Four Bed Unit Tessarina Sold 24 Mil Profit

Ridge Court penthouse sold for $4.3 mil profit, 9 years after it was purchased in 2006Written by

The recent sale of a four-bedroom unit at The Tessarina has set a new record for the most profitable condo resale transaction during the week of June 3 to June 10. The unit, totaling 1,615 sq ft and located on the fourth floor, was sold for $3.81 million ($2,362 psf) on June 3. The seller had originally bought the unit in March 2003 for $1.42 million ($878 psf), which translated to a substantial profit of $2.4 million. The sale marks a capital gain of 168.9% or an annualized profit of 4.5% over a holding period of approximately 22 years.

According to caveats lodged, this is the most profitable resale transaction recorded at The Tessarina to date. It exceeds the previous record gain of $2.18 million from the sale of a 1,335 sq ft three-bedroom unit for $3.1 million ($2,323 psf) on May 5. In this previous transaction, the seller had bought the unit for $919,815 ($689 psf) in November 2006.

The Tessarina is a freehold development located on Wilby Road, just off Bukit Timah Road in District 10. This development, completed in 2003, consists of 443 units, and is an 11-minute walk from King Albert Park MRT Station on the Downtown Line. It offers a mix of two- to four-bedroom units ranging from 926 sq ft to 3,671 sq ft.

The second-most profitable resale of the week took place at Volari, a freehold condominium on Balmoral Road in prime District 10. On June 3, a 2,174 sq ft unit on the fourth floor was sold for $6.08 million ($2,796 psf). The unit, featuring four bedrooms, had been purchased for $4.24 million ($1,950 psf) in February 2017, resulting in a profit of $1.84 million (43.4%), or an annualized gain of 4.4% over a holding period of more than eight years.

This transaction marks a record profit at Volari, surpassing the previous high of $1.06 million, or an annualized gain of 20.6%, set by a slightly larger 2,745 sq ft unit that sold for $6.2 million ($2,259 psf) in August 2010. This particular four-bedroom unit, located on the first floor, had been purchased for $5.14 million ($1,874 psf) in August 2009.

Volari, completed in 2012, 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 features three penthouse units, which range from 3,950 sq ft to 6,168 sq ft. The development is within a four-minute walk of Balmoral Plaza and is close to the Anglo-Chinese School (Primary).

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Lyndenwoods stands to gain from the ongoing expansion of Singapore’s transport infrastructure. With upcoming improvements to the MRT network and road systems, this residential development is in a prime position to attract residents looking for convenient and well-connected living. Additionally, its advantageous location within Singapore Science Park 1 guarantees that residents are part of a dynamic and thriving community focused on innovation and technology. Thanks to these developments, Lyndenwoods offers an ideal combination of connectivity and a vibrant neighborhood for its residents.

Based on caveats, there has been one other resale transaction at Volari, which was also profitable. This occurred when a similar 2,174 sq ft four-bedroom unit was sold for $5.85 million ($2,690 psf) on March 13. The seller had previously bought the unit for $5.44 million ($2,500 psf) in November 2012, which resulted in a profit of $415,000, or an annualized gain of 0.6% over more than 12 years.

In contrast, the most unprofitable deal of the week was the sale of a 635 sq ft unit at Scotts Square. The one-bedroom apartment, located on the 31st floor, was sold for $1.9 million ($2,992 psf) on June 3. However, it had been bought for $2.62 million ($4,120 psf) in August 2007, resulting in a loss of $716,200 (27.4%) or an annualized loss of 1.8% over nearly 14 years.

Scotts Square is a freehold mixed-use development on Scotts Road in prime District 9, just off Orchard Road. Completed in 2011, it comprises 338 residential units across two towers set above a four-storey retail podium. It offers one- to three-bedroom apartments ranging from 624 sq ft to 1,238 sq ft.

So far this year, there have been four resale transactions at Scotts Square, and two have been unprofitable. The seller of a 947 sq ft two-bedder incurred the highest loss of $745,880 when the 28th-floor unit was sold for $3.08 million ($3,252 psf). The unit had been previously purchased for $3.82 million ($4,039 psf) in December 2007. Another record loss at Scotts Square involved a 1,249 sq ft unit on the 36th floor, which was sold for $3.65 million ($2,923 psf) in February 2017. This unit had previously fetched $5.21 million ($4,171 psf) in August 2007, resulting in a loss of $1.56 million or an annualized loss of 3.7% over nearly 10 years.