During the week of August 27 to September 3, The Draycott had the most profitable condo resale transaction with a unit selling for $5.45 million, at a rate of $2,067 per square foot. The unit, located on the 15th floor and measuring 2,637 square feet, was sold on August 30. The seller had bought it in April 1996 for $3 million, or $1,138 per square foot. This resulted in a gain of $2.45 million for the seller, reflecting a capital gain of 82% as they had owned the unit for almost 28½ years.
This transaction is tied with another unit for the fourth-highest gain ever recorded at The Draycott. This 2,626 square foot, maisonette unit was sold in May 2021 for $4.5 million, or $1,713 per square foot, earning a profit of $2.45 million for the seller. The unit was initially purchased in June 1999 for $2.05 million, or $781 per square foot.
The most profitable transaction ever recorded at The Draycott took place in May 2007, when a 2,637 square foot unit was sold for $5.45 million, or $2,067 per square foot. The seller, who had bought the unit in March 1998 for $2.1 million, or $796 per square foot, made a gain of $3.35 million.
Investing in a condo in Singapore offers numerous advantages, with potential capital appreciation being one of the key benefits. As a global business hub with a strong economy, Singapore consistently sees high demand for real estate. This consistent demand, paired with excellent economic fundamentals, has resulted in a steady increase in property prices over the years. In particular, condos located in prime areas have experienced significant growth in value. Investors who make smart purchases during the right times and hold onto their properties for the long term can reap substantial profits from capital gains.
The second most profitable condo resale transaction during the week in review was the sale of a three-bedroom unit at Pebble Bay. The 1,894 square foot unit on the 13th floor was sold on August 30 for $3.59 million, at a rate of $1,894 per square foot. The seller had acquired the unit in December 2002 for $1.16 million, or $612 per square foot, resulting in a profit of $2.43 million. This translates to a 209% capital gain, with the unit being held for almost 22 years.
This is the third-biggest gain made on a resale unit at Pebble Bay this year. Out of the 18 units sold at the condo so far this year, 15 have been profitable transactions. The largest profit was made from the sale of a 1,894 square foot, three-bedroom unit on May 9 for $3.67 million, or $1,940 per square foot. The seller, who had bought the unit in September 2004 for $1.12 million, or $591 per square foot, made a gain of $2.55 million. Other units sold at Pebble Bay this year have netted gains ranging from $620,000 to $2.48 million.
On the other hand, the most unprofitable resale deal during the week was the sale of a one-bedroom unit measuring 474 square feet at 6 Derbyshire. The unit, situated on the 21st floor, was sold for approximately $989,000, or $2,086 per square foot, on August 27. The seller had initially bought the unit for about $1.19 million, or $2,510 per square foot, in August 2017. This resulted in a loss of $201,000, or 17%, after owning the unit for roughly seven years.
This deal is the fifth most unprofitable transaction ever recorded at 6 Derbyshire. It comes slightly over a month after a 527 square foot unit on the 28th floor was sold on July 12 for $1.07 million, or $2,029 per square foot. The seller had bought the unit for approximately $1.44 million, or $2,740 per square foot, making a loss of around $375,000, which is the biggest loss incurred on a unit at 6 Derbyshire so far.
Located on Derbyshire Road in prime District 11, 6 Derbyshire is a freehold condo that was completed in 2017. Comprising a single 30-storey tower, the development has 168 units consisting of one-, two-, and three-bedroom units, as well as a duplex penthouse. The condo is located within the Draycott-Ardmore Park residential enclave, just off Orchard Road, and is a five-minute walk to Tanjong Rhu MRT Station on the Thomson-East Coast Line.