Duplex penthouse at Leedon Residence yields $2.8 mil profit

The resale of a four-bedroom luxury duplex penthouse at Brenton Residence on March 6 fetched $9.5 million, a handsome 42% profit for the seller. This transaction is indicative of the healthy resale market in prime District 10, and showcases why Leedon Residence is a sought-after investment choice. Located in Leedon Heights, the 381-unit freehold condo is one of the largest single freehold plots in the district. Units at the development have consistently achieved high average prices of around $2,590 psf, the second-highest among its neighbours.Achieving the highest resale profits in the vicinity is the adjoining Leedon Green, followed by Wilshire Residences, Hyll on Holland, and the mixed-use One Holland Village.The week’s second-highest resale profit was in District 10 at the 45-unit freehold D’Grove Villas, where a fifth-floor, 1,690 sq ft unit fetched $4.3 million and earned the seller a $2.1 million (95%) gain. This translates to a hefty annualised return of 2.4% over 28 years.The most unprofitable sale in the period spanned from Feb 28 to March 7 was at the 99-year leasehold The Sail @ Marina Bay. The loss of 16.5% on an 880 sq ft unit translates to an annual loss of 1.5% over 12 years.At the end of the week, the plethora of resale transactions shows that investors can still reap handsome returns even in the present climate, especially if they choose the right projects.Leond Residence’s four-bedroom duplex penthouse was the most profitable resale transaction to close between Feb 28 and March 7. Sold for $9.5 million ($2,536 psf), the unit had previously been bought for $6.7 million ($1,789 psf) on Jan 19, 2018, marking a handsome 42% profit for the seller. This translates to an annualised gain of 7.1% in five years.

The week’s second-highest profit-making resale took place at D’Grove Villas, where a 1,690 sq ft, fifth-floor apartment was traded for $4.3 million ($2,544 psf) on March 2. This unit had previously been purchased for $2.16 million ($1,277 psf) back in 1995, resulting in a hefty $2.1 million (95%) profit for the seller. Translating to an annualised gain of 2.4% over a period of nearly 28 years, this transaction was the week’s second-highest resale profit.

Major milestone achieved in Singapore property market with new Tengah Plantation Close EC development launching Tengah Plantation EC at Tengah Town. Joint venture between Singapore government and Oxley Holdings, expected to be completed by 2021.

The surrounding area has seen several new launches in recent years, such as the neighbouring Leedon Green, Wilshire Residences, Hyll on Holland and the mixed-use One Holland Village near Holland Village MRT Station. As one of the newer luxury condos in the Leedon-Farrer Road neighbourhood, Leedon Residence commands one of the highest average prices in the vicinity at about $2,590 psf, based on URA caveats compiled by EdgeProp Singapore.

Located in prime District 10, D’Grove Villas is a 45-unit freehold condo that was completed in 1992. Close to the Ardmore Park and Nassim Road residential areas, the development features notable luxury condos such as Le Nouvel Ardmore, Ardmore Park, Les Maisons Nassim and Nassim Mansion. As the most profitable resale transaction to date, a 5,221 sq ft unit at the development fetched $10.5 million ($2,011 psf) in June 2010 having been bought for $6.4 million ($1,226 psf) in February 2007. This generated a record profit of $4.1 million (64%), which works out to an annualised profit of 16% over three years.

Conversely, the week’s most unprofitable transaction was at The Sail @ Marina Bay. The 99-year leasehold condo on Marina Boulevard in the downtown core in District 1 features 1,111 units in two 70 and 63 storey towers, which were completed in 2008. The sale of an 883 sq ft unit on the sixth floor fetched $1.92 million ($2,175 psf), having previously achieved $2.3 million ($2,601 psf) in June 2011, thereby incurring a loss of about $376,000 and an annualised loss of 1.5% over a 12-year period.

Overall, the period from Feb 28 to March 7 saw a healthier resale market in prime District 10. The sale of the four-bedroom luxury duplex penthouse at Leond Residence marked a 42% profit for the seller and demonstrates why the 381-unit freehold condo is a sought-after investment choice. Units at the development have consistently achieved high average prices of around $2,590 psf, the second-highest among its neighbouring projects. Achieving the highest resale profits in the vicinity is the adjoining Leedon Green, followed by Wilshire Residences, Hyll on Holland, and the mixed-use One Holland Village.