Resale Four Bedder Clover Park Sets Record Profit 206 Mil
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Who doesn’t love a profitable condo resale transaction? From May 6 to 13, the most lucrative resale deal in Singapore occurred at Clover By The Park, where a four-bedroom apartment was sold for a whopping $3.34 million. Located on Bishan Street 25, this 99-year leasehold condo is near popular amenities like Bishan-Ang Mo Kio Park and several reputable schools. Meanwhile, the seller of the unit had originally purchased it from the developer for $1.28 million in April 2009, which means they made a jaw-dropping profit of $2.06 million – translating to an annualised profit of 6.1% over a holding period of 16 years. The sale of this unit also sets a new record for the most profitable resale deal at Clover By The Park, surpassing the previous record gain of $2.02 million from the sale of a 1,733 sq ft unit in March earlier this year.Aside from the record-setting transaction at Clover By The Park, there were also other notable profitable deals in the market. One of the most lucrative was at One Amber, where a 1,453 sq ft unit was sold for $3.28 million on May 13. According to caveats lodged, the seller had bought the three-bedroom unit for around $1.57 million in November 2010, making a handsome profit of $1.71 million – or 108.9% – after owning it for 14.5 years. Interestingly, this was the 12th resale transaction at One Amber since the beginning of the year, with the most profitable sale clocking in at $3.2 million in April. Completed in 2010, this freehold development features a mix of one- to four-bedroom units, as well as four-bedroom penthouses. It is well-situated in District 15, near various lifestyle hubs and just a short walk to Tanjong Katong MRT Station.Although most of the transactions during the week were profitable, there were a few unprofitable deals as well. The most unprofitable transaction occurred at Marina Bay Suites, where a 2,056 sq ft unit on the 13th floor was sold for $3.83 million on May 7. According to caveats lodged, the seller had purchased the four-bedroom apartment for $4.44 million back in December 2009, incurring a loss of $609,000 or an annualised loss of 1% over a holding period of 15.5 years. Interestingly, this was the fourth resale transaction at Marina Bay Suites this year, and all of them have resulted in losses for the sellers. The most significant loss incurred was by the seller of a 1,625 sq ft three-bedder, who made a loss of $1.15 million when the unit was sold for $3.1 million in May 2012. Marina Bay Suites is situated within the Marina Bay Financial Centre and comprises two residential towers with a total of 221 units of three- and four-bedroom apartments. It is a 99-year leasehold development with convenient access to several MRT stations, including the Downtown MRT Station, Raffles Place MRT Station and Bayfront MRT Station. Overall, the resale market in Singapore continues to be lucrative for sellers, with Clover By The Park and One Amber leading the charge in the most profitable deals. However, it is worth noting that there are also risks involved, as seen with the unprofitable deals at Marina Bay Suites. It is important for buyers to carefully consider factors such as location, amenities, and potential for future developments before making a purchase.