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M A K E B E T T E R D E C I S I O N SMCI (P) 046/03/2015 PPS 1519/09/2012 (022805)

THE WEEK OF MAY 9, 2016 727

| BY FEILY SOFIAN & ESTHER HOON |

The residential market has stirred again

as developers step up marketing efforts

ahead of the June school holidays. In

addition to the brisk sales at recent

launches, existing projects witnessed

a spike in sales in March and April. Sales also

received a boost from pent-up demand as the

government reiterated its stance against tweak-

ing the cooling measures.

Executive condominiums led the rebound

in sales momentum. Excluding new launches,

the five bestselling EC projects in March and

April sold 50 to 70 units each. In the same pe-

riod last year, the top-selling EC project sold

just 44 units.

The Terrace EC in Punggol sold 37 units in

March and at least another 37 units in April,

or a total of 74 units over both months. The

total sales volume could be higher as the ca-

veats in the last week of April have yet to be

published.

Developer Kheng Leong is understood to

have offered cash vouchers for The Terrace units

under its buyer referral scheme. The scheme

entitles both buyer and referrer to a $10,000

cash voucher when a unit is successfully sold.

The disbursement of the cash vouchers was

reflected in URA caveats. About three quarters

of the caveats lodged since February showed

net prices that were $10,000 lower than the

transacted price.

Several other projects also witnessed brisk

sales in the past two months. The Amore, The

Vales and The Brownstone moved at least 69,

62 and 58 units respectively in March and

April. Caveats lodged indicated no discounts,

although some projects are offering star buy

units. However, a combination of factors could

be spurring sales.

The Amore, along with The Terrace, The

Brownstone, Bellewaters and Bellewoods, are

among the few remaining EC projects where

buyers are exempted from paying a resale levy

as the sites were launched before Dec 9, 2013.

ECs are known to attract buyers seeking

large units because of their affordable price

quantum. At The Amore, buyers paid less than

$1 million on average for 1,227 sq ft four-bed-

room units, which accounted for nearly 40%

of sales in March and April. Recently, buyers

also snapped up all 82 four-bedroom units at

Wandervale EC in Choa Chu Kang.

Separately, The Vales is located within walk-

ing distance of Sengkang MRT station while

The Brownstone is situated next to the upcom-

ing Canberra MRT station.

Small units dominate sales in private projectsIn the private residential segment, the five

bestselling existing projects moved between

40 and 90 units each over March and April.

In the same period last year, sales volume for

the five bestselling existing projects general-

ly hovered in the 40 to 50 unit region each.

One- and two-bedroom units dominated

sales activity, which came as no surprise giv-

en the punitive nature of the ABSD and lend-

ing regulations on pricier units.

Home IdeasInjecting the home with ‘new Asian luxury’ PG4

Form and functionEight Singapore condos with bespoke architecture PG6

Oldies, but goodiesThree old condos sold at huge profi ts PG8

Executive condos lead the way as sales momentum in residential market picks up

BUYERS BUYERS RETURNRETURN

EP2 • THEEDGE SINGAPORE | MAY 9, 2016

EDITORIALEDITOR | Ben PaulTHE EDGE PROPERTY

HEAD OF RESEARCH | Feily Sofi an SENIOR ANALYST | Esther HoonANALYSTS | Lin Zhiqin, Tan Chee Yuen

COPY-EDITING DESK | Elaine Lim, Evelyn Tung, Chew Ru Ju, Tan Gim Ean, Choy Wai FongPHOTO EDITOR | Samuel Isaac ChuaEDITORIAL COORDINATOR | Rahayu MohamadDESIGN DESK | Tan Siew Ching, Christine Ong, Monica Lim, Mohd Yusry,Tun Mohd Zafi an Mohd Za’abah

ADVERTISING + MARKETING THE EDGE SINGAPORE

ADVERTISING SALES

CHIEF MARKETING OFFICER | Cecilia KaySENIOR MANAGERS | Windy Tan, Kevin SimMANAGERS | Danna Pusta, Elaine Tan, Junda LinEVENTS

SENIOR MANAGER | Sivam KumarMARKETING

SENIOR MANAGER | Duanyi AngEXECUTIVES | Tim Jacobs, Sam Ridzam

THE EDGE PROPERTY

ADVERTISING SALES

DIRECTOR, ADVERTISING & SALES | Cowie TanASSOCIATE ACCOUNT DIRECTOR | Diana LimACCOUNT MANAGERS | Ken Tan, Priscilla Wong, Jon Tan

COORDINATOR | Nor Aisah Bte Asmain

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THEEDGE PROPERTY COVER STORY

Among the existing launches, The

Poiz Residences topped the sales

chart in March and April with at

least 91 units sold. About half were

one-bedroom units between 420 sq

ft and 538 sq ft in size, with prices

averaging $683,000, or $1,513 psf.

