25 Apr Three-bedder at Botanic Gardens View sold for $2.87 mil profit
The 1,755 sq ft unit at Botanic Gardens View changed hands for $3.75 million ($2,137 psf) on April 7.
SINGAPORE (EDGEPROP) – The most profitable resale transaction during the week of April 5 to 12 was the sale of a 1,755 sq ft, three-bedroom unit at Botanic Gardens View. The ninth-floor unit changed hands for $3.75 million ($2,137 psf) on April 7. The property had been purchased for $879,255 ($501 psf) in July 1998. As a result, the seller earned a profit of $2.87 million (327%), which translates to an annualised profit of 6.3% over 23½ years.
See also: Record $4.45 mil loss at Ritz-Carlton Residences
This makes it the second most profitable resale transaction at Botanic Gardens View to date. The most profitable sale involved a 1,615 sq ft three-bedder on the first floor that was sold for $4 million ($2,521 psf) in August 2019. That unit had been purchased for $855,950 ($530 psf) in September 2001. Thus, the seller walked away with a record profit of $3.21 million (337%), which translates to an annualised profit of 8.5% over 18 years.
Botanic Gardens View, at Taman Serasi, is off Cluny Road in prime District 10. The 144-unit, freehold development was completed in 1970. It is located across the road from the Singapore Botanic Gardens and about 150m from Gleneagles Hospital and Medical Centre. Nearby residential developments include Nassim Mansion, 8 Napier, and 19 Nassim. It is also near the upcoming Napier MRT station on the Thomson-East Coast Line that is expected to be opening later this year.
The 1,755 sq ft unit at Botanic Gardens View changed hands for $3.75 million ($2,137 psf) on April 7. (Picture: Samuel Isaac Chua/The Edge Singapore)
Based on an analysis of URA caveats using EdgeProp Singapore’s research tools, Botanic Gardens View has enjoyed a steady appreciation in its average property value over the past 20 years. In March 2002, the average resale price at the condominium was $775 psf, but last month the average price commanded by the development was about $2,435 psf.
There were four resale transactions at the condo last year, and profits ranged from $430,000 to $1.24 million. The most profitable involved a 1,410 sq ft unit that fetched $3.33 million ($2365 psf) on April 27, 2021. Previously, the unit was purchased for $2.1 million ($1,489 psf) on Sept 15, 2016. Thus, the seller earned $1.24 million (58%), or an annualised profit of 10.5% over four years.
EdgeProp’s price trends research tool showing the average price movements of Botanic Gardens View. (Source: EdgeProp Singapore)
The second-most profitable resale transaction during the week occurred at Cavenagh Court in prime District 9. A 1,862 sq ft unit was sold for $3.28 million ($1,761 psf) on April 6. It had been purchased for $1.13 million ($607 psf) in October 2006. Thus, the seller raked in a profit of $2.15 million (190%), which translates to an annualised profit of 7.1% over 15½ years.
Cavenagh Court is a freehold condo along Cavenagh Road in the Newton area. The 68-unit development was completed in 1971. It is close to the Orchard Road shopping belt and the Newton and Novena areas, and enjoys access to major roads and highways such as Bukit Timah Road, Dunearn Road, and the Central Expressway.
This latest transaction on April 6 is also the most profitable resale so far at the condo. It surpassed the previous record which was held by a 1,819 sq ft unit when it was sold for $3.2 million ($1,759 psf) in October 2018. That unit had been bought for $1.22 million ($671 psf) in November 1997. As a result, the seller made a profit of $1.98 million (162%), which translates to an annualised profit of 4.7% over 21 years.
There have been two resale transactions at Cavenagh Court this year. The earlier sale saw a 1,862 sq ft unit fetch $3 million ($1,611 psf) on Jan 5.
On the other hand, the most unprofitable deal during the week was the sale of a 2,842 sq ft, four-bedroom unit at Cliveden at Grange. The unit was sold for $8 million ($2,815 psf) on April 11. It had been purchased for $10.34 million ($3,638 psf) in June 2007. Thus, the seller saw a loss of $2.34 million (23%), which translates to an annualised loss of 1.7% over 15 years.
A four-bedroom unit at Cliveden at Grange incurred a loss of $2.34 million when it was sold for $8 million ($2,815 psf) on April 11. (Picture: Samuel Isaac Chua/The Edge Singapore)
Based on URA caveats, this is the latest of four consecutive losses at Cliveden at Grange over the past seven years. Losses range from $2.33 million to $2.57 million. The deal with the record loss involved a 2,153 sq ft unit that was sold for $5.5 million ($2,555 psf) in November 2015. The unit had been purchased for $8 million ($3,752 psf) in August 2007. As a result, the seller made a loss of $2.57 million (32%), which translates to an annualised loss of 4.5% over eight years.
Cliveden at Grange is a freehold condo along Grange Road in prime District 10. The 110-unit luxury condo was completed in 2011 by City Developments and comprises a mix of three- and five-bedroom units of 2,152 to 6,028 sq ft.