Four-bedder at Wing On Life Garden sold for $4.4 mil profit

The sale of a four-bedroom apartment at Wing On Life Garden was the most profitable condo resale transaction during the week of July 30 to Aug 6. The 3,305 sq ft unit on the 12th floor changed hands for $7.45 million ($2,255 psf) on Aug 5. It was purchased by the seller in November 1997 for $3.03 million ($916 psf). As a result, they raked in a profit of $4.42 million on the deal, which reflects a capital gain of 146% for the seller. They had owned the unit for almost 27 years. This is the biggest gain made on a resale transaction at Wing On Life Garden so far, based on caveats lodged. It is over $1 million higher than the previous top gain of $3.2 million made on the sale of another 3,305 sq ft, four-bedroom unit in February 2015. The seller, who had bought the unit in April 2005 for $2.3 million ($696 psf), sold it for $5.5 million ($1,664 psf). Wing On Life Garden is a freehold boutique condo located on Bukit Timah Road in prime District 10. Completed in 1982, it has 82 units. These consist of four-bedroom units between 3,240 sq ft and 3,671 sq ft. There are also two penthouses of 7,610 sq ft and 7,050 sq ft. Read also: Four-bedder at Holt Residences sold for $2.2 mil profit Advertisement Advertisement Only one other unit at the development changed hands this year: a 3,240 sq ft, four-bedroom unit on the 25th floor. On April 19, it sold for $7.6 million ($2,346 psf). RiverGate saw the second most profitable condo resale transaction during the week in review. This comes with the sale of a 1,539 sq ft, three-bedroom unit on Aug 1. The 38th-floor unit sold for $4.38 million ($2,849 psf), with the seller netting a gain of $2.04 million. They had bought the unit in October 2008 for $2.34 million ($1,523 psf). Hence, they made a capital gain of 87% after owning the unit for almost 16 years. Located along Robertson Quay 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 sq ft and 3,918 sq ft. Eight resale deals have been recorded at RiverGate so far this year, all of which were profitable. The units, which measure between 1,539 sq ft and 2,077 sq ft, were sold at prices ranging between $4.16 million to $6.24 million, or between $2,700 psf and $3,003 psf. The sellers netted gains ranging between $1.4 million and $2.42 million. Meanwhile, the most unprofitable condo resale transaction during the week in review was the sale of a three-bedder at OUE Twin Peaks. The 1,399 sq ft unit on the 29th floor changed hands for $3.2 million ($2,287 psf) on Aug 1. The unit had last transacted in July 2017 for $3.97 million ($2,836 psf). As a result, the seller incurred a loss of about $770,000 (19.4%) after a holding period of seven years. OUE Twin Peaks is located at 33 Leonie Hill Road, close to the Orchard Road shopping strip in prime District 9. It is a 99-year leasehold development that was completed in 2015. The condo has 462 units across two 35-storey towers, consisting of one- to four-bedders from 549 sq ft to 1,895 sq ft. Read also: Three-bedder at Botanic Gardens Mansion sold for $2.39 mil profit Advertisement Advertisement The development has registered eight resale transactions to date this year. Available caveats show that six of these occurred below their purchase price. This includes the most unprofitable resale deal logged at the condo so far — the sale of a 1,399 sq ft, three-bedroom unit on the 31st floor for $3.3 million ($2,380 psf) on June 13. The seller bought the apartment as a new unit in August 2010 for $4.43 million ($3,169 psf). This means they incurred a loss of about $1.1 million (25%) after a holding period of nearly 14 years. The other five unprofitable resale transactions incurred losses ranging from $220,000 to $769,100. Check out the latest listings for Wing On Life Garden, Rivergate, Oue Twin Peaks properties