Kingsford Hillview Peak trailed

closely behind with at least 79 units

sold. Close to 60% of the caveats

were for one-bedroom units.

Anecdotal evidence based on cave-

ats lodged shows the developer is of-

fering a discount rate at varying per-

centages depending on the unit size

and location. In June 2014, a 517 sq

ft unit on the fifth floor was sold at

$1,447 psf. However, a unit directly

above with the same size and orien-

tation was transacted for $1,345 psf in

March this year. Separately, a 786 sq ft

unit on the 10th floor fetched $1,301

psf in April, a discount to the $1,434

psf fetched by a comparable unit lo-

cated two floors below in August 2013.

Kingsford Hillview Peak could at-

tract ABSD on land price if it fails to

sell all its units by early next year.

With the latest sales, the number

of unsold units in the project fell to

around 150. The developer would

need to sell only 15 units per month

on average over the next 10 months

to avoid incurring ABSD charges.

At Botanique at Bartley, UOL sold

at least 74 units in March and April.

One- and two-bedrooms account-

ed for 80% of the caveats lodged in

both months.

Elsewhere, Kingsford Waterbay,

Lakeville, Sims Urban Oasis, Sky

Vue, Symphony Suites, The Glades

and The Trilinq moved 30 to 40 units

each over March and April.

At new launches, Qingjian Real-

ty is understood to have sold more

than 160 units at The Visionaire. The

EC project was launched in April

and positioned as the next-genera-

tion smart home. Sim Lian Group

has sold over 300 units at its Wan-

dervale EC, which was launched in

March. Buyers also snapped up 122

of the 305 units in Sturdee Residen-

ces at its VIP preview on April 23.

Top-selling existing projects and no of units sold (March and April)

Buying momentum picks up

The

Terrace

The

Amore

The

Vales

The

Brownstone

Symphony

Suites

Kingsford

WaterbaySol

Acres

The Poiz

Residences

Kingsford

Hillview Peak

Botanique

at Bartley

The

Glades

Sims Urban

Oasis

Lakeville Sky Vue

The

Trilinq

Private Projects EC

Legend:

74

69

62

58

47

43

43

33

74 44

40

9132

7933

URA,

THE

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Buying momentum in existing projects picked up despite competition from new launchesFROM PREVIOUS PAGE

| BY POOJA THAKUR MAHROTRI & JOYCE KOH |

Blackstone Group is in talks to acquire industri-

al property assets in Australia valued at about

A$250 million ($253.5 million) from Malay-

sian palm-oil producer Sime Darby, according to

people familiar with the matter.  

The New York-based private equity firm is in

discussions to acquire as many as five industri-

al buildings in Australia, the people said, asking

not to be identified because the discussions aren’t

public. Blackstone has also agreed to buy a ma-

jority stake in three of Sime Darby’s property as-

sets in Singapore valued at about $300 million,

the people said.

The conglomerate, Malaysia’s biggest listed

palm-oil producer, is looking to sell its property

assets in Australia and Singapore in its efforts to

pare debt. CEO Mohd Bakke Salleh told report-

ers at a Feb 24 briefing in Kuala Lumpur that the

company is seeking to raise RM1.5 billion ($506.8

million) through sales. 

“In Australia, we have 13 properties and in

Singapore, we have three. We are looking at dis-

posing of office buildings and industrial proper-

ties in the two countries,” Salleh told reporters in

February. The asset sales and an Islamic bond is-

suance will help reduce Sime Darby’s gearing to

54% by the fiscal year ending June 30 from 61%

currently, Salleh said at the time.

“We are working on various options including

asset monetisation to help manage the gearing lev-

el,” Sime Darby said in an emailed statement on

May 3, declining to comment on any talks with

Blackstone. A Blackstone spokeswoman declined

to comment on the talks.

Sime Darby shares fell 1.1% to RM7.53 at

10.12am in Kuala Lumpur trading on Wednesday,

compared with the 0.6% decline in the benchmark

FTSE Bursa Malaysia KLCI Index. The shares have

declined 2.8% this year.

