Seller of five-bedder at Leedon Residence reaps $3.75 mil profit

The biggest condo resale gain during the week of July 28 to Aug 4 came from a five-bedroom apartment at Leedon Residence, a freehold condo in Bukit Timah.

The 4,704 sq ft unit on the ninth floor changed hands on July 30 for $14.3 million, or $3,040 psf.

It was previously purchased for $10.55 million, or $2,243 psf, in February 2017. The seller thus raked in a profit of $3.75 million (35.6%), or 3.3% annualised over a holding period of 9.5 years.

According to caveats lodged, this ranks as the third-most profitable deal at the development to date. The record profit at Leedon Residence stands at $5.2 million, involving another 4,704 sq ft unit that was bought for $8.8 million in February 2017 and resold for $14 million this February.

Read also: Seller at The Morningside in District 9 reaps $3.54 mil profit

Completed in 2015, Leedon Residence is a 381-unit development on Leedon Heights in District 10. It features two- to five-bedroom units, including garden suites and sky penthouses, ranging from 1,044 to 8,051 sq ft.

Farrer Road MRT Station is a 10-minute walk away, while dining and lifestyle amenities at Holland Village are a short drive from the condo. Schools along the Bukit Timah education belt, including Hwa Chong Institution, Nanyang Girls’ High School and National Junior College, are about 10 minutes away by car.

Excluding the July 30 deal, the development has logged 10 resale transactions this year, all of which were also profitable. Those units changed hands for between $2.8 million and $16.3 million, netting profits from $50,000 to $3.5 million.

Second on the list of profitable condo resale transactions during the week in review was a three-bedder at Ocean Park in District 15.

The 2,110 sq ft apartment fetched $4.28 million ($2,029 psf) on Aug 3, earning its owner a profit of $2.93 million (217%). The unit had been purchased for $1.35 million ($640 psf) in September 1997. This translates to an annualised gain of 4.1% across almost 29 years.

This also ranks as Ocean Park’s third-largest gain to date. The development’s record was set in June last year, when another 2,110 sq ft, three-bedroom unit was sold for $4.2 million, netting a profit of $3.2 million. That unit had previously been purchased for $990,000 in 1999.

Read also: The Nassim tops weekly condo resale gains with $4.2 mil profit

Situated on East Coast Road, Ocean Park is a freehold condo completed in 1984. It comprises 298 units in two- to four-bedroom layouts, sized between 1,302 and 3,897 sq ft.

Marine Terrace MRT Station is nine minutes away by foot, with schools such as Victoria Junior College and Ngee Ann Primary School close by.

At the other end of the table, the steepest loss during the week came from a four-bedroom unit at Orchard Scotts. The 2,282 sq ft unit on the 11th floor, initially purchased for $4.66 million ($2,042 psf) in 2010, was sold for $3.78 million ($1,654 psf) on July 30. This resulted in a loss of $884,334, or 1.3% when annualised over a holding period of more than 16 years.

The loss is well below the development’s record of $4.78 million, logged in 2017. That transaction involved a 2,336 sq ft three-bedder that had been purchased for $8.46 million in 2013, before it was resold four years later for $3.68 million.

Orchard Scotts is a 99-year leasehold condo in District 9 with 387 units that come in one- to four-bedroom configurations, including penthouses, measuring between 753 and 3,627 sq ft.

There is also a separate block of luxury serviced apartments managed by Far East Hospitality.

Based on data tabulated by EdgeProp Research, four other resale deals have been recorded at Orchard Scotts this year, with one ending in the red. That unit changed hands for $4.25 million this June, incurring a loss of around $2.4 million.

Read also: Seller at Marine Parade condo Haig Court scores $2.3 mil profit