Penthouse at Spring @ Katong reaps $2.06 mil profit

February 7, 2024

The most profitable condo resale transaction during the week of Jan 23 to 30 was the sale of a duplex penthouse at Spring @ Katong. The 1,679 sq ft, three-bedroom unit fetched $2.92 million ($1,739 psf) on Jan 23. The seller had purchased the unit from the developer for about $865,000 ($515 psf) in January 2005. Hence, they made a profit of $2.055 million (238%) after holding the unit for 19 years.

This is the most profitable resale transaction at Spring @ Katong to date. It beats the previous record profit of $1.24 million set last March when a 1,044 sq ft unit fetched $1.85 million ($1,772 psf).

Spring @ Katong is a freehold development on Ceylon Road in District 15. The 52-unit development was completed in 2006. It has two residential blocks consisting of two- and three-bedroom units from 990 to 1,701 sq ft. The development is within walking distance of the Marine Parade MRT Station on the Thomson-East Coast Line.

The second most profitable condo resale transaction during the period in review occurred at RiverGate. A four-bedroom unit measuring 1,798 sq ft changed hands for $5.05 million ($2,809 psf) on Jan 29. The seller, who purchased the unit for $3.27 million ($1,820 psf) in February 2010, netted a gain of around $1.78 million (54%) on the transaction after owning the apartment for 14 years.

This is the first resale recorded at RiverGate to date this year. Last year, the condo saw five units change hands, all of which were profitable transactions. The units, measuring between 1,539 and 2,088 sq ft, were sold for between $4.3 million and $5.75 million, or between $2,588 and $2,999 on a psf-price basis. The respective sellers made gains ranging from $1.25 million to $2.56 million.

Located in District 9, RiverGate is a freehold project that was completed in 2009. It has 545 units across three 43-storey blocks. Units comprise a mix of two- to four-bedroom apartments measuring between 1,023 and 3,918 sq ft.

Meanwhile, the most unprofitable condo resale transaction during the period in review was the sale of an apartment at Robinson Suites. The two-bedroom unit spanning 936 sq ft was sold for $1.8 million ($1,922 psf) on Jan 29. It was purchased by the seller in May 2013 for $2.78 million ($2,972 psf). Hence, they netted a loss of around $984,000 (35%) after holding the apartment for nearly 11 years.

This is the most unprofitable resale transaction that has occurred at Robinson Suites to date, based on data compiled on EdgeProp Research. It beats the previous record loss of $944,000 made by the seller of a 990 sq ft unit that fetched $1.83 million ($1,846 psf) in March 2023.

Robinson Suites is a freehold condo at 50 Robinson Road in the CBD in District 1. The development consists of a single tower housing 167 apartments. Units comprise one- and two-bedroom apartments ranging from 484 sq ft to 990 sq ft. There are also six penthouse units ranging from 1,087 to 1,410 sq ft.

The unit sold on Jan 29 is the first apartment at Robinson Suites to change hands since last September when a 614 sq ft unit fetched $1.45 million ($2,363 psf).

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