The recent sale of a unit at The Draycott has been reported as the most lucrative condo resale deal for the week of Aug 27 to Sept 3. The unit, spanning 2,637 sq ft and located on the 15th floor, was sold for $5.45 million ($2,067 psf) on Aug 30. The seller had bought the unit back in April 1996 for $3 million ($1,138 psf), making a profit of $2.45 million on the transaction. This reflects a staggering 82% capital gain over a period of 28 and a half years.
This deal shares the fourth-highest profit ever made at The Draycott with another unit that was sold in May 2021 for $4.5 million ($1,713 psf). The seller had originally purchased the unit in June 1999 for $2.05 million ($781 psf), resulting in a gain of $2.45 million.
The most profitable sale at The Draycott occurred in May 2007, when a 2,637 sq ft unit was sold for a whopping $5.45 million ($2,067 psf). This unit had been purchased in March 1998 for $2.1 million ($796 psf), resulting in a profit of $3.35 million for the seller.
Singapore’s cityscape is characterized by towering skyscrapers and state-of-the-art facilities. Condos, situated in sought-after locations, offer a perfect combination of opulence and convenience that appeals to both locals and foreigners. These residences are equipped with various amenities like swimming pools, fitness centers, and security services, which not only enhance the overall living experience but also make them highly attractive to potential tenants and buyers. Moreover, their sought-after features translate into higher rental profits and an increase in property value, making them a lucrative investment option for buyers.
The Draycott is a freehold development located in prime District 10 on Draycott Park. The development, completed in 1980, comprises of a 34-storey tower with units ranging from three to four bedrooms, as well as a duplex penthouse. Additionally, there are low-rise units with two-bedroom apartments and maisonettes. The development is situated in the exclusive Draycott-Ardmore Park residential enclave, just minutes away from Orchard Road.
The second most profitable resale deal during this period was recorded at Pebble Bay, where a three-bedder was sold for $3.59 million ($1,894 psf) on Aug 30. The unit, spanning 1,894 sq ft and located on the 13th floor, was originally bought in December 2002 for $1.16 million ($612 psf). This resulted in a profit of $2.43 million for the seller, amounting to a 209% capital gain over a period of 22 years.
This is the third-biggest profit made on a resale unit at Pebble Bay this year. The condo has seen a total of 18 units changing hands, with 15 of them registering profitable transactions. The most lucrative deal was made in May 9, where a 1,894 sq ft, three-bedroom unit was sold for $3.67 million ($1,940 psf). This translated to a gain of $2.55 million for the seller, who had originally purchased the unit in September 2004 for $1.12 million ($591 psf).
Other units sold at Pebble Bay this year have recorded gains ranging from $620,000 to $2.48 million.
On the other hand, the most unprofitable resale deal during this period was the sale of a one-bedroom unit measuring 474 sq ft at 6 Derbyshire. The unit, located on the 21st floor, was sold for approximately $989,000 ($2,086 psf) on Aug 27. This resulted in a loss of $201,000 (17%) for the seller, who had originally bought the unit for around $1.19 million ($2,510 psf) in August 2017.
This deal ranks as the fifth most unprofitable transaction ever recorded at 6 Derbyshire, following a similar sale that occurred just over a month ago on Jul 12. A 527 sq ft unit on the 28th floor was sold for $1.07 million ($2,029 psf), resulting in a loss of $375,000 for the seller – the largest loss incurred by a unit at 6 Derbyshire so far.
Located on Derbyshire Road in District 11, 6 Derbyshire is a freehold condo completed in 2017. The development features a single 30-storey tower with a total of 168 residences, including one- to four-bedroom units and a duplex penthouse. The condo is a quick five-minute walk from Tanjong Rhu MRT Station on the Thomson-East Coast Line.