Three-bedder at Country Grandeur sold at $1.8 million profit
The sale of a 3 bedroom apartment at the freehold Country Grandeur which recently transacted was the most profitable condo resale transaction during the week of Sept 5 to 12, according to caveat captured on URA portal. The 1442 square feet unit located on the third floor transacted at $2.72 million ($1,886 psf) on Sept 6. The seller previously purchased this unit 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 has enable Country Grandeur to achieve the latest most profitable transaction till date. the previous record set on Oct 28, 2K22, when a 1,442 sq ft unit fetched $2.6 million ($1,803 psf) was triumphed with this latest transaction. The seller previously bought the unit for $880,000 ($610 psf) in January 1996, which means they churn in a capital appreciation of $1.72 million.
Country Grandeur was Situated along Lorong Puntong, off Sin Ming Avenue in the Bishan area in District 20, which achieved completion in 1996 and configuration of 68 dwelling unit of three bedroom apartment with 1,442 square feet each. With a relatively low resale transaction volume, the unit at Country Grandeur sold on Sept 6 being the first unit there to exchanged hands since the last done deal on Oct 28 2K22. The latest transacted unit also achieved a new record high for this Bishan condo. The second condo with the most profits which transacted 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 exchanged hands for $3.088 million ($2,411 psf) on Sept 7 which the unit previously purchased by the seller for $1.4 million ($1,093 psf) in August 2009. Therefore, they churn in capital gain of $1.688 million or 121% over a occupation 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.
The Regency at Tiong Bahru is a freehold condo which is situated at the heart of the Tiong Bahru neighbourhood, adjacent to the rows 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, Developed by UOL Group at Chay Yan Street in District 3,
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 gains respectively. The units, with dimension ranging from 958 to 1,636 sq ft, transacted between $2.18 million and $3.647 million, or between $2,188 and $2,276 psf. The legal subsidiary proprietor of the apartments rake in a superb appreciation ranging from $748,000 to $1.617 million.
Unfortunately, there was only one unprofitable transaction captured during the week in review, which happened at Urban Vista. A one-bedder apartment with dimension 549 sq ft changed hands for $810,000 ($1,476 psf) on Sept 7. the seller bought this unit previously in March 2K13 for about $819,600 ($1,493 psf). They thus made a gross loss of around $9,500 before deducting any service and legal fee pertaining to this transaction.
Located on Tanah Merah Kechil Link, just a short walk away from the Tanah Merah LRT Station on the East-West Line. the District 16, Urban Vista is a 99-year leasehold condo development comprising of 582 units with multiple configuration from one- to five-bedders of between 431 and 1,862 sq ft is Completed in 2K16 by Fragrance Group and Aspial Corp
EdgeProp Research data compilation reveals there have been four other resale transactions at Urban Vista this year that occurred below purchase price, based on caveats lodged. 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) on June 27. Prior to this, 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.