The properties in Australia are the ones

associated with the conglomerate’s industri-

al unit, Sime Darby Industrial Division, the

world’s third-largest Caterpillar dealer. The in-

dustrial unit has dealerships across more than

140 branches in 10 countries throughout Asia-

Pacific. — Bloomberg LP

Blackstone in talks to buy Sime Darby’s assets in Australia

NEWS

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THEEDGE SINGAPORE | MAY 9, 2016 • EP3

• First-timer CPF housing grant of up to $30,000**

• Monthly household income of up to $14,000• Deferred payment scheme available

T h e F u t u r e o f S m a r t L i v i n gT h e F u t u r e o f S m a r t L i v i n g

QJ-0235-The Edge-370x262w-P.indd 1 04/05/2016 14:07

EP4 • THEEDGE SINGAPORE | MAY 9, 2016

Chinoiserie chic? We beg to differ.

THEEDGE PROPERTY HOME IDEAS

| BY GRACE CHEN/CREATIVE MIND DESIGN |

Contemporary Asian design does not have to scream “chinoiserie”,

as proven by a penthouse show unit at Leedon Residence designed

by Creative Mind Design. Ian Lee, lead designer of the project,

describes it as the “new Asian luxury”, where luxury is quiet, con-

templative and, as paradoxical as it sounds, modest.

Born to Malaysian-Chinese parents but raised in the UK, Lee admits to

being more familiar with Western values and culture than his Asian roots.

Nevertheless, he subconsciously draws from Asian influences in his design

process, marrying them with his Westernised tastes. Hence, you are not

likely to find heavily lacquered timber, fretwork screens or dogmatic mini-

malism in his design. Instead, you will find balance, restraint and serenity,

which are highly valued in Asian societies.

Throughout the interior spaces, dualities in form, texture and colour are

skilfully balanced. Clean lines bring out the patterned surfaces of natural

stone and timber, while the hardness of these materials is softened with

flowing drapes. The space is amply filled with cushions and plush throws

and rugs. Dark millwork forms a reticent backdrop for furniture mostly in

light grey and beige tones.

Grace Chen is a communications writer/ designer for Creative Mind Design, an award-wining interior design studio that crafts meaningful and relevant interior spaces, bringing fresh and compelling expe riences for all to enjoy. Visit www.cmd.sg for more information.

Balance out conservative silhouettes with unexpected forms such as the playful Husk armchair by Patricia Urquiola

Luxury with restraintIn the dining area, a bespoke marble table

is arguably the showpiece of the apartment.

Composed of Italian marble with timber

accents, this three-metre table may not be

Asian in appearance, but it is so in essence.

It was designed to be a gathering place,

drawing families together for a meal in

traditional Asian style.

It is luxurious without being ostentatious,

as its designer, Charlton Ho of Creative Mind

Design, explains. “Bullnose detailing, as

well as the choice of white Carrara marble,

make this potentially clunky table appear

elegantly sleek. We also made sure the

proportions are generous enough to seat

the whole family comfortably.” He explains

that timber laminate strips were incorpo-

rated to complement the dark millwork in

the rest of the apartment.

For the dining chairs, Lee selected the

iconic mid-century Platner Arm Chairs in

ivory. With their graceful wire

structure and comfortable up-

holstery, they are a picture of

elegance or, in other words,

restrained luxury.

Bullnose detailing and the choice of white Carrara marble make this potentially chunky table appear sleek and modest

Serenity in styleThe quiet luxury of the common areas carries

over into the bedrooms. Fuss-free fabrics in

a neutral palette create a calming, restful

mood, with “punches of statement Thai silk

pillows from Jim Thompson to break the

monotony”, as described by Lee.

In the master bedroom, he opted for

dark timber strips that form a feature wall

behind the headboard. To accessorise the

space, he chose objects that are “subtle

but have character”, such as exotic bed-

side table lamps with shagreen-clad stands

sourced from Thailand.

Instead of wall-paper, how about a feature wall made of dark timber laminate strips to add depth to the space and enhance the calming ambience

Spacious sanctuaryTimber blinds over a glass screen

separate the bedroom from the

master bathroom, a spare and

clutter-free space that has a free-

standing tub to complete the

experience of a private Zen-like

sanctuary.

