CAIRNHILL CREST unit sold at S$2,020 PSF
On 23rd August, a 5th floor 3,757 sq ft unit at the leasehold The Arcadia was sold at S$3.3 million (S$878 psf). The seller bought his unit in October 2005 at S$1.4 million (S$373 psf) and made a tidy sum of S$1.86 million after factoring buyers’ stamp duty, translating into a 129.7% gain or annualised 7.3% over a holding period of almost 12 years.
In 2011, The Arcadia applied for its lease to be topped up after receiving full consensus from all 164 owners. However the application was rejected by Singapore Land Authority. The project has 61 years left on the 99-years lease from 17th August 1979. For properties with leases of less than 60 years, there is a capped on the amount of CPF one can use for the purchase. No CPF can be used if remaining lease of a property falls below 30 years.
Source : CPF Board, www.cpf.gov.sg
Click here to find out the maximum amount of CPF one can use to buy a property with remaining lease of less than 60 years, and at lease 30 years.
The biggest gain for non-landed this week was for a 5th floor 2,756 sq ft unit at the freehold Reignwood Hamilton Scotts. The seller sold his property on 27th August at S$10.8 million (S$3,919 psf), rewarding himself with a S$2.43 million profit after a holding period of only 4.7 years. He bought the unit at S$8.13 million (S$2,950 psf) in November 2012.
Reignwood Hamilton Scotts, renamed after Reignwood Holding has acquired the balance 36 unsold units at Hamilton Scotts from KOP Properties in April 2013, is the first high-end residential project in the region that comes with a Sky Garage (car porch in the sky).
Another significant gain took place at the 104-unit Watten Estate Condominium. The 5th floor 2,594 sq ft unit was sold at S$2.8 million (S$1,079 psf) on 29th June (caveat was just recently updated by REALIS). The seller bought his unit in May 2005 at S$1 million (S$385 psf) and made a S$1.77 million profit after factoring buyers’ stamp duty, translating into a 173.3% gain or annualised 8.7% over a 12.1-year holding period.
A Good Class Bungalow along Andrew Road was sold for S$25.6 million on 28th August, raking the owner a huge profit of S$6.66 million after a 10.1-year holding period, the biggest gain for landed this week. The seller bought his 22,217 sq ft house for S$18.38 million in August 2007.
6 other houses were sold for more than S$2 million profits recently (refer to PDF report for full details).
A WEEK OF LOSSES FOR FREEHOLD APARTMENTS
Of the 15 significant non-proftable tranasactions this week, 12 were properties of freehold tenure.
A 13th floor 1,733 sq ft unit at the 248-unit freehold Cairnhill Crest was sold for S$3.5 million (S$2,020 psf) on 30th August, the first time it had crossed the S$2,000 psf mark since April 2014 when a larger 2,013 sq ft unit was transacted at S$2,180 psf.
Over at the freehold One Tree Hill Residence, a 7th floor 1,130 sq ft unit was sold for S$2.205 million (S$1,951 psf) on 25th August. The seller bought his unit at S$2.73 million (S$2,420 psf) in November 2007, incurring a loss of S$606K after factoring buyers’ stamp duty.
For PDF version of this week issue, click here.
MOST PROFITABLE & NON-PROFITABLE RESALE TRANSACTIONS
HIGHEST & LOWEST QUANTUM RESALE TRANSACTIONS
HIGHEST & LOWEST PSF RESALE TRANSACTIONS
BREAKDOWN OF RESALE TRANSACTIONS FOR THE WEEK
For breakdown of all resale residential transactions as at 8th September by districts, click here.
Computed based on URA REALIS caveat data as at 8th September 2017.
1) The gain/loss computation includes costs such as Buyers’ Stamp Duty (3%) & Sellers’ Stamp Duty (depending on holding period). #N/A means there is no last matching caveat for the transaction.
2) For landed properties, the gain/loss computation excludes construction costs and additions & alternations works.
3) Weekly URA REALIS caveat data updates do include caveats lodged over a period of few months.
SRI PTE LTD shall not be responsible and liable for any loss or damage arising from the use of the information provided therein.