, highest for the year
The most profitable resale transaction from Sept 26 to Oct 10 was the sale of a five-bedroom penthouse at UE BizHub City (formerly known as UE Square). Selling for $6.28 million ($2,031 psf) on Oct 6, the 3,089 sq ft unit on the 18th floor was purchased for $4.1 million ($1,327 psf) back in December 2009, yielding the seller a profit of $2.18 million (53%). This translates to an annualised gain of 3.1% over 14 years, making it the most profitable resale at the development to date.
UE BizHub City, now a unit of Yanlord Land, is a mixed-use development that was completed in 1997. It is located in the Robertson Quay area and consists of an 18-storey office building with a four-storey shopping podium, as well as a pair of 18-storey residential blocks housing 345 units. The average price at the development is $1,986 psf, significantly higher than $1,327 psf in October 2013.
The second most profitable transaction between Sept 26 and Oct 10 was the sale of a three-bedroom unit at The Chuan, a 999-year leasehold condo on Lorong Chuan. The 1,367 sq ft unit, on the 20th floor, fetched $3.02 million ($2,208 psf) on Sept 29, having been bought for about $992,000 ($726 psf) in October 2006. Consequently, the seller gained a profit of $2.03 million (204%), which translates to an annualised gain of 6.8% over 17 years.
Residents are sure to enjoy the wide range of amenities including a landscaped garden, swimming pool, BBQ pavilion and children’s playground.
Located in the heart of the Admiralty district, Champions Way Condo is a multi-storey condominium that offers its residents a luxury living experience. This stunning development features a plethora of facilities and amenities, making it the perfect spot to call home. With spacious units ranging from two bedrooms to five, Champions Way Condo is the ideal choice for singles and families alike. Residents will also appreciate the commercial component with a supermarket, childcare centre, and retail centre. On-site amenities include a landscaped garden, a swimming pool, BBQ pavilion, and a children’s playground – creating an enjoyable environment for the entire family.
The most unprofitable transaction, on the other hand, was the sale of a 1,615 sq ft unit at Marina Bay Suites. The three-bedroom unit, on the 37th floor, sold for $3.15 million ($1,951 psf) on Sept 27, after having been bought for $3.8 million ($2,357 psf) back in June 2010. This resulted in a loss of about $656,000 (17%), which translates to an annualised loss of 1.4% over 13 years. So far this year, Marina Bay Suites has seen seven unprofitable resale transactions and just one profitable deal.
UE BizHub City, The Chuan and Marina Bay Suites are all situated in prime areas of Singapore, each with a wealth of facilities and amenities in the vicinity. These transactions demonstrate how Singapore’s rental market remains a lucrative space in the current climate.