A unit in Casabella, a condo with freehold located along Duchess Avenue, was the most profitable condo resales reported during the week of April 25 through May 2. The 1,292 square feet 3-bedroom unit sold for $2.66 million ($2,059 per square foot) on the 27th of April. It was bought for $975,000 ($755 per square foot) during August of 2005 by the developer. The seller earned the buyer a profit that was $1.69 millions (173%) over a holding period of close to 18 years.
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This is a new psf price record for Casabella and beats the previous record high of $2,036 recorded in December, when a 1,292 sq feet unit was sold at $2.63 million. The deal that took place on April 27 also marks the third highest-profitable resale deal at the development. The most profitable sale that netted the seller the seller a $1.79 million profit and took place in July 2019, following the 3,079 sq feet unit was sold at $3.41 million ($1,108 per square foot). The second highest-profitable transaction, which took place in April of 2018, followed the sale of the 3,552 sq ft unit worth $4 million ($1,126 per square foot). The seller earned a profit in the amount of $1.72 million.
Casabella is a 82-unit residential development along Coronation Road in prime District 10. The freehold development has been completed by CapitaLand. Casabella is comprised of 60 townhouses, 14 apartments and eight strata-titled semi-detached units. The Apartments located at Casabella are situated in two five-storey blocks. They are made up of twoto four-bedroom units, ranging between 990 and 1,900 sq feet. The townhouses with three floors have the floor space of 3000 sq ft, while the semi-detached, three-storey units boast an area of approximately 3,500 sq feet.
The second highest-grossing sale of a condo during the week-long study was the auction of a 3-bedroom condo in The Suites At Central, which is a condominium on Devonshire Road in District 9. The 1,442 square feet apartment on the 28th floor was purchased at $3.75 million ($2,600 per square foot) on the 26th of April. It was purchased by this seller through the developer in exchange for $2.13 million ($1,474 per sq ft) in July of 2006. This resulted in an income of $1.62 million, or 75% during a tenure of nearly 17 years.
This is the first property to be sold in The Suites At Central this year. This transaction was also the second highest gain during the development. The most lucrative transaction on the property The Suites At Central was the sale of a 1,72 sq ft unit located on the 19th floor in August 2007. The unit sold for $3.81 million ($2,426 per square foot) and the seller made the profit in the amount of $1.65 million.
Suites At Central Suites At Central is a freehold development of 157 units owned by Keppel Land and CEL Development (the property arm of Chip Eng Seng). The development was completed in the year 2009. It is comprised of one-to four-bedders that range from 624 to 3,670 square feet. The condominium is just a few steps away from Orchard Road. Orchard Road shopping belt.
In the meantime, the least profitable condo resale deal during the week of study was the sale to a 3-bedroom located at Jardin the Apartment, a freehold unit located on Dunearn Road. The 1,701 square feet unit traded hands at $3.05 million ($1,793 per square foot) on the 26th of April. The seller bought the unit at $3.24 million ($1,902 per sq ft) in April of 2012, meaning they suffered a loss of $185,000, or six% during an eleven-year period.
Jardin has witnessed only one other transaction in the year — the purchase of a 1,098 square foot apartment in the price of $2.02 million ($1,840 per square foot) in March. The buyer, who purchased the property in April 2010 at $1.79 million ($1,629 per square foot) through the developer made an income of $232,000 from the sale.
Jardin is a freehold 140-unit condo owned by Far East Organization that was completed in the year 2012. It is situated at the intersection of Dunearn Road and Jalan Anak Bukit located near Bukit Timah Plaza, in District 21. The tower is 10 stories tall and has an array of two-to-four-bedroom homes that range from 958 to 1,894 square feet.