In the real estate market, picture raking in a profit so large it draws attention. That exactly happened with a four-bedroom flat at Beverly Hill between the weeks of 9 and 16. This deal was headline-grabbing, not merely another sale based on concessions made to URA. On 15 July, the 3,678 square foot fifth floor apartment sold for an amazing $9.15 million ($2,422 psf). Originally paying $3.68 million ($974 psf), the seller purchased it in August 1996. The mathematics? After 28 years of ownership, a startling profit of $5.47 million represents a 149% increase. About a golden investment, talk about
Beverly Hill has seen several high-flyers besides this transaction. The record still comes from a sale just last year. A 7,556 square foot duplex penthouse sold for an amazing $18 million ($2,382 psf) in July 2023. Purchased for $11 million ($1,456 psf) in January 2007, the seller nett a cool $7 million profit over 16½ years.
Beverly Hill, tucked away on Grange Road in District 10, is a typical condo. Constructed in 1983, this boutique project comprises just 86 units out of a 23-story building. With two penthouses spanning 7,556 sqft apiece, all of the four-bedroom configurations are between 3,369 and 3,678 sq ft.
Now let’s change our focus to Sommerville Park, where the same week another amazing resale occurred. On July 11, a three-bedroom apartment with a 1,948 square foot footprint on the second floor sold for $3.95 million ($2,027 psf.). Originally paying $1.16 million ($595 psf), the seller bought it in April 2006. The result is? After 18 years, a strong profit of $2.79 million translates to a 241% increase. For Sommerville Park, this transaction comes in third highest in gain.
See: Norwood Grand
May 2018 had the most profitable sales at Sommerville Park. A 3, 294 square foot strata landed property valued $5.05 million ($1,533 psf). Purchased for $1.48 million ($449 psf) in September 2003, the seller left with a shockingly $3.57 million profit.
A freehold development on Farrer Drive in District 10, Sommerville Park has an expansive 855,571 square foot footprint. It includes 57 strata landed homes and 396 condo units. While the landed homes feature townhouses and two-storey maisonettes, the condo units range in one- to three-bedroom count.
Fascinatingly, not all transactions are sunshine and rainbows even if these sales highlight successful businesses. Look at Orchard Scotts, for instance. On July 9, a four-bedroom plus-study property on the 15th level sold for $3.9 million ($1,562 psf). After 15 years of ownership, the seller—who paid $5.54 million ($2,221 psf)—faced a significant loss of $1.64 million. At Orchard Scotts, this transaction was the first notable loss in practically a year. August 2023 saw the last negative transaction when a 2,282 square foot unit sold for $3.78 million ($1,656 psf), losing $827,000.
On Anthony Road in District 9 stands Orchard Scotts, a 99-year leasehold property finished in 2008. It has 387 apartments with two- to five-bedroom layouts and apartment sizes ranging from 936 to 4,435 square feet.
What then do these transactions reveal? Stories of amazing gains mixed with noteworthy losses abound in the ever-active condo resale market. Whether your interest is real estate stories or you are an investor looking at the next great buy, these transactions in Beverly Hill, Sommerville Park, and Orchard Scotts provide a clear view of the highs and lows in Singapore’s property market. Nobody knows. Perhaps the next record-breaking sale is still to come.
