Four Bed Unit Tessarina Sold 24 Mil Profit
Most profitable transaction in District 9 during the week of June 3 to June 10
During the week of June 3 to June 10, a four-bedroom unit at The Tessarina was sold for a record-breaking price, making it the most profitable condo resale transaction. The 1,615 sq ft unit on the fourth floor was sold for $3.81 million, translating to an impressive price of $2,362 per square foot (psf). The seller had purchased the unit in March 2003 for $1.42 million, or $878 psf, which means a profit of $2.4 million. This represents a capital gain of 168.9% or an annualised profit of 4.5% over a holding period of 22 years.
According to the caveats lodged, this is the highest profit recorded at The Tessarina. It surpasses the previous record gain of $2.18 million from the sale of a 1,335 sq ft three-bedroom unit for $3.1 million (or $2,323 psf) on May 5. The seller of this unit had originally bought it for $919,815 (or $689 psf) in November 2006.
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The Tessarina, a freehold development located on Wilby Road in District 10, was completed in 2003. It consists of 443 units and is conveniently located just an 11-minute walk away from King Albert Park MRT Station on the Downtown Line. The development offers a range of two- to four-bedroom units, with sizes ranging from 926 sq ft to 3,671 sq ft.
The second-most profitable resale transaction during the week took place at Volari, a freehold condominium on Balmoral Road in prime District 10. A 2,174 sq ft four-bedroom unit on the fourth floor was sold for $6.08 million (or $2,796 psf) on June 3. The seller had bought the unit for $4.24 million (or $1,950 psf) in February 2017, resulting in a profit of $1.84 million (or 43.4%) and an annualised gain of 4.4% over a holding period of more than eight years.
This sale marks a record profit at Volari, beating the previous record set by a slightly larger 2,745 sq ft unit which was sold for $6.2 million (or $2,259 psf) in August 2010. The seller of this unit had bought it for $5.14 million (or $1,874 psf) just a year before, resulting in a profit of $1.06 million or an annualised gain of 20.6% over a one-year period.
Completed in 2012, Volari is an 85-unit condo with a mix of two- to four-bedroom apartments, ranging from 1,324 sq ft to 2,745 sq ft. It also boasts three penthouse units, with sizes ranging from 3,950 sq ft to 6,168 sq ft. The development is a mere four-minute walk away from Balmoral Plaza and is also close to the Anglo-Chinese School (Primary).
Based on caveats lodged, there has been only one other profitable resale transaction at Volari, which took place earlier this year. It involved the sale of a similar 2,174 sq ft four-bedroom unit for $5.85 million (or $2,690 psf) on March 13. The seller had originally bought the unit on the ninth floor for $5.44 million (or $2,500 psf) in November 2012, resulting in a profit of $415,000, or an annualised gain of 0.6% over a holding period of more than 12 years.
On the other hand, the most unprofitable transaction during the week was the sale of a 635 sq ft unit at Scotts Square. The one-bedroom apartment on the 31st floor was sold for $1.9 million (or $2,992 psf) on June 3. However, the seller had bought the unit for a higher price of $2.62 million (or $4,120 psf) back in August 2007, resulting in a loss of $716,200 (or 27.4%), or an annualised loss of 1.8% over a holding period of 18 years.
Scotts Square is a freehold mixed-use development located on Scotts Road in prime District 9, just off Orchard Road. Completed in 2011, it comprises 338 residential units spread across two towers that sit above a four-storey retail podium. The development offers one- to three-bedroom apartments with sizes ranging from 624 sq ft to 1,238 sq ft.
There have been four resale transactions at Scotts Square so far this year, with two of them resulting in losses. The seller of a 947 sq ft two-bedroom unit had incurred the biggest loss of $745,880 when the unit on the 28th floor was sold for $3.08 million (or $3,252 psf). This unit was originally purchased for $3.82 million (or $4,039 psf) in December 2007.
The record loss at Scotts Square involved a 1,249 sq ft unit on the 36th floor, which was sold for $3.65 million (or $2,923 psf) in February 2017. The original purchase price was $5.21 million (or $4,171 psf) in August 2007, resulting in a loss of $1.56 million and an annualised loss of 3.7% over a holding period of nearly 10 years.