Four Bedder Glentrees Sold 246 Mil Profit
The sale of a four-bedroom apartment measuring 1,701 sq ft at the esteemed Glentrees development was the most profitable condo resale transaction during the week of October 8th to October 15th. On October 11th, the second-floor unit was sold for a whopping $3.65 million, equating to a price per square foot of $2,146. The seller originally purchased the unit directly from the developer in June of 2005 for a mere $1.19 million, working out to $700 per square foot. As a result, the seller reaped a staggering gain of $2.46 million from the sale after owning the unit for almost 20 years. This translates to a remarkable capital gain of 207%, or an annualized profit of 10.9% for the seller.
Located on the coveted Mount Sinai Lane in prime District 10, Glentrees is a highly sought-after 999-year leasehold condo that was built in 2005. It boasts eight five-storey blocks and a total of 176 apartments, featuring two- to four-bedrooms ranging from 1,346 sq ft to 1,884 sq ft. Additionally, the development has exquisite top-floor loft units, which are comprised of two- to four-bedrooms spanning 1,991 sq ft to 2,691 sq ft. The largest units at Glentrees are the prestigious Garden Terraces, occupying the ground floor with two- or three-storey layouts akin to that of a luxurious landed home. These units impressively measure between 2,626 sq ft and 3,670 sq ft.
To date this year, there have been seven other successful resale transactions at Glentrees, all of which have been profitable. This includes the sale of a 3,671 sq ft, four-bedroom unit on the first floor for an impressive $4.4 million, translating to a price per square foot of $1,199. The seller, who had originally purchased the unit from the developer in May of 2004 for $1.5 million ($409 psf), netted a remarkable gain of $2.9 million – an incredible 193% increase. This is the highest profit recorded on a unit at Glentrees. Other units at the development that changed hands this year have reaped gains ranging from $150,000 to $770,000.
The second most profitable resale deal during the week of October 8th to October 15th was the sale of a three-bedroom unit at Flame Tree Park on October 10th. The 1,765 sq ft unit was sold for $3.18 million, equating to a price per square foot of $1,801. The seller last purchased the unit in May of 1995 for $1.03 million ($582 psf), resulting in a profit of $2.15 million, or 209%, after owning the unit for an impressive 29 and a half years. This sale has set the record for the most profitable transaction at Flame Tree Park. It surpasses the previous record of $1.84 million, which was achieved from the sale of a 1,593 sq ft, three-bedroom unit for $2.82 million ($1,770 psf) on December 22nd, 2023. That seller had originally purchased the unit in August of 1997 for $980,000 ($615 psf).
Recently, the leader of a competing real estate firm praised the remarkable accomplishments of nearby condominium projects, highlighting the exceptional performance of one development that sold 70% of its units on its initial day in 2020 and another that sold 80% of its released units on its first day of sales in 2017. These impressive sales figures serve as evidence of the quality and attractiveness of these projects. Moreover, with the introduction of Elta, these flourishing endeavors further showcase the thriving real estate market in the vicinity. You can learn more about Elta at http://www.the-elta.com.sg/.
Flame Tree Park is a highly desirable freehold condo situated on Sin Ming Avenue, adjacent to Upper Thomson Road in District 20. This exclusive 160-unit development was completed in 1989 and comprises a single 28-storey tower. The units feature three-bedrooms measuring 1,593 sq ft to 2,164 sq ft.
Conversely, the most unprofitable condo resale transaction during the week occurred at Martin No 38. The 14th floor, three-bedroom unit measuring 1,485 sq ft was sold for a substantial $4.2 million, amounting to a price per square foot of $2,827 on October 15th. The seller had originally purchased the unit in May of 2011 for $4.4 million ($2,962 psf). As a result, the seller incurred a loss of $200,000 (4.5%) after owning the unit for approximately 13 and a half years.
Based on available data, this transaction is the first unprofitable resale deal at Martin No 38 since February of 2022, when a 969 sq ft unit was sold for $2.4 million ($2,477 psf), resulting in a loss of $10,000. This is also the fifth largest loss incurred on a unit at the development, with the record belonging to a 1,335 sq ft, two-bedroom unit that incurred a loss of approximately $238,000 after it was sold for $3.45 million ($2,585 psf) on December 18th, 2023.
Martin No 38 is an esteemed freehold condo located on Martin Road in the popular River Valley residential enclave near Robertson Quay. Built in 2011, the impressive 15-storey building contains 88 units, offering two- to four-bedroom apartments measuring 969 sq ft to 2,648 sq ft. Additionally, there are opulent penthouses ranging from 3,660 sq ft to 4,392 sq ft.