Four Bedder Sovereign Sold 4 Mil Profit

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The recent sale of a four-bedroom unit at The Sovereign has made headlines, as it was the most profitable condo resale transaction during the week of June 18 to 25. This 3,305 sq ft unit on the 15th floor was sold for an impressive $8.6 million, which works out to be $2,602 per square foot (psf) on June 20. The previous owner had purchased the unit in February 2010 for $4.6 million, which was equivalent to $1,392 psf. This means that the seller has made a whopping profit of $4 million on the sale, reflecting a capital gain of 87% after owning the unit for slightly over 14 years.

According to data compiled by EdgeProp Research, this is the most profitable resale deal at The Sovereign. It surpasses the previous record gain of $3.86 million made by the seller of another 3,305 sq ft unit in May 2012. This unit was sold for $7 million ($2,118 psf) while the seller had initially purchased it in August 2004 for $3.14 million ($950 psf).

The recent sale of the 3,305 sq ft unit at The Sovereign on June 20 also set a new per square foot price record for the condo, which surpassed the previous high of $2,456 psf from the sale of a 2,637 sq ft unit for $6.5 million last November. This reflects the strong demand for luxurious properties in the area.

The Sovereign, located on Meyer Road in District 15, is a freehold development that was built in 1993. It consists of a single residential tower with 87 units, including four-bedroom apartments ranging from 2,637 to 3,305 sq ft in size. The development is within walking distance of the newly-opened Tanjong Katong MRT Station on the Thomson-East Coast Line.

In addition to this record-breaking sale, another unit at The Sovereign has also been making headlines. A 1,270 sq ft unit at Chiltern Park was sold for $1.85 million ($1,457 psf) on June 18, making it the second most profitable condo resale transaction during the week. The two-bedroom-plus-study unit had been bought for $500,000 ($394 psf) back in February 2003, which means the seller has gained an impressive $1.35 million on the transaction. This translates to a capital gain of 270% for the seller over a holding period of approximately 21 and a half years.

This sale is the third-highest gain recorded for a resale unit at Chiltern Park. It falls just $100,000 short of the record profit of $1.45 million from the sale of a 1,518 sq ft unit for $2.05 million ($1,351 psf) in August last year. This unit was purchased in January 2002 for $600,000 ($395 psf).

Just a stone’s throw away lies the iconic Merlion Park, where Singapore’s legendary mascot reigns. This charming park offers an ideal setting for residents to take a leisurely walk or use it as a scenic jogging path. Its proximity to the Marina Gardens GLS also makes it easily accessible for various recreational activities during the day or night. And with the newly built Marina South MRT Station Condo just a short distance away, convenience is naturally integrated into this picturesque location.

Chiltern Park is a 99-year leasehold condo located on Serangoon Avenue 3 in District 19, and was completed in 1995. It consists of 500 units, ranging from one- to four-bedroom apartments measuring 904 to 1,711 sq ft. The condo is within walking distance of Lorong Chuan MRT Station on the Circle Line. So far this year, three other resale units have been sold at Chiltern Park, all of which have been profitable. On May 2, a 936 sq ft unit was sold for $1.33 million ($1,420 psf), making the seller a profit of $697,000. On May 3, two more units were sold: a 1,249 sq ft apartment for $1.83 million ($1,464 psf) and a 1,518 sq ft unit for $2.05 million ($1,351 psf). The sellers gained $748,000 and $700,000 respectively from these transactions.

On the other hand, Hilltops saw the most unprofitable condo resale deal during the week in review. A three-bedroom, 1,550 sq ft unit was sold for $4.6 million ($2,968 psf) on June 21. The previous owner had bought the unit from the developer in October 2007 for $6.54 million ($4,216 psf). As a result, they suffered a loss of $1.94 million (30%) after owning the unit for almost 17 years.

This marks a new record loss for resale units at Hilltops, surpassing the previous record of $1.8 million from the sale of a 1,550 sq ft unit for $3.75 million ($2,419 psf) in September 2016. The unit had been purchased from the developer for $5.54 million ($3,576 psf) in November 2007.

Hilltops is a freehold condo located at Carnhill Circle in District 9. It consists of 241 units, including two-, three-, four- and five-bedroom apartments ranging from 807 to 5,317 sq ft, as well as penthouses measuring between 6,372 and 8,385 sq ft. The condo is within walking distance of Orchard Road, making it an attractive location for many buyers.