draycott Eight. Four of them were profitable deals, with the respective sellers netting gains ranging from $173,000 to $1.46 million, according to data compiled on EdgeProp Research. The units, measuring between 1,173 and 4,015 sq ft, were sold for between $2.45 million to $8.68 million, or between $2,088 and $2,182 psf.

The remaining resale transaction last year was for a 1,647 sq ft apartment sold on Dec 21 for $2.9 million ($1,761 psf) at a loss of $1.1 million. The seller had purchased it for $4 million ($2,429 psf) in May 2007.

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