E

Celebrate the work of Asian designers with fun pieces of furniture such as this red outdoor table by Nendo

A free-standing tub makes the bath appear spacious and clutter-free, creating a private Zen-like sanctuary

The courtyard conceptThe penthouse unit comes with a sky garden, which has two main

spaces — a lounge area and an outdoor dining area. The sky garden

does not pretend to be a traditional Asian courtyard, but it serves

to contain family- oriented activities. A bright red Kub low table by

Japanese design studio Nendo gives the lounge area an upbeat vibe.PI

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Balancing contemporary and classicIn the living area, a full-height shelving unit with a

hidden TV compartment has sliding doors clad in faux

shagreen. Shagreen is a highly sought-after decorative

material dating back to the Chinese Han Dynasty and

has graced the sword hilts of the Japanese samurai

and the trinkets of French aristocrats alike. Commonly

sourced from East Asia, it is traditionally found in the

homes of the very rich around the world and deemed

an exotic and precious material by those in the know.

A sense of balance is also apparent in the furniture

selection. Anchoring the space is a modern, classic

L-shaped sofa, paired with a rectilinear coffee table.

There is stability in the stance of the table, yet a sense of

lightness as it seems to hover just above the soft carpet.

Balancing out the conserva tive silhouettes of the sofa

and coffee table is a very hip and unexpected form of

an armchair with its pillowy upholstery — the Husk by

Patricia Urquiola — and a wireframe end table, both of

which exude playfulness and freshness.

THEEDGE SINGAPORE | MAY 9, 2016 • EP5

SkyVue_edge FA 28apr PATH.indd 1 29/4/16 5:16 PM

EP6 • THEEDGE SINGAPORE | MAY 9, 2016

THEEDGE PROPERTY FEATURE

The Oliv (Architect: Mok Wei Wei. Year of completion: 2013)With only 23 freehold units, this medium-rise

development that embraces open, vertical green

spaces is a home for the privileged few. As each

floor has only two units, the architect crea-

tively incorporated sky terraces at every level

to be shared by the two homes. The irregular

shape and sloping wall mimic a wavy ground

surface, while the green hedges epitomise lux-

ury tropical living.

Eight most awe-inspiring condos in Singapore| BY YONG YUN LIN |

They say you shouldn’t judge a book by its cover, but we can’t help but be fasci-

nated with these great-looking architectural marvels in our city. Although some

may find them quirky, these eight buildings deserve a spot in our list of Singa-

pore’s most iconic buildings owing to their outstanding structures and façades.

Architecture fans, behold!

Reflections at Keppel Bay (Architect: Daniel Libeskind, Year of completion: 2011)This combination of sleekly curved

tall and short structures by world-re-

nowned architect Daniel Libeskind is

his first-ever residential development

in Asia. It consists of six sky towers

ranging from 24 to 41 floors and 11

fan-shaped blocks comprising six- to

eight-storeys of villa apartments, and

crowned with sky gardens. Each pair

of towers is connected by a sky bridge,

affording panoramic views of Mount

Faber and Sentosa.

The Interlace (Architect: Ole Scheeren. Year of completion: 2013)This jenga-like condominium

clinched the World Building of

the Year title at the 2015 World

Architecture Festival. It has also

won other prestigious awards, in-

cluding Urban Habitat Award 2014

and BCA Green Mark Gold Plus

Award 2010. A total of 31 blocks,

each six- storey tall, are stacked in

a hexagonal arrangement, creat-

ing pockets of space for air and

light to flow through the 8ha site,

which has eight courtyards.

Pearl Bank Apartment (Architect: Tan Cheng Siong. Year of completion: 1976)At 38 storeys, this horseshoe-shaped com-

plex near the Outram Park MRT station

was once the tallest residential build-

ing in Singapore and the first all-resi-

dential project on a URA land parcel.

When completed in 1976, it had the

largest number of apartments — 272

— making it the highest-density site.

It also features a shopping area, park-

ing spaces and a communal space on

the 28th floor — the first of its kind in

20th-century architecture.

Sky Habitat (Architect: Moshe Safdie. Year of completion: 2015)Conceived by famed architect Moshe

Safdie, the dramatic stepping form

of Sky Habitat has transformed the

skyline of Bishan. This city-fringe

condo comprises two 38-storey

towers linked by three sky bridg-

es. The bridges on the 14th and

26th floors were designed as sky

gardens, while the highest briedge

on the 38th floor features a sky

pool. The design features verti-

cal greenery, optimal orientation

relative to the sun and maximum

cross-ventilation.

