Seller of penthouse at Beverly Hill reaps $7 million profit
A high ceiling five-bedroom penthouse at Beverly Hill was recently sold and set the latest record of being the most profitable resale condo transaction during the week of July 25 to Aug 1, according to caveat found on URA website. The duplex high ceiling penthouse transacted when both seller and buyer inked on the dotted line on July 28 for $18 million ($2,382 psf) which was bought previously bought by the seller in Jan 2007 for $11 million ($1,456 psf), the sums works out to be a jaw-dropping gross profit, before deducting any service fee pertaining to property conveyancing, of $7 million or 64% gain over a 16.5 years holding period. This is the Beverly Hill’s latest most profitable transaction recorded, according to reliable portal revealed. the previous transaction established in January 2007 where the seller of the penthouse reaped a profit gain of $5.3 million was beaten . Beverly Hill condominium which was developed in 1983, and is situated on Grange Road in District 10. The 86 units boutique condominium sitting on a single 23-storey high block with only four-bedroom units floor plate crated for the condo. the second most profitable transaction during the week in review with the sale of a 6,114 sq ft, duplex penthouse in Pebble Bay for $9 million. The Kallang condo is a 510-unit development which is a short five-minute stroll to the upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line.