SINGAPORE (EDGEPROP) - The sale of a four-bedroom apartment measuring 2,422 sq ft at The Clearwater was the most profitable transaction during the week of Nov 15 to 22. The unit, located on the 17th floor, changed hands for $2.78 million or $1,148 psf on Nov 16. The seller purchased the unit for about $997,900 ($412 psf) in September 1999. This means they raked in a gain of $1.78 million, or 178.7%, over a holding period of more than 23 years.
The transaction marks the most profitable sale at The Clearwater, based on data compiled by the EdgeProp Research tool. Prior to this, the most profitable transaction occurred on March 25, with the sale of a 1,378 sq ft unit for $1.58 million ($1,147 psf). The seller, who had purchased the unit for $657,306 ($477 psf) in April 1999, netted a profit of about $922,700 on the transaction.
The 2,422 sq ft unit at The Clearwater fetched $2.78 million ($1,148 psf) on Nov 16 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Clearwater is a 99-year leasehold development located off Bedok Reservoir Road in District 16. Completed in 2002, it was developed by the former Pidemco Land (now CapitaLand). The development comprises one 3-storey block, two 15-storey blocks, and three 17-storey blocks. There is a total of 420 units, made up of one- to four-bedders ranging from 657 to 2,486 sq ft.
The second most profitable transaction during the week in review occurred at Waterfall Gardens. The seller of a four-bedroom penthouse unit measuring 4,037 sq ft reaped a gain of $1.3 million after the apartment fetched $8.68 million ($2,150 psf) on Nov 18. The seller had purchased the unit $7.38 million ($1,828 psf) in June 2007, which means they enjoyed a 17.6% profit on the transaction over the holding period of nearly 15½ years.
This is the most profitable resale transaction recorded at Waterfall Gardens, beating the previous gain of $1.16 million netted by the seller of a 3,380 sq ft, four-bedroom unit that was sold for $6 million ($1,775 psf) in November 2012.
A total of six units have changed hands at Waterfall Gardens to date this year, based on caveats lodged. The units measured between 1,830 and 4,844 sq ft; and were sold at prices ranging from $3.689 million to $8.68 million on an absolute basis, or from $1,567 to $2,150 on a psf basis.
The seller of a four-bedroom penthouse unit at Waterfall Gardens netted a profit of $1.3 million on Nov 18 (Picture: Samuel Isaac Chua/The Edge Singapore)
Waterfall Gardens is a freehold 132-unit development located along Farrer Road in District 10. Developed by MCL Land, it was completed in 2010. It comprises three towers spanning 12 storeys each, and residences are a mix of three- and four-bedroom apartments ranging from 1,829 sq ft to 4,037 sq ft. There are also six penthouse units ranging from 4,392 to 4,844 sq ft.
Meanwhile, the most unprofitable transaction during the week in review occurred at OUE Twin Peaks, after the sale of a 570 sq ft, one-bedroom unit for $1.3 million ($2,279 psf) on Nov 17. The unit had been purchased for $1.55 million ($2,723 psf) in September 2016. This means the seller suffered a loss of $253,200 or 16.3% over a holding period of more than six years.
The sale is the latest of several transactions at OUE Twin Peaks that have occurred below their respective purchase prices. Apart from the unit sold on Nov 17, data compiled by EdgeProp Research shows five other unprofitable resale transactions logged at the development this year. The units sold measure between 549 and 1,399 sq ft; and were sold at prices ranging from $2,164 to $2,546 psf, or from $1.188 million to $3.4 million on an absolute basis. The respective sellers netted losses of between $206,460 and $524,000.
OUE Twin Peaks saw the most unprofitable transaction for the week with the sale of a onebedder for $1.3 million on Nov 17 (Picture: Samuel Isaac Chua/The Edge Singapore)
OUE Twin Peaks is located at 33 Leonie Hill Road, close to the Orchard Road shopping strip in District 9. It is a 99-year leasehold development by OUE and was completed in 2015. The project has 462 units across two 35-storey towers, and is a redevelopment of the former Grangeford. Units at OUE Twin Peaks range from oneto three-bedders, with sizes ranging from 549 to 1,604 sq ft.