Duchess Crest resale unit reaps $1.5 mil profit

Duchess Crest resale unit reaps $1.5 mil profit

By Charlene Chin
EdgeProp Singapore

August 7, 2020

https://www.edgeprop.sg/property-new...-15-mil-profit

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The top gains for the period of July 21 to 28 were led by the sale of a unit at Duchess Crest, located along Duchess Avenue, which reaped a profit of $1.51 million. The 1,722 sq ft unit on the third floor was bought for $920,000 ($534 psf) in November 2005 and sold for $2.43 million ($1,411 psf) on July 24. The seller therefore made a 164% profit, or an annualised profit of 7% over almost 15 years.

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Duchess Crest (Credit: Samuel Isaac Chua/ The Edge Singapore)

Located in District 10, Duchess Crest was completed in 1998. Nearby shopping centres include Serene Centre and Coronation Shopping Plaza. The 99–year leasehold development is a 10–minute walk to Tan Kah Kee MRT Station on the Downtown Line.

The second top gain made over the week — a 120% profit of $1.47 million — was at One Amber, located along Amber Gardens. The 1,658 sq ft unit on the 15th floor was purchased for $1.23 million ($741 psf) in May 2006 and sold for $2.7 million ($1,629 psf) on July 27. This means that the seller made an annualised profit of 6% over 14 years.

One Amber, located in District 15, comprises 562 freehold units. The condominium was completed in 2010 and is near East Coast Park and Parkway Parade Shopping Centre. It is a five–minute walk to the future Tanjong Katong MRT Station on the Thomson–East Coast Line, which is slated to open in 2023.

Meanwhile, a unit sold at Fernwood Towers — located along Fernwood Terrace in District 15 — made the third largest gain over the week, netting a 75% profit of $1.12 million for the seller. The 2,497 sq ft unit on the 10th floor was bought in June 1999 for $1.5 million ($601 psf), and sold for $2.62 million ($1,049 psf) on July 24. The seller therefore made an annualised profit of 3% over 21 years.

Fernwood Towers comprises 215 freehold units and was completed in 1994. The condominium is easily accessible via public transportation and is close to East Coast Park, Parkway Parade Shopping Centre and Siglap Centre. It is an 11–minute walk to the upcoming Siglap MRT station on the Thomson–East Coast Line.

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Sui Generis (Credit: Samuel Isaac Chua/ The Edge Singapore)

On the other hand, the greatest loss incurred over the week in review was from the resale of a 2,131 sq ft unit at Sui Generis in District 10. Having sold the property for $4.25 million ($1,994 psf) on July 22, the seller suffered a 21% loss of $1.13 million. The unit was purchased in December 2007 for $5.38 million ($2,524 psf). Over a holding period of about 12½ years, this translates into an annualised loss of 2%.

Sui Generis is located along Balmoral Crescent and comprises 40 freehold units. Completed in 2010, it is an eight–minute walk to Newton MRT Interchange Station on the Downtown and North–South Lines.