The Sea View reaps $2.1 mil profit for its four-bedroom unit
The most lucrative resale transaction during the week of April 19-26 consisted of the auction of 1,518 square feet freehold apartment with four bedrooms located at The Sea View. It was purchased at $3.3 million ($2,150 per square foot) on the 21st of April. The fourth floor apartment was bought at $1.1 million ($735 per square foot) in November of 2006. This meant that the seller earned an income in the amount of $2.1 millions (193%), translating into an 7.2% annualised profit over fifteen 1/2 years.
The project was completed in 2008 and the freehold condominium of 546 units is situated at Amber Road in prime District 15. When it first opened in the middle of 2005 it was the first private condominium built by previously owned Wheelock Properties (renamed Wharf Estates (Singapore) in the year 2020) which is situated in the middle of prime Districts 9 10, and 11 that was the traditional playing field.
District 15 on The East Coast is considered the second most prestigious neighborhood outside the prime Districts 9and 10, and 11. East Coast Park is within just a few minutes of a bike or walk ride of The Sea View, and shopping malls within the area are Parkway Parade and I12 Katong. The planned Marine Parade MRT Station on the Thomson- East Coast Line is situated nearby. The development is situated within a 10-to 15 minute drive from The CBD in Singapore and Changi Airport.
As per EdgeProp Market Research, the prices of the units that are sold in The Sea View has increased approximately 27.5% over the past five years, reaching $2,204 per square foot up to May, from $1,729 psf at the end of June 2017.
The most recent deal in The Sea View is considered to be the second-highest-profitable deal that was recorded for the project. The most lucrative transaction was completed in April 2021. an area of 2,809 square feet and five-bedroom apartment was sold at $5 million ($1,780 per square foot). The property was purchased at less than half of the cost which was $2.5 million ($897 per sq ft) in October of 2005. It’s an 98.4% profit, and an annualized increase that is 4.5% over 15 1/2 years.
In Meyer Road, another prime District 15 neighborhood is the 504-unit condominium, The Makena. The condominium, which is freehold, was designed in 1998 by Hong Leong Holdings and completed in 1998. It is situated just a few steps away from the soon-to-open Tanjong Katong MRT Station on the Thomson-East Coast Line.
The most recent deal in The Makena is the purchase of a 1,582 square feet four-bedroom apartment to $2.9 million ($1,839 per square foot) in accordance with an agreement filed on the 20th of April. The unit was bought at $1 million ($613 per square foot) in August of 2005. This means that the seller made the capital profit in the amount of $1.9 millions (200%), equivalent to an annualised gain in the range of 6.8% over a period of 16 1/2 years. This is the second-highest-profitable transaction of the week.
This is the most profitable sale that was recorded in the history of The Makena. The second highest-profitable deal occurred in August 2021. It involved the purchase of a 1,636 square foot four-bedroom apartment at $2.7 million ($1,650 per square foot). The property had changed owners to the buyer for $1.2 million ($760 per square foot) during June of 2004 in accordance with URA Realis. The seller earned an income in the amount of $1.5 million (117.1%), translating to an annualized income that was 4.5% over 17 years.
However, the least profitable deal of the week under review was the sale of a 2,153 square foot 3 bedroom apartment in Cliveden located at Grange. The unit was purchased for $5.7 million ($2,648 per square foot) in a transaction on April 21. It it was bought at $8.3 million ($3,875 per sq ft) at the end of August 2007. This $2.6 million (31.7%) loss translated into an annual cost in the range of 2.6% over more than 14 1/2 years.
Cliveden at Grange was developed by City Developments and completed in the year 2011. It is situated in the highly sought-after Grange Road neighbourhood.