The sale of a four-bedroom apartment at Sky@Eleven turned heads recently, marking the most profitable condo resale transaction between June 11 and 18. This 2,820 sq ft unit on the 14th floor sold for $5.9 million ($2,092 psf) on June 12. The seller originally bought the place for $2.8 million ($994 psf) in March 2007. With a gain of $3.1 million, the seller enjoyed a hefty 111% return on their investment over 17 years.
This impressive profit was only surpassed once at Sky@Eleven. Two months prior, another four-bedroom unit, slightly smaller at 2,713 sq ft, sold for $6.48 million ($2,389 psf). The seller, who had also purchased their unit in March 2007 for about $2.8 million ($1,031 psf), walked away with a $3.68 million profit.
Sky@Eleven, a freehold condo on Thomson Lane in District 11’s Toa Payoh area, was completed in 2010 and features 273 units across 42 floors. Sky@Eleven unit types, from three-bedroom-plus-study units of 1,851 sq ft to spacious four-bedroom units up to 2,820 sq ft, and duplex penthouses ranging from 3,757 to 5,597 sq ft.
Another notable transaction from the same week happened at Viz At Holland. On June 13, a three-bedroom unit there, spanning 1,927 sq ft, sold for $2.9 million ($1,505 psf). The seller, who bought the unit in January 2006 for about $998,000 ($518 psf), earned a profit of $1.9 million after holding onto the property for nearly 18 and a half years. This results in a significant 191% capital gain.
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This sale ranks as Viz At Holland’s second most profitable, just behind the record sale of a five-bedroom penthouse. That unit, measuring 2,519 sq ft, sold for $4.15 million ($1,648 psf) in March 2023. The seller, who had acquired it for $1.95 million ($774 psf) in December 2006, made a $2.2 million profit.
Viz At Holland is a freehold condo on Queensway, near Holland Road in District 10. Built-in 2008, the 12-storey building houses 165 units, ranging from one-bedrooms at 495 sq ft to spacious three-bedrooms at 1,927 sq ft. The penthouses are even larger, between 2,390 and 2,648 sq ft.
On the flip side, the week also saw the most unprofitable condo resale transaction at OUE Twin Peaks. A three-bedroom unit on the 31st floor, spanning 1,399 sq ft, was sold for $3.3 million ($2,380 psf) on June 13. The seller had bought it new in August 2010 for $4.44 million ($3,169 psf), resulting in a loss of $1.11 million (25%) after nearly 14 years.
This marks the most significant loss ever recorded at OUE Twin Peaks, surpassing the previous record loss of $1 million. That loss occurred when a 1,604 sq ft, three-bedroom unit sold for $3.5 million ($2,182 psf) in August 2016.
Located at 33 Leonie Hill Road near the bustling Orchard Road shopping district in District 9, OUE Twin Peaks is a 99-year leasehold development completed in 2015. The condo comprises 462 units across two 35-storey towers, ranging from one-bedrooms at 549 sq ft to four-bedrooms at 1,895 sq ft.
OUE Twin Peaks also recorded the second-largest loss of the week with the sale of a one-bedroom unit. The 570 sq ft apartment sold for $1.3 million ($2,279 psf) on June 12, incurring a loss of nearly $300,000. The seller had purchased the unit for $1.6 million ($2,803 psf) in May 2016.
The real estate market can be unpredictable, with some investors reaping huge rewards and others facing significant losses. These transactions highlight the diverse outcomes of property investments in Singapore, offering valuable insights for current and prospective buyers.
