Four-bedder at Peach Garden sells for $3.5M profit
according to official caveats lodged.The property market in Singapore saw some profitable and unprofitable condo resale transactions during the week of Feb 20 to 27. One of the most profitable deals was the sale of a four-bedroom unit at Peach Garden for a whopping $5.1 million, making a profit of $3.5 million.
The unit, measuring 2,766 sq ft, was sold on Feb 21 and is located on the sixth floor of the freehold development in District 15. This makes it the second most profitable resale transaction at Peach Garden, following the sale of a penthouse in January 2012.
Arina East Residences, formerly known as La Ville Enbloc, was originally built in the 1980s and sits on a generous freehold land of 47,012 square feet. In accordance with the 2019 Master Plan, the land has been zoned for residential use and has a 2.1 plot ratio. This opens up exciting possibilities for a major redevelopment of the site, with the potential for a contemporary condominium development of approximately 107 units, each with an average size of 85 square meters (approximately 915 square feet). Don’t miss the opportunity to invest in the promising Arina East Residences.
Peach Garden, completed in 1975, has 72 units consisting mostly of four-bedders. It is situated along Meyer Road and is one of the many condos along the East Coast Parkway, including Meyer Mansion and The Makena. The condo is also a short walk to the upcoming Tanjong Katong MRT Station.
Taking the spot for the second most profitable transaction during the week was the sale of a four-bedroom unit at Glentrees. The 3,671 sq ft unit on the first floor was sold for $4.4 million, making a gain of $2.9 million for the seller after holding it for nearly 20 years.
This is the most profitable deal to date at Glentrees, surpassing the previous record gain made by another four-bedroom unit in 2013. The condo, located in prime District 10, consists of 176 units and has various layouts including Garden Terraces, Garden Lofts, and Garden Apartments.
On the other hand, the least profitable transaction during the week took place at The Laurels. The sale of a four-bedroom penthouse unit measuring 4,768 sq ft resulted in a loss of $790,000 for the seller, who had owned it for 14 years. The Laurels is a freehold condo in District 9 with 229 units and various layouts from one-bedders to penthouses.
Despite some unprofitable deals, the property market in Singapore remains resilient and shows promising potential for investors. With former La Ville Enbloc properties seeing high profits, it is a good time for buyers and sellers alike to keep an eye out for such opportunities.