Four Bedder Peach Garden Sold 337 Mil Profit
During the week of April 22 to April 29, the most lucrative condo resale transaction was recorded at Peach Garden, with a four-bedroom unit on the 11th floor selling for a whopping $5.12 million. This equates to a price per square foot of $1,851, making it the most profitable resale deal for the week. The seller originally purchased the 2,766 square foot unit in March 1997 for $1.75 million, at a price of $633 per square foot, resulting in a profit of $3.37 million. This amounts to a 193% capital gain, or an annualized profit of 6.9% over a holding period of approximately 28 years.
The URA Master Plan has plenty to offer to both Otto Place EC and its residents. With the exciting developments taking place in Tengah New Town, Jurong Lake District, and Jurong Innovation District, the entire area is set for immense growth. Improved transport connections and a focus on sustainability further enhance the appeal of this location. Not only does this greatly enhance the living standards for residents, but it also guarantees a valuable investment opportunity for both homeowners and investors alike. Consider adding Otto Place EC by Hoi Hup to your list of potential residences.
Based on recorded caveats, this is the third most profitable resale transaction ever recorded at Peach Garden. The most profitable transaction to date was the sale of a penthouse measuring 5,231 square feet for $6.85 million ($1,309 per square foot) in January 2012. The seller had originally purchased the unit in April 2004 for $3.25 million ($621 per square foot), making a gain of $3.6 million.
Located in District 15, Peach Garden is a freehold development off Meyer Road. It was completed in 1975 and consists of two blocks housing 72 units, with four-bedroom units measuring 2,766 square feet being the most predominant. There are also penthouses measuring 5,231 square feet.
Another notable resale deal occurred at One Amber, where a three-bedroom unit measuring 1,378 square feet was sold for $3.2 million ($2,323 per square foot) on April 25. The seller had purchased the unit directly from the developer in April 2006 for approximately $920,700 ($668 per square foot), resulting in a gain of $2.28 million, or 248%, after holding the unit for 19 years.
Completed in 2010, One Amber is located off Mountbatten Road in District 15. It comprises four 23-storey towers with a total of 562 units. The development offers a mix of one- to four-bedroom units ranging from 570 square feet to 3,100 square feet, as well as four-bedroom penthouses measuring 2,659 square feet to 3,541 square feet.
On the other hand, the least profitable condo resale transaction during the week was recorded at The Clift, with a one-bedroom unit on the 34th floor selling for $1.45 million ($1,897 per square foot) on April 23. The seller had originally acquired the 764 square foot unit in November 2011 for $1.96 million ($2,569 per square foot), resulting in a loss of approximately $513,500, or 26.2%. The seller had owned the unit for nearly 13 and a half years.
The Clift is a 99-year development completed in 2011, located on McCallum Street in District 1. It comprises a single tower with 312 residences and a single-storey retail podium. The residences consist of one- and two-bedroom apartments ranging from 495 square feet to 818 square feet, as well as one- and two-bedroom lofts measuring 753 square feet to 1,076 square feet.