Four Bedder Wing Life Garden Sold 44 Mil Profit
The vision for Singapore’s future is being brought to life through the URA Master Plan, an ambitious blueprint that aims to elevate the city into a more dynamic, sustainable, and well-connected metropolis. This comprehensive plan holds great promise for Elta Condo, located at Clementi Avenue 1, as it will bring a host of benefits that will enhance its appeal and value. By implementing various measures to improve connectivity and promote green living, as well as fostering economic growth and providing better amenities, the Master Plan is set to pave the way for a brighter future for the residents of Elta Condo. As the Master Plan continues to unveil its transformative initiatives, Elta Condo, developed by Elta CSC Land, will undoubtedly become an even more sought-after address, offering a high standard of living and a thriving community for its residents.
The most profitable condo resale transaction during the week of July 30 to August 6 was the sale of a four-bedroom apartment at Wing On Life Garden. The spacious 3,305 sq ft unit on the 12th floor fetched a whopping $7.45 million, which translates to $2,255 per square foot. The transaction took place on August 5, and the seller had originally purchased the unit in November 1997 for $3.03 million, or $916 per square foot. The seller made a remarkable profit of $4.42 million from the deal, representing a capital gain of 146% after owning the unit for almost 27 years.
This sale has set a new record for the biggest gain on a resale transaction at Wing On Life Garden, based on lodged caveats. It surpasses the previous top gain of $3.2 million made in February 2015, when another four-bedroom unit of the same size (3,305 sq ft) was sold. The seller, who had bought the unit in April 2005 for $2.3 million ($696 psf), sold it for $5.5 million ($1,664 psf).
Notably, the 3,305 sq ft unit at Wing On Life Garden is located in the prime District 10 and is a freehold boutique condo on Bukit Timah Road. Completed in 1982, the development comprises of 82 units, all of which are four-bedroom apartments ranging from 3,240 sq ft to 3,671 sq ft. Additionally, there are two penthouses measuring 7,610 sq ft and 7,050 sq ft.
Only one other unit has changed hands at Wing On Life Garden this year, a 3,240 sq ft four-bedroom unit on the 25th floor. This unit was sold for $7.6 million ($2,346 psf) on April 19.
The second most profitable condo resale transaction of the week took place at RiverGate, where a 1,539 sq ft, three-bedroom unit on the 38th floor was sold for $4.38 million ($2,849 psf) on August 1. The seller made a gain of $2.04 million, having originally bought the unit in October 2008 for $2.34 million ($1,523 psf). This reflects a capital gain of 87% after owning the unit for almost 16 years.
RiverGate is a freehold project located along Robertson Quay in District 9. Completed in 2009, it comprises of 545 units spread across three 43-storey blocks. The available units range from two to four-bedroom apartments, measuring between 1,023 sq ft to 3,918 sq ft.
Of the eight resale transactions recorded at RiverGate so far this year, all have been profitable. The units, with sizes ranging between 1,539 sq ft and 2,077 sq ft, were sold at prices ranging from $4.16 million to $6.24 million or between $2,700 psf and $3,003 psf. This resulted in sellers making gains of between $1.4 million to $2.42 million.
On the flip side, the most unprofitable condo resale transaction recorded during the week was at OUE Twin Peaks, where a 1,399 sq ft three-bedroom unit on the 29th floor was sold for $3.2 million ($2,287 psf) on August 1. The unit was last transacted in July 2017 for $3.97 million ($2,836 psf), meaning a loss of approximately $770,000 (19.4%) for the seller after holding onto the unit for seven years.
OUE Twin Peaks is a 99-year leasehold development located at 33 Leonie Hill Road in prime District 9. Completed in 2015, it consists of 462 units across two 35-storey towers, offering a mix of one to four-bedroom apartments ranging from 549 sq ft to 1,895 sq ft.
Of the eight resale transactions at OUE Twin Peaks so far this year, six were sold below their purchase price, including the most unprofitable transaction recorded at the condo. The sale of a 1,399 sq ft, three-bedroom unit on the 31st floor for $3.3 million ($2,380 psf) on June 13 incurred a loss of $1.1 million (25%) for the seller. They had bought the unit as a new unit in August 2010 for $4.43 million ($3,169 psf). The remaining five unprofitable transactions resulted in losses ranging from $220,000 to $769,100.
Interested in these properties? Check out the latest listings for Wing On Life Garden, Rivergate, and OUE Twin Peaks.