Yong An Park town house seller made 47 per cent windfall over 15 years as buyers pile into Singapore property
- The 7,718-square foot property sold for S$14.08 million, which translates to a gain of 47 per cent in 15 years
- Completed in 1986, Yong An Park has 288 units, comprising one- to four-room homes between 1,023 sq ft and 3,778 sq ft
The sale of a town house unit at Singapore’s Yong An Park, a freehold development on River Valley Road in District 9, was the most profitable condo resale transaction recorded during the week of May 2 to 9.
A caveat was lodged on May 5 for the sale of the 7,718-square foot property for S$14.08 million (US$10.5 million). The unit had changed hands previously for S$9.58 million in February 2008, which translates to a gain of 47 per cent in 15 years.
The sale comes a month after the last resale transaction at Yong An Park. A four-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for S$8.1 million on April 6. The seller bought the unit for S$6.02 million in March 2012, for a 35 per cent gain over 11 years.
Completed in 1986, Yong An Park has a total of 288 residences. Typical units comprise one- to four-room homes between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with sizes from 3,466 sq ft to 6,878 sq ft, and several six-bedroom, strata-titled town houses from 7,718 sq ft. The development is a five-minute walk to the Great World subway station.
New Futura, another freehold development in District 9, saw the second-most profitable condo resale transaction during the period. A caveat was lodged for the sale of the 2,691 sq ft unit, located on the 24th floor, on May 3 for S$12.5 million. It marked a new psf-price high for the 124-unit, freehold development by City Developments that was completed in 2017. The seller bought the unit from the developer in January 2018 for S$9.1 million, making a 37-per cent gain after over five years.
This is the most profitable resale transaction to occur at New Futura to date, beating the previous record set in December 2022 when a 2,691 sq ft unit sold for S$12 million. It is also the second unit to change hands at the development to date this year. In February, a 1,098 sq ft unit fetched S$4.4 million, with the seller netting a gain of about S$314,000.
New Futura, located along Leonie Hill Road, is a 36-storey twin-tower development designed by Skidmore, Owings and Merrill, the architect for luxury developments Wallich Residence and Skywaters Residences in Tanjong Pagar.
The project comprises a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom units of 2,691 sq ft with double-volume ceilings. There are also two 7,836 sq ft penthouses on the two towers.
A one-bedroom unit sold at V On Shenton was the most unprofitable transaction two weeks ago. The 484 sq ft unit sold for S$1.13 million on May 2. The seller bought it for S$1.33 million from the developer in November 2012, ending with a 15-per cent loss in over a decade.
Three other transactions were reported at V On Shenton this year at below their purchase prices. On Jan 16, a 484 sq ft unit fetched S$1.04 million, with the seller making a S$250,000 loss. On March 1, a 1,098 sq ft unit sold for S$1.94 million, with the seller making a S$35,000 loss. On March 10, a 1,528 sq ft unit changed hands for S$3.09 million, with the seller making a S$254,000 loss.
V On Shenton is a 99-year leasehold project on Shenton Way in District 1 developed by Singapore Land Group. The 510-unit condominium is part of a mixed-use development comprising a 54-storey residential tower and a 23-story office tower. The entire development was completed in 2017.
