SINGAPORE (EDGEPROP) - The most profitable secondary property transaction between February 28 and March 7 was a 3,746 sq ft four-bedroom duplex penthouse at Leedon Residence. The unit was sold on March 2 for S$9.5 million (S$2,536 per sq ft). It was purchased on 19 January 2018 for S$6.7 million (S$1,789 per square foot). The seller therefore made a profit of S$2.8 million (42%) on the secondary transaction, which equates to a five-year annualised profit of 7.1%.
This transaction was slightly below Leedon Residence's most lucrative deal, a five-bedroom flat on the seventh floor, which was sold in July 2021 for S$12.5 million (S$2,657 per square foot). The same flat was purchased in October 2017 for S$9.6 million (S$2,041 per square foot). This therefore generated a record profit of S$2.9 million (30%), which equates to a four-year annualised yield of 7.2%.
Leedon Residence is a prime freehold condominium in Leedon Heights. It was developed by listed property developer GuocoLand and completed in 2015. The 381-unit development comprises 11 12-storey blocks. The entire development covers 4.9 hectares and is one of the largest single freehold sites in District 10.
In recent years, several new developments have emerged in the surrounding area, such as the adjacent Leedon Green, Wilshire Residences, Hyll on Holland and the mixed-use One Holland Village, located next to Holland Village MRT station.
Designed by architect Chan Soo Khian of SCDA Architects, Leedon Residence stands out for its focus on large unit layouts and its emphasis on space and luxury throughout the site.
As one of the newer luxury condominiums in the Leedon-Farrer Road neighbourhood, Leedon Residence also commands a high average price of approximately S$2,590 per square foot in the area, according to the URA Deed of Sale and Purchase compiled by EdgeProp Singapore.
Only three upcoming new developments - Leedon Green (S$2,848 per sq ft), Wilshire Residences (S$2,725 per sq ft) and Hyll on Holland (S$2,706 per sq ft) - are priced higher than Leedon Residence. higher.
So far this year, there have been three resale transactions at Leedon Residence. The other two sales were a 2,659 sq ft unit on the ninth floor which sold for S$7.2 million (S$2,708 per sq ft) on 30 January and a 2,648 sq ft unit on the ninth floor which changed hands for S$7.35 million (S$2,776 per sq ft) on 14 February.
The second most profitable resale of the week took place at D'Grove Villas, where a 1,690 sq ft flat on the fifth floor traded for S$4.3 million (S$2,544 per sq ft) on March 2. The unit was purchased back in 1995 for S$2.16 million (S$1,277 per square foot). As a result, the seller made a handsome profit of S$2.1 million (95%). This equates to an annualised yield of 2.4% over almost 28 years.
D'Grove Villas is a freehold condominium located in Golden Zone 10. This 45-unit development was completed in 1992. It is located close to the Ardmore Park and Nassim Road residential areas, which are home to many prestigious luxury flats such as Le Nouvel Ardmore, Ardmore Park, Les Maisons Nassim and Nassim Mansion.
By far the most lucrative resale transaction for D'Grove Villas was a 5,221 sq ft unit which was sold in June 2010 for S$10.5 million (S$2,011 per sq ft). This unit was purchased in February 2007 for S$6.4 million (S$1,226 per square foot). As a result, the seller made a record profit of S$4.1 million (64%), which also equates to an annualised profit of 16% over three years.
The most loss-making transaction of the week occurred when The Sail @ Marina Bay sold an 883 sq ft flat on March 1. The two-bedroom flat on the sixth floor was sold for S$1.92 million, having previously sold for S$2.3 million (S$2,601 per square foot) in June 2011. As a result, the seller lost 16.5%, which equates to an annualised loss rate of 1.5% over a 12-year period.
The Sail is a 99-year leasehold condominium located on Marina Bayfront Road in Post Office District 1 in the heart of Singapore. This 1,111-unit project was the first high-rise residential development in Singapore: the first 70-storey tower was launched in September 2004 and the second 63-storey tower a year later. Both towers were completed in 2008.
According to property transaction data collected by EdgeProp Singapore, units in the condominium sold for around S$1,942 per square foot in around March 2018, and rose only slightly to S$1,973 per square foot this month.
So far this year, there have been eight resale transactions at The Sail, with sales prices ranging from a 592-square-foot unit on the 32nd floor that sold on March 3 for S$1.12 million (S$1,892 per square foot) to a 1,184-square-foot unit on the 46th floor that traded on January 26 for S$2.6 million (S$2,196 per square foot).
