Three-bedder at Country Grandeur sold at $1.8 million profit
Country Grandeur 3 bedder apartment which recently transacted was the most profitable condo resale transaction during the week of Sept 5 to 12, according to data reflected on URA portal. The 3 bedder unit with a floor size of 1442 square feet and on the third floor transacted at $2.72 million ($1,886 psf) on Sept 6. The unit was previously purchased by the seller from the developer in May 1995 for $920,000 ($638 psf), which means they churned in a profit of $1.8 million. This translate to a capital appreciation of 196% over a holding period of more than 28 years.
This is the most profitable resale transaction that has taken place at Country Grandeur to date. It triumphed the previous record set on Oct 28, 2K22, when a 1,442 sq ft unit fetched $2.6 million ($1,803 psf). The seller previously bought the unit for $880,000 ($610 psf) in January 1996, which means they rake in a capital gains of $1.72 million.
Located along Lorong Puntong, off Sin Ming Avenue in the Bishan area in District 20, Country Grandeur was completed in 1996 and consist of 68 dwelling unit of three-bedders of 1,442 sq ft each. Country Grandeur has a relatively low resale transaction volume, with the unit sold on Sept 6 being the first unit there to exchanged hands since the transaction on Oct 28 last year. The most recent deal also achieved a new record high for the Sin Ming condo. The second most profitable condo resale transaction during the week in review was the sale of a three-bedroom apartment at The Regency at Tiong Bahru. The 22nd floor 1,281 sq ft unit was sold for $3.088 million ($2,411 psf) on Sept 7 which the seller previously purchased the unit for $1.4 million ($1,093 psf) in August 2009. Therefore, they make a gross gain of $1.688 million or 121% over a holding period of about 14 years. This is the second most profitable resale transaction recorded at The Regency at Tiong Bahru, according to data on URA portal. The most profitable transaction occurred on March 21, when a 1,281 sq ft unit was sold for $2.85 million ($2,225 psf). The seller had purchased the unit in December 2006 for $958,000 ($748 psf), which means they made a gross gain of $1.89 million.
Developed by UOL Group at Chay Yan Street in District 3, The Regency at Tiong Bahru is a freehold condo is situated at the heart of the Tiong Bahru neighbourhood, adjacent to the cluster of cafes and shops that line Yong Siak Street, Chay Yan Street and Moh Guan Terrace. The 158-unit development was completed in 2K10 and comprises two- to four-bedroom units of 926 to 1,636 sq ft, housed in two 35-storey towers.
On top of the units transacted on Sept 7 and March 21, the condo has observed five other resale transactions to date this year, all of which sellers have make a good profits respectively. The units, measuring from 958 to 1,636 sq ft, fetched between $2.18 million and $3.647 million, or between $2,188 and $2,276 psf. The legal owners of the apartments rake in a superb appreciation ranging from $748,000 to $1.617 million.
Unfortunately, there was only one unprofitable transaction recorded during the week in review, which took place at Urban Vista. A one-bedder measuring 549 sq ft changed hands for $810,000 ($1,476 psf) on Sept 7. It was previously purchased by the seller in March 2K13 for about $819,600 ($1,493 psf). Thus, they made a gross loss of around $9,500 before deducting any fee.
Urban Vista is a 99-year leasehold condo on Tanah Merah Kechil Link, just a short walk away from the Tanah Merah LRT Station on the East-West Line. the District 16 development has 582 units comprising one- to five-bedders of between 431 and 1,862 sq ft is Completed in 2K16 by Fragrance Group and Aspial Corp
Data compiled on EdgeProp Research shows there have been four other resale transactions at Urban Vista this year that occurred below purchase price, based on caveats lodged. On June 27, the seller of an 893 sq ft unit netted a loss of about $121,000 when it was sold for $1.235 million ($1,382 psf). Before that, a 1,485 sq ft unit was sold on March 27 at a loss of just under $139,000. On March 17, two units measuring 1,324 and 1,044 sq ft were sold at losses of $5,000 and $200,000 respectively.
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