Penthouse at Spring @ Katong reaps $2.06 mil profit
The most successful condo resale sale in the course of the week of Jan 23 to 30 was the deal of a double penthouse at Spring @ Katong. The 1,679 sq ft, three-bedroom unit yielded $2.92 million ($1,739 psf) on Jan 23. The vendor had acquired the unit from the developer for approximately $865,000 ($515 psf) in January 2005. Thus, they earned a profit of $2.055 million (238%) after keeping the unit for 19 years.
The second most successful flat reselling transaction during the duration in assessment happened at RiverGate. A four-bedroom unit estimating 1,798 sq ft switched hands for $5.05 million ($2,809 psf) on Jan 29. The seller, that acquired the unit for $3.27 million ($1,820 psf) in February 2010, earned a gain of around $1.78 million (54%) on the contract after having the place for 14 years.
On the other hand, one of the most unprofitable condo reselling sale during the time frame in evaluation was the sale of an apartment at Robinson Suites. The two-bedroom unit covering 936 sq ft was yielded $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 got a damage of about $984,000 (35%) after storing the condo for just about 11 years.
Located in Area 9, RiverGate is an estate project that was carried out in 2009. It has 545 units around three 43-storey blocks. Units make up a mix of two- to four-bedroom apartments estimating in between 1,023 and 3,918 sq ft.
This is the most profitless resale transaction that has taken place at Robinson Suites to day, based on information compiled on EdgeProp Research. It beats the previous entry losing of $944,000 set up by the home seller of a 990 sq ft unit that brought $1.83 million ($1,846 psf) in March 2023.
The unit offered on Jan 29 is the very first condo at Robinson Suites to switch hands since last September when a 614 sq ft unit obtained $1.45 million ($2,363 psf).
This is the initial resell reported at RiverGate to date this year. Last year, the apartment observed 5 units shift hands, every one of which were profitable operations. The units, assessing in between 1,539 and 2,088 sq ft, were fetched in between $4.3 million and $5.75 million, or in between $2,588 and $2,999 on a psf-price basis. The respective home sellers made profits ranging from $1.25 million to $2.56 million.
This is the most profitable resell exchange at Spring @ Katong to date. It beats the past log revenue of $1.24 million set last March when a 1,044 sq ft unit yielded $1.85 million ($1,772 psf).
Robinson Suites is a freehold condo at 50 Robinson Roadway in the CBD in District 1. The property development consists of a solo high rise real estate 167 condos. Units consist of one- and two-bedroom apartments varying from 484 sq ft to 990 sq ft. There are additionally six penthouse units reaching from 1,087 to 1,410 sq ft.
Spring @ Katong is a real estate development on Ceylon Road in District 15. The 52-unit project was completed in 2006. It has two residence blocks consisting of two- and three-bedroom units from 990 to 1,701 sq ft. The project is throughout walking proximity of the Marine Parade MRT Terminal on the Thomson-East Coast Line.