Orchard Scotts Residences (Architect: Arquitectonica. Year of completion: 2008)A winner of the FIABCI Prix d’Excellence Awards in 2009, this project located in the

Orchard Road shopping belt easily stands out from adjacent developments owing to its

shimmering façade. A masterwork of world-renowned architect firm Arquitectonica, the

condo comprises three blocks, displayed as contemporary artworks.

The Colonnade (Architect: Paul Rudolph. Year of completion: 1986)Despite being built in the 1980s, this evergreen

building on Grange Road comes across as a

contemporary building with its interlocking

units stacked on top of each other. The con-

cept originated from the Graphic Arts Center

Manhattan, which the architect had designed

two decades earlier. Financial and technical

constraints foiled the original construction

plan using the prefabrication method, but The

Colonnade still successfully showcased the ar-

chitect’s design goal using the conventional

pour-in-place concrete method.

Sculptura Ardmore (Architect: Carlos Zapata. Year of completion: 2014)Situated at the highest point of Ardmore

Park, this 36-storey condo designed by in-

ternationally renowned architect Carlos

Zapata is one of the most-coveted luxury

homes in the city. Zapata delicately bal-

anced the need to maximise the internal

living space with a dramatic exterior that

features a curving façade clad in glass fins.

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THEEDGE SINGAPORE | MAY 9, 2016 • EP7

EP8 • THEEDGE SINGAPORE | MAY 9, 2016

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALES PRICE ($) BOUGHT ON PURCHASE PRICE ($) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)

1 111 Emerald Hill 9 1,970 April 18 4,100,000 Feb 15, 2011 5,125,000 1,025,000 20 4 5.2

2 Cairnhill Crest 9 1,206 April 18 2,058,000 May 7, 2007 2,472,300 414,300 17 2 9.0

3 The Boutiq 9 861 April 11 1,650,000 June 13, 2011 2,019,900 369,900 18 4 4.8

4 D’leedon 10 1,281 Feb 23 1,800,000 April 20, 2011 2,123,000 323,000 15 3 4.8

5 Waterfall Gardens 10 2,196 April 1 3,000,000 March 22, 2007 3,307,400 307,400 9 1 9.0

6 The Paterson 9 1,216 April 15 2,310,000 Jan 11, 2013 2,588,000 278,000 11 3 3.3

7 Terrace/Sembawang Walk 27 2,766* March 23 1,290,000 Oct 9, 2011 1,500,000 210,000 14 3 4.5

8 Semi-detached/Siak Kew Avenue 13 3,907 April 12 3,800,000 Jan 22, 2013 3,980,000 180,000 5 1 3.2

9 The Tropica 18 1,238 April 14 1,034,000 April 4, 2012 1,145,000 111,000 10 2 4.0

10 8 @ Mount Sophia 9 861 April 12 1,200,000 Dec 9, 2010 1,308,720 108,720 8 2 5.3

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALES PRICE ($) BOUGHT ON PURCHASE PRICE ($) LOSS ($) LOSS (%) ANNUALISED LOSS (%) HOLDING PERIOD (YEARS)DISTRICT SOLD ON (2016) BOUGHT ON LOSS ($) ANNUALISED LOSS (%)

New caveats uploaded on April 22 and 26

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Most profi table deals

Non-profi table deals

* Refers to strata area. Otherwise, area stated for landed homes refers to land area. Tables compiled by Tan Chee Yuen

THEEDGE PROPERTY FACTS + FIGURES

PROJECT DISTRICT AREA (SQ FT) SOLD ON (2016) SALES PRICE ($) BOUGHT ON PURCHASE PRICE ($) PROFIT ($) PROFIT (%) ANNUALISED PROFIT (%) HOLDING PERIOD (YEARS)

