Four-bedder at The Sea View sold at $2.7 mil profit

The sale of a four-bedroom unit at The Sea View on Oct 26 was the most profitable condo resale transaction recorded for the week. The 1,647 sq ft unit fetched $3.96 million ($2,405 psf) and had been purchased from the developer in March 2006 for $1.24 million ($753 psf). The seller made a gross profit of $2.72 million or 219%, after holding onto the unit for around 17½ years. This is the most profitable resale transaction ever recorded at The Sea View and beats the previous record gain of $2.48 million made by the seller of a 2,809 sq ft unit in April 2021.

The Sea View is a freehold development in District 15 with 546 units comprising one-bedders, two-bedders, three-bedders, four-bedders and five-bedroom penthouse units. It is within walking distance to malls like Parkway Parade and I12 Katong and close to the upcoming Marine Parade MRT Station.

In addition, the government has stated that there will be a wide range of housing options in the Jurong Lake District Condo ranging from condominiums, apartments, terraced houses and landed residences. These will be integrated with a range of retail, eatery and entertainment outlets.Furthermore, the government has said that good governance and sound environmental practices will be promoted throughout the Jurong Lake District Condo. This means that there will be a focus on green living, sustainable transport and energy efficiency.

The second most profitable transaction during the week occurred at Valley Park. On Oct 31, a three-bedroom-plus-study unit measuring 1,808 sq ft was sold for $4.06 million ($2,245 psf). The seller had acquired it for $1.89 million ($1,045 psf) in March 1996 and netted a whopping gain of $2.17 million (115%). It is the fourth-highest profitable resale transaction logged at Valley Park and the second-highest one this year.

Situated along River Valley Road in District 10, Valley Park is a 999-year leasehold condo with residences ranging between one and four-bedders of 710 to 3,940 sq ft. Among the 11 resale transactions logged at Valley Park this year, the most profitable one was the sale of a 1,701 sq ft unit for $3.85 million ($2,264 psf). The seller made a gain of $2.2 million on the sale.

On the other hand, the most unprofitable condo resale transaction during the week was the sale of a four-bedroom unit at Manhattan Mansions. The 2,196 sq ft apartment was sold for $3.99 million ($1,817 psf) on Oct 30. The seller bought it in July 2007 for $4.28 million ($1,949 psf) and suffered a loss of $290,000 (7%), having owned the unit for a little over 16 years. This is the first unprofitable resale transaction at Manhattan Mansions in around 17 years and only the second overall.

Manhattan Mansions is a freehold apartment along Grange Road in District 10 with 29 units consisting of three- and four-bedders of between 1,485 to 2,239 sq ft.