Maisonette at Charming Garden sold for $2.08 mil profit

Notably, for the week of March 27 to April 3, the top three most profitable transactions for private non-landed residences were all in prime District 10. As revealed by the matching of URA caveat data as at April 10, the most profitable deal involved a 2,476 sq ft, four-bedroom maisonette on the third floor at the 32-unit Charming Garden. The unit was sold for $3.56 million ($1,438 psf) on March 29, marking the first transaction at Charming Garden this year.

Charming Garden’s first transaction of the year is the highest on record. (credit: Albert Chua/ The Edge Property)

The seller bought the unit for $1.48 million ($598 psf) in October 2006 and made a $2.08 million (141%) profit. This translates into a profit of 8% a year over a holding period of more than 11 years. This is the highest profit on record for units sold at the condominium. In total, there have been 12 profitable transactions, with an average profit of $850,343 (75%).

Based on caveats lodged, the same unit previously changed hands in March 2006 and April 2001 for $1.22 million ($492 psf) and $1.15 million ($465 psf), respectively.

Completed in 1984, Charming Garden is a 999-year leasehold project on King’s Road in prime District 10. The condo is near Holland Village and within walking distance of the Farrer Road MRT station. Educational institutions nearby are Nanyang Primary School and St Margaret’s Secondary School.

Also in prime District 10 are two freehold condos — Casabella and Sixth Avenue Ville, where the previous owners of a 3,552 and 2,540 sq ft unit made the second- and third-largest profits respectively in the week under review.

The five-bedroom unit at Casabella was purchased at $2.28 million ($642 psf) in 2002. It fetched a $1.72 million (75%) profit when it was sold for $4 million ($1,126 psf) on April 3. This is Casabella’s second transaction for the year, with the first in January — for a 1,176 sq ft unit — netting a profit of $157,000 (6%) for the seller. The 82-unit Casabella, located on Duchess Avenue, was completed in 2006.

Meanwhile, the three-bedder on the fourth floor of Sixth Avenue Ville fetched a profit of $1.57 million (75%) when it was sold for $3.65 million ($1,437 psf) on March 27. The previous owner bought it at $2.08 million ($819 psf) in 2000.

Sixth Avenue Ville was completed in 1999 and comprises 49 units. The freehold condo is a three-minute walk from the Sixth Avenue MRT station on the Downtown line. All the transactions at the condo since 2011 have been profitable. The average profit for the 24 transactions is $623,576 (48%).

This article appeared in EdgeProp Pullout, Issue 826 (April 16, 2018) of The Edge Singapore.

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