Three Bedder Tanglin Park Sold 27 Mil Profit

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The recent sale of a three-bedroom apartment in Tanglin Park has set a new record for the most profitable resale transaction at the condo. The unit, which measures 1,765 square feet and is located on the eighth floor, was sold for a whopping $4.2 million on March 15, translating to $2,379 per square foot. The previous owner had purchased it for $1.49 million ($844 per square foot) in July 2004, making a gain of $2.71 million or a 182% increase in value over 20 years.

This sale has surpassed the previous record profit of $2.47 million achieved by the sale of a 2,067 square foot unit for $4.5 million ($2,177 per square foot) in October 2021. The previous owner had bought the unit for $2.04 million ($985 per square foot) in September 2006.

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Tanglin Park is a freehold condo located along Ridley Park, off Tanglin Road in the prestigious District 10. Comprising of 274 units spread across 12 low-rise blocks, this development was completed in 1988. It offers a mix of two- to four-bedroom units ranging from 1,023 to 2,067 square feet.

This year, there have been two transactions at Tanglin Park, with the recent sale being one of them. The other sale was of another three-bedroom unit measuring 1,765 square feet, sold for $3.85 million ($2,181 per square foot) on January 5. The previous owner had bought it for $1.8 million ($1,020 per square foot) in May 2006, making a profit of $2.05 million.

The sale of a duplex penthouse at Langston Ville was the second most profitable condo resale registered during the week of March 12 to 19. The unit, measuring 1,862 square feet and comprising three bedrooms and a study, was sold for $3.18 million ($1,708 per square foot) on March 15. The previous owner had purchased it directly from the developer in November 1999 for about $1 million ($541 per square foot), making a gain of $2.17 million or a 216% increase in value over 24 years.

The recent sale has set a new record for the highest gain on a resale transaction at Langston Ville, surpassing the previous record of $2.1 million achieved by the sale of a 1,862 square foot unit for $2.1 million ($1,128 per square foot) in February 2017. The previous owner had bought it for $1.02 million ($548 per square foot) in April 2003, making a profit of $1.08 million.

Situated along Kim Yam Road in the prime District 9 River Valley area, Langston Ville is a 999-year leasehold condo built in 2000. It comprises a single tower with 54 units, mostly two- and three-bedroom units measuring 936 and 947 square feet respectively. There are also penthouses measuring 1,841 to 1,862 square feet.

On the other hand, the least profitable condo resale transaction during the week in review was at Draycott Eight. The seller of a four-bedroom unit measuring 2,896 square feet sold it for $6.28 million ($2,169 per square foot) on March 12. They had bought it in December 2012 for $7.18 million ($2,480 per square foot), incurring a loss of $900,000 or 13% over 11 years.

Draycott Eight is a 99-year leasehold project completed in 2005, comprising of three 24-storey blocks housing 136 units. The apartments include two- and four-bedroom units measuring 1,173 to 3,348 square feet, as well as four-bedroom penthouses measuring 4,015 square feet.

This is the first transaction at Draycott Eight this year, following five resale transactions in 2021. Four of them were profitable, with the respective sellers making gains ranging from $173,000 to $1.46 million for units measuring 1,173 to 4,015 square feet and sold for $2.45 million to $8.68 million ($2,088 to $2,182 per square foot). The last transaction resulted in a loss of $1.1 million for a 1,647 square foot unit sold for $2.9 million ($1,761 per square foot) on December 21, 2021. The previous owner had bought it for $4 million ($2,429 per square foot) in May 2007. For more listings at Tanglin Park, Langston Ville, and Draycott Eight, please visit EdgeProp’s website.