Yong An Park townhouse sold for $4.5 million profit

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The purchase of a townhouse at Yong An Park which is a freehold development located situated on River Valley Road in District 9 was an extremely profitable condominium resalesale deal recorded in the week from May 2 through 9. A caveat was registered on May 5 to facilitate an auction of 7,718 square feet property at $14.08 million ($1,824 per square foot). The property was sold before to the value of $9.58 million ($1,241 per square foot) on February 28, 2008. In the process, the seller earned a profit of $4.5 million from the sale which is 47% capital gain, after having held the property for more than 15 years.

The sale takes place one month after the last purchase in Yong An Park. A four-bedroom apartment with a total area of 3,434 square feet in the 10th level was sold for $8.1 million (or $2,359 psf) on the 6th of April. The buyer purchased the property at $6.02 million ($1,753 per square foot) on March 12, 2012. They made an increase in the amount of $2.08 millions (35%) over a duration which was 11 years.

The park was built in 1986. Yong An Park has a total of 288 homes. Most homes are one- to four-bedders that range between 1,023 sq ft to 3,778 square feet. There are threeto five bedroom penthouses that range of 3,466 sq feet and 6,878 sq ft, respectively in addition to an assortment of six-bedroom townhouses with strata titles starting at 7,718 square feet. The development is just a five-minute walk from the Great World MRT Station on the Thomson East Coast Line.

New Futura, another freehold project in District 9, witnessed the second-highest profit from condo resales transaction during the period of the review. A caveat was lodged in relation to selling the 2691 square foot unit, which is located on the 24th floor the 3rd of May, to $12.5 million. With a price of $4,645 per square foot it was a new price for the freehold 124-unit development of City Developments that was completed in the year 2017. The buyer purchased the property at the request of developer in January of 2018 at $9.1 million ($3,395 per sq. ft.). Therefore, they realized an investment of $3.37 millions (37%) after holding the unit for five years.

It is the most profitable resale deal to have occurred in New Futura to date. This surpasses the previous record, set in December 2022 when the 2,691 square feet unit was purchased for 12 million ($4,459 per square foot) The buyer gaining $2.96 million. It’s also the second unit that has changed ownership at the time of the development date in the year. In February one of the units, a 1,098 square foot unit sold for $4.4 million ($4,008 per sq ft) and the seller earning around $314,000.

New Futura, located along Leonie Hill Road, is an imposing twin-36-storey residential development that was designed by American architect business Skidmore, Owings and Merrill, the architect who designed luxurious developments Wallich Residence as well as Skywaters Residences located in Tanjong Pagar. The apartments at New Futura are comprised of two-bedroom homes with 1,098 square feet up to four-bedroom units of 2,691 sq ft, with ceilings with double volume. There are two penthouses with 7,836 sq feet which are located on the highest point in each of the towers.

In contrast, a one-bedroom apartment purchased in V On Shenton was the least profitable purchase during the review period. The 484 sq ft apartment was sold at $1.13 million ($2,333 per sq ft) on May 2nd. The buyer purchased the property at $1.33 million ($2,738 per sq ft) at the expense of developer on November 12, 2012. This resulted in an expense of $196,000, (or 15% over a 10-1/2-year time period of holding.

Based on caveats filed, V On Shenton has witnessed three transactions in the last year that been completed below the respective prices of purchase. On January 16, a 484 square feet unit sold for $1.04 million ($2,143 per sq ft) and the seller losing $250,000. On March 1st, a 1,098 sq feet unit was sold at $1.94 million ($1,767 per square foot) and the seller taking a loss of $35,000. On March 10 the 1,528 sq ft unit was traded for $3.09 million which resulted in the seller taking the loss of $254,000.

V Shenton is a 99-year leasehold condominium located situated on Shenton Way located in District 1 created in partnership with Singapore Land Group. The condo with 510 units located in The CBD comprises the residence portion of a mixed-use project which includes a 54-story residential tower as well as an office tower with 23 stories. The entire project was completed in the year 2017.