Profitable Condo Resales: Windy Heights Leads the Pack

From June 25 to July 2, the busy world of real estate had a fantastic week filled with exciting condo resale activity. At Windy Heights, a freehold development tucked away on Jalan Daud in the Kembangan area of District 14, top on the list was a fantastic bargain. Let’s investigate the specifics and the historical background and discuss other noteworthy transactions during this period.

Windy Heights: An Amazing Sale Breaking Record

With its 2,476 square-foot footprint, the four-bedroom Windy Heights apartment guaranteed the most profitable resale transaction of the week. Purchased on July 1 for an impressive $3.3 million (equivalent to $1,333 psf), this ninth-floor apartment made a sizable profit for its seller. Initially bought in August 1997 for $1.16 million ($469 psf), after almost 27 years of ownership, the sale produced a fantastic capital gain of $2.14 million, or 185%.

This deal is the second most lucrative one at Windy Heights. Another four-bedroom apartment, measuring 4,973 sq ft, sold for $3.9 million ($784 psf) in October 2015 and boasts the crown for highest profit at this development. That unit’s initial purchase price in June 2000 was $1.32 million ($265 psf), which netted the seller a sizable profit of $2.58 million.

Windy Heights: View from the Past

Windy Heights was designed in 1983 and consists of two commercial buildings and 200 residential units. The apartments are usually four-bedroom apartments with 2,476 square feet, and the penthouses run from 4,962 to 4,973 square feet. Two collective sales initiatives were undertaken during development, the most recent one taking place in August 2018. The reserve price of $806.2 million, notwithstanding, did not draw any interest in sales.

RiverGate: Still another profitable deal

RiverGate in the prime District 9 follows Windy Heights in profitability. Selling for $6.24 million ($3,003 psf), a four-bedroom apartment on the 37th floor covered 2,077 sq ft. Originally purchased in a sub-sale for $4.32 million ($2,080 psf) in November 2007, the seller made a profit of $1.92 million or 44% over about 16½ years.

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RiverGate is a freehold development finished in 2009. It comprises 545 units spread over three 43-storey blocks. These two—to four-bedroom flats span 1,523 to 3,918 square feet. The June 28 sale mark marks the sixth resale transaction at RiverGate this year, all of which have been successful. Units ranging from 1,549 to 1,498 sq ft were involved in past transactions totalling between $4.19 million and $5.05 million; sellers made gains ranging from $1.4 million to $2.43 million.

One Shenton: The Most Unprofitable Sale of the Week

Not every trade turned out well. One Shenton’s 1,098-square-foot, two-bedroom condo resale of the week was the most unprofitable one. On June 28, it sold for $1.95 million ($1,776 psf) on the 35th level. Having paid $2.29 million ($2,085 psf) to the developer in January 2007, the seller lost roughly $339,000 (15%) after almost 18 years of ownership.

Comprising 50-storey twin towers finished in 2011, One Shenton is a 99-year leasehold development in Shenton Way in the CBD. It comprises 341 homes, ranging from large duplex penthouses covering 6,674 to 9,085 square feet to one-bedroom units of 517 to 1,001 square feet. Apart from the June 28 sale, One Shenton has had fifteen other units sold this year, with conditions revealing four unprofitable transactions. These 829 to 872 square foot units lost $100,000 to $320,000.

There are still opportunities and hazards in the real estate market. While some Windy Heights and Rivergate sellers celebrated large profits, others at One Shenton suffered losses. Such deals highlight the need for timing, location, and market conditions in property investments. Negotiating the ever-changing real estate scene depends mostly on being strategic and informed.

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