Sommerville Park Unit Sold 221 Mil Profit

Here’s why MOREhigher freehold profits

A unit at the freehold development, Sommerville Park on Farrer Drive, has been touted as the most profitable resale deal from March 11-18. This maisonette unit, with a strata area of 1,615 sq ft, was sold for $3.45 million ($2,137 psf) on March 13. According to caveats lodged with URA, the previous transaction for this unit was in November 2006, when it was sold for $1.24 million ($766 psf). This means the seller made a profit of $2.21 million, representing a capital gain of 179% and an annualised profit of 9.4% over a holding period of almost 18 and a half years.

The second most profitable resale deal during this period was also at Sommerville Park, where a three-bedroom unit on the 12th floor was sold for $4.43 million ($2,274 psf) on March 17. The seller had bought this unit in 2015 for $2.7 million ($1,386 psf), making a profit of $1.73 million (64.1%) or an annualised profit of 6.4% over 10 years.

This freehold development, located on a sprawling 855,571 sq ft site off Holland Road in District 10, comprises four apartment blocks, double-storey maisonettes, and townhouses. The most profitable resale deal to date at Sommerville Park was in May 2018, where a strata landed property with a strata area of 3,294 sq ft was sold for $5.05 million ($1,533 psf). The seller had bought this property in September 2003 for $1.48 million ($449 psf), making a profit of $3.57 million.

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The third most profitable resale deal during this period was at Centennia Suites, where a three-bedroom unit spanning 1,755 sq ft was sold for $5.15 million ($2,935 psf) on March 12. The seller had bought this unit from the developer in April 2010 for $3.46 million ($1,970 psf), making a profit of $1.69 million (49%) after owning it for about 15 years. This reflects an annualised profit of 3.3%.

Completed in 2013, Centennia Suites is a freehold condo on Kim Seng Road in District 9, with two- to four-bedroom units ranging from 1,238 sq ft to 4,026 sq ft. The most unprofitable resale deal during this period was at St Regis Residences Singapore, where a four-bedroom unit measuring 2,142 sq ft was sold for $5.36 million ($2,502 psf) on March 13. The previous transaction for this unit was in September 2007, when it was sold for $6.96 million ($3,250 psf). This means the seller incurred a loss of $1.6 million (23%) after owning the unit for 17 and a half years.

St Regis Residences Singapore is a 999-year leasehold development on Tanglin Road in prime District 10, completed in 2008. It was the first luxury hotel-branded residence in Singapore with hotel services, and is linked to the 299-key St Regis Singapore luxury hotel. Typical units comprise three- and four-bedroom apartments ranging from around 1,500 sq ft to 4,000 sq ft, with “sky suites” and penthouses on the higher floors.