Four-bedder at The Sovereign sold for $4 mil profit

The sale of a four-bedroom unit at The Sovereign was the most profitable condo resale transaction during the week of June 18 to 25. The 3,305 sq ft unit on the 15th floor changed hands for $8.6 million ($2,602 psf) on June 20. The seller bought the unit in February 2010 for $4.6 million ($1,392 psf). Thus, they raked in a profit of $4 million on the deal, which reflects a capital gain of 87% for the seller after owning it for slightly over 14 years. This is the most profitable resale deal logged at The Sovereign, according to data compiled on EdgeProp Research. It beats the previous record gain of $3.86 million made by the seller of another 3,305 sq ft unit in May 2012. The unit changed hands for $7 million ($2,118 psf), while the seller had purchased it in August 2004 for $3.14 million ($950 psf). The unit sold on June 20 also charted a new psf-price high for the condo, surpassing the previous high of $2,456 psf from the sale of a 2,637 sq ft unit for $6.5 million last November. Read also: The Sovereign hits new high of $2,602 psf Advertisement Advertisement The Sovereign is a condo on Meyer Road in District 15 that was built in 1993. The freehold development comprises a single residential tower housing 87 residences, namely four-bedders of 2,637 to 3,305 sq ft. It is within walking distance of the newly-opened Tanjong Katong MRT Station on the Thomson-East Coast Line. Chiltern Park saw the second most profitable condo resale transaction during the week in review. This comes with the sale of a two-bedroom-plusstudy unit measuring 1,270 sq ft for $1.85 million ($1,457 psf) on June 18. The unit had previously changed hands for $500,000 ($394 psf) in February 2003. This means the seller netted a gain of $1.35 million on the transaction, which works out to a capital gain of 270% for the seller across a holding period of roughly 21½ years. This is the third-highest gain made on a resale unit at Chiltern Park thus far. It is $100,000 short of the record profit of $1.45 million made from the sale of a 1,518 sq ft unit for $2.05 million ($1,351 psf) last August. The seller had purchased the unit in January 2002 for $600,000 ($395 psf). Chiltern Park is a 99-year leasehold condo on Serangoon Avenue 3 in District 19 that was completed in 1995. It is within walking distance of Lorong Chuan MRT Station on the Circle Line. The condo has 500 units consisting of one- to four-bedders of 904 to 1,711 sq ft. Chiltern Park has seen three other resale units so far this year, all of which have been profitable. On May 2, a 936 sq ft unit fetched $1.33 million ($1,420 psf), with the seller making a gain 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 netted gains of $748,000 and $700,000 respectively. Meanwhile, Hilltops saw the most unprofitable condo resale deal during the week in review. A three-bedroom, 1,550 sq ft unit changed hands for $4.6 million ($2,968 psf) on June 21. The seller acquired the unit from the developer in October 2007 for $6.54 million ($4,216 psf). As such, they incurred a loss of $1.94 million (30%) after owning the unit for almost 17 years. Read also: Four-bedder at Sky@Eleven sold for $3.1 mil profit Advertisement Advertisement This marks a new record loss for resale units at Hilltops, beating the $1.8 million loss made on the sale of a 1,550 sq ft unit at the development for $3.75 million ($2,419 psf) in September 2016. The seller had acquired the unit from the developer for $5.54 million ($3,576 psf) in November 2007. Hilltops is a freehold condo at Carnhill Circle in District 9. The 241-unit development was completed in 2011 and consists of two-, three-, four- and five-bedders measuring between 807 and 5,317 sq ft. There are also penthouses measuring between 6,372 and 8,385 sq ft. The condo is within walking distance of Orchard Road. Check out the latest listings for The Sovereign properties