NON-LANDED

1 The Beaumont 9 1,916 April 14 3,888,000 Sept 5, 2005 1,580,000 2,308,000 146 9 10.6

2 Tanglin Park 10 1,335 April 15 2,488,000 Sept 6, 2006 1,238,000 1,250,000 101 8 9.6

3 Chatelet 10 1,507 April 13 2,100,000 Oct 6, 2006 1,068,000 1,032,000 97 7 9.5

4 Loyang Valley 17 3,251 April-18 1,640,000 June 3, 2005 750,000 890,000 119 7 10.9

5 The Calrose 26 1,658 April 14 1,850,000 Aug 16, 2005 977,280 872,720 89 6 10.7

6 Kovan Melody 19 1,410 April 15 1,538,000 Aug 28, 2004 704,300 833,700 118 7 11.6

7 The Nexus 21 1,335 April 13 1,918,888 March 28, 2007 1,150,000 768,888 67 6 9.1

8 Costa Rhu 15 1,776 April 13 2,120,000 Sept 1, 1995 1,358,240 761,760 56 2 20.6

9 Martin Place Residences 9 1,163 April 5 2,300,000 June 10, 2009 1,605,000 695,000 43 5 6.8

10 Clover By The Park 20 1,765 April 19 2,080,000 Aug 5, 2008 1,393,000 687,000 49 5 7.7

LANDED

1 Terrace/Bowmont Gardens 15 1,539 April 7 2,828,000 April 1, 2000 840,000 1,988,000 237 8 16.0

2 Terrace/Hythe Road 19 3,724 April 5 5,000,000 March 9, 2012 3,080,000 1,920,000 62 13 4.1

3 Semi-detached/Lucky Heights 16 3,401 April 5 4,410,000 June 20, 2007 2,600,000 1,810,000 70 6 8.8

4 Semi-detached/Begonia Drive 28 6,351 April 19 4,500,000 Oct 29, 2007 2,880,000 1,620,000 56 5 8.5

5 Detached/Medway Drive 19 4,187 April 12 6,150,000 April 19, 2013 4,550,000 1,600,000 35 11 3.0

THEEDGE PROPERTY GAINS AND LOSSES

| BY ESTHER HOON |

Three condominium units were

sold at a profit of more than

$1 million each, based on the

latest caveats published by

URA on April 22 and 26. All

three condos were more than 20 years

old and located in prime districts.

The top gain, which amount-

ed to a whopping $2.3 million, ac-

crued to a 1,916 sq ft unit at The

Beaumont on Devonshire Road. The

unit on the seventh floor was pur-

chased for $1.6 million ($825 psf)

in 2005 and resold in April this year

for $3.9 million ($2,029 psf). This

translated into an annualised gain

of 9%. The Beaumont is a 64-unit

freehold condo, which was com-

pleted in 1985.

Separately, a 1,335 sq ft unit at

Tanglin Park netted a $1.2 million

profit for the seller. The unit was

purchased in September 2006 for

$1.2 million ($928 psf) and resold

last month for $2.5 million ($1,864

psf), yielding an annualised gain of

8%. Tanglin Park is a 274-unit free-

hold condominium, which was com-

pleted in 1988.

The last million-dollar profit was

traced to a 1,507 sq ft unit at Chate-

let on Margoliouth Road. The seller

reaped a $1.1 million profit from the

sale last month for $2.1 million ($1,394

psf). He purchased the unit in Octo-

ber 2006 for $1.1 million ($709 psf).

Chatelet is a 45-unit freehold condo,

which was completed in 1993.

Landed homes have also remained

largely profitable. Of the 15 transac-

tions where the previous caveats could

be traced, only two were in the red.

The most profitable deal for land-

ed homes accrued to a 1,539 sq ft ter-

race house in Bowmont Gardens. The

transaction yielded a $2 million profit

for the seller, or an annualised gain

of 8%. The house was purchased in

April 2000 for $840,000 ($546 psf)

and resold last month for $2.8 mil-

lion ($1,839 psf).

Meanwhile, another terrace house

on Hythe Road was sold for a $1.9

million profit after being held for

slightly above four years. This trans-

lated into an annualised gain of 13%.

The seller purchased the property for

$3 million ($828 psf) in March 2012

and resold it for $5 million ($1,344

psf) last month.

However, not all sellers were lucky.

A total of 18 deals were unprofita-

ble. Of these, nine were located in

the prime districts.

The biggest loss, which amount-

ed to slightly over $1 million, was

traced to a 1,970 sq ft, three-bed-

room apartment at 111 Emerald Hill.

The seller purchased the unit from

the developer in February 2011 for

$5.1 million ($2,602 psf). The unit

changed hands last month for $4.1

million ($2,081 psf).

Another seller had held on to his

unit for nine years yet still incurred

a loss exceeding $400,000. The unit

at Cairnhill Crest was purchased for

$2.5 million ($2,051 psf) in 2007, but

sold last month for slightly above $2

million ($1,707 psf).

Hefty profits from older condo units

A unit at The Beaumont was recently sold for a profit of $2.3 million

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