Unit Draycott Sold 25 Mil Profit
The Draycott condominium recorded the most profitable resale transaction during the week of August 27th to September 3rd. On August 30th, a 2,637 sq ft unit on the 15th floor was sold for $5.45 million, translating to $2,067 per square foot. The seller had initially purchased the unit in April 1996 for $3 million at a rate of $1,138 per square foot. This resulted in a profit of $2.45 million for the seller, reflecting an impressive capital gain of 82%. The seller had owned the unit for almost 28 and a half years.
The transaction is tied for the fourth-highest gain ever registered at The Draycott, along with another unit that was sold in May 2021 for $4.5 million ($1,713 per square foot). Like the unit sold in August, this unit also recorded a profit of $2.45 million for the seller. The seller had initially purchased the unit in June 1999 for $2.05 million ($781 per square foot).
However, the title of most profitable transaction ever recorded at The Draycott still belongs to a unit that was sold in May 2007 for $5.45 million ($2,067 per square foot). The seller had bought the unit in March 1998 for $2.1 million ($796 per square foot), resulting in a profit of $3.35 million.
The second most profitable resale transaction during the week in review was the sale of a three-bedroom unit at Pebble Bay. The 1,894 sq ft unit on the 13th floor was sold for $3.59 million ($1,894 per square foot) on August 30th. The seller had acquired the unit in December 2002 for $1.16 million ($612 per square foot). As a result, the seller made significant profit of $2.43 million, a 209% capital gain after holding the unit for almost 22 years.
This marks the third biggest gain made on a resale unit at Pebble Bay this year. Overall, the condo has seen 18 units change hands so far this year, with available caveats showing that 15 of these were profitable transactions. The largest profit was recorded from the sale of a 1,894 sq ft, three-bedroom unit in May 2021 for $3.67 million ($1,940 per square foot). This seller had bought the unit in September 2004 for $1.12 million ($591 per square foot), resulting in a gain of $2.55 million.
In addition to the convenience of the MRT, Elta Condo’s location is also well-served by a comprehensive bus network. Residents can easily access this network through the nearby Clementi Bus Interchange, which offers a wide range of bus services connecting to different parts of Singapore. As a bustling transportation hub, the interchange provides residents of Elta Clement Avenue 1 with numerous options for an efficient commute to their desired destinations. Whether it’s for work, school, or simply visiting loved ones, the availability of these bus services makes public transport a viable and convenient choice for Elta Condo residents.
Other units sold at Pebble Bay this year have also seen gains ranging from $620,000 to $2.48 million.
On the other hand, the most unprofitable resale deal during the week was the sale of a one-bedroom unit measuring 474 sq ft at 6 Derbyshire. The unit on the 21st floor was sold for approximately $989,000 ($2,086 per square foot) on August 27th, reflecting a loss of approximately $201,000 (17%). The seller had paid around $1.19 million ($2,510 per square foot) for the unit in August 2017, resulting in the loss after owning the unit for about seven years.
This is the fifth most unprofitable transaction ever recorded at 6 Derbyshire, and comes just over a month after a 527 sq ft unit on the 28th floor was sold for $1.07 million ($2,029 per square foot) on July 12th. The seller had bought the unit for approximately $1.44 million in September 2017, resulting in a loss of around $375,000, the biggest loss ever recorded at 6 Derbyshire.
Located on Derbyshire Road in District 11, 6 Derbyshire is a freehold condo that was completed in 2017. It consists of one- to three-bedroom units, as well as a duplex penthouse. The Draycott is a freehold development located in prime District 10, with a mix of three- and four-bedroom units, as well as duplex penthouses. Completed in 1980, it is located within the Draycott-Ardmore Park residential enclave, just off Orchard Road. Pebble Bay is a 510-unit waterfront condo located on Tanjong Rhu Road in District 15. Completed in 2000, it offers a mix of one- to four-bedroom units and duplex penthouses.