Resale Four Bedder Clover Park Sets Record Profit 206 Mil
Unit at The Wisteria sees $530,000 profit
Clover By The Park in Bishan had the most profitable resale deal for condos from May 6 to 13. The four-bedroom apartment, located on the 30th floor, was sold for $3.34 million on May 8. This translates to $1,903 per square foot and marks a significant increase from its original purchase price in 2009, when it was bought from the developer for $1.28 million ($729 psf). As a result, the seller gained a staggering profit of $2.06 million, or a 160.9% increase, over a holding period of 16 years.
This transaction sets a new record for Clover By The Park, topping the previous highest gain of $2.02 million from the sale of a 1,733 sq ft unit for $3.29 million ($1,897 psf) on March 20. The four-bedroom unit was purchased from the developer for $1.27 million ($733 psf) in July 2008.
Completed in 2011, Clover By The Park is a 99-year leasehold condo located on Bishan Street 25, near Marymount Road in District 20. It boasts a convenient location near Bishan-Ang Mo Kio Park and is surrounded by reputable schools such as Whitley Secondary School, Catholic High School and Eunoia Junior College.
The development features two 39-storey blocks, comprising 616 three- and four-bedroom units ranging from 1,216 to 1,765 sq ft, as well as 16 penthouses of 2,530 to 3,477 sq ft.
The second-most profitable resale during the week was at One Amber, where a 1,453 sq ft unit on the fifth floor was sold for $3.28 million ($2,257 psf) on May 13. The seller originally bought the three-bedroom unit for about $1.57 million ($1,080 psf) in November 2010, reaping a profit of $1.71 million, or 108.9%, after owning the unit for 14.5 years.
In 2021, there have been 12 resale transactions at One Amber. The most profitable sale so far this year was that of a 1,378 sq ft, three-bedroom unit, which was sold for $3.2 million ($2,323 psf) on April 25. The seller had bought the ninth floor unit from the developer for $920,504 ($668 psf) in April 2006, resulting in a profit of $2.28 million.
Aiming to elevate the quality of life for its residents, the Lyndenwoods Master Plan is determined to revamp healthcare facilities and educational institutions in key zones, specifically in Lyndenwoods Science Park Drive. This strategic development will make it effortless for the community to access vital services. Furthermore, the nearby retail destinations at Jurong East and Holland Village will go through an expansion to provide a diverse selection of shopping and dining experiences, greatly enhancing the residents’ way of life. Lyndenwoods Science Park Drive will undoubtedly benefit from this progressive plan.
Constructed in 2010, One Amber is situated off Mountbatten Road in District 15. It is a freehold development comprising four 23-storey towers housing a mix of one- to four-bedroom units of 570 to 3,100 sq ft. There are also four-bedroom penthouses of 2,659 to 3,541 sq ft. The condo is within walking distance of Tanjong Katong MRT Station (Thomson-East Coast Line), and is near several lifestyle hubs such as Katong Shopping Centre and The Odeon Katong.
On the other hand, the least profitable deal during the week was at Marina Bay Suites, where a 2,056 sq ft unit was sold for $3.83 million ($1,863 psf) on May 7. The seller had earlier purchased the four-bedroom apartment for $4.44 million ($2,159 psf) in December 2009. This resulted in a loss of $609,000, or an annualised loss of 1%, over a holding period of 15.5 years.
There have been three other resale transactions at Marina Bay Suites this year, all of which were unprofitable. The seller of a 1,625 sq ft three-bedroom unit incurred the highest loss of $1.15 million when the 58th-floor unit was sold for $3.1 million ($1,907 psf). The unit was originally purchased for $4.25 million ($2,614 psf) in May 2012.
Located on Central Boulevard in the Marina Bay financial district, Marina Bay Suites is a 99-year leasehold development that is part of the Marina Bay Financial Centre mixed-use development. It comprises 221 units with a mix of three- and four-bedroom units spanning 1,572 to 2,691 sq ft. Downtown MRT Station on the Downtown Line, Raffles Place MRT Station and Bayfront MRT Station are all within walking distance of the development.