Four Bedder Peach Garden Sold 337 Mil Profit

The most profitable condo resale transaction for the week of April 22 to April 29 was a four-bedroom unit at Peach Garden. The unit, measuring 2,766 sq ft and located on the 11th floor, sold for $5.12 million ($1,851 psf) on April 28. The seller, who had bought it in March 1997 for $1.75 million ($633 psf), made a profit of $3.37 million, translating to a 193% capital gain or an annualized profit of 6.9% over a holding period of 28 years. This sale also ranks as the third most profitable transaction at Peach Garden, based on caveats lodged.In comparison, the most profitable resale transaction at Peach Garden was the sale of a penthouse measuring 5,231 sq ft for $6.85 million ($1,309 psf) in January 2012. The seller, who purchased the unit in April 2004 for $3.25 million ($621 psf), made a gain of $3.6 million on the deal.Located in District 15, Peach Garden is a freehold development completed in 1975. It consists of two blocks with 72 units, primarily four-bedroom units spanning 2,766 sq ft. There are also penthouses measuring 5,231 sq ft.A three-bedroom unit at One Amber also made it to the list of most profitable condo resale transactions for the week. The unit, measuring 1,378 sq ft, was sold for $3.2 million ($2,323 psf) on April 25. The seller had purchased the unit from the developer in April 2006 for about $920,700 ($668 psf) and made a profit of $2.28 million, or 248%, after owning it for 19 years.One Amber is a freehold development situated in District 15. It was completed in 2010 and comprises four 23-storey towers with a total of 562 units. The condo offers a range of unit types, from one- to four-bedroom apartments measuring 570 sq ft to 3,100 sq ft, as well as four-bedroom penthouses measuring 2,659 sq ft to 3,541 sq ft.On the other hand, the most unprofitable condo resale transaction of the week was a 764 sq ft one-bedroom unit at The Clift. The unit, located on the 34th floor, was sold for $1.45 million ($1,897 psf) on April 23. The seller, who had acquired the unit in November 2011 for $1.96 million ($2,569 psf), incurred a loss of approximately $513,500, or 26.2%. The seller had owned the unit for almost 13 and a half years.Located in District 1, The Clift is a 99-year development completed in 2011. It consists of a single tower with 312 residences and a single-storey retail podium. The condo offers one- and two-bedroom apartments measuring 495 sq ft to 818 sq ft, as well as one- and two-bedroom lofts measuring 753 sq ft to 1,076 sq ft.

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