Penthouse at Spring @ Katong reaps $2.06 mil profit
Located in District 9, RiverGate is a property project that was finished in 2009. It offers 545 units across three 43-storey blocks. Units consist of a mix of two- to four-bedroom flats figuring between 1,023 and 3,918 sq ft.
The unit marketed on Jan 29 is the first apartment at Robinson Suites to shift hands from last September when a 614 sq ft unit got $1.45 million ($2,363 psf).
This is one of the most worthwhile resell transaction at Spring @ Katong to date. It beats the previous log revenue of $1.24 million set last March when a 1,044 sq ft unit brought $1.85 million ($1,772 psf).
Robinson Suites is a freehold condo at 50 Robinson Road in the CBD in District 1. The project consists of a solo high rise property 167 flats. Units consist of one- and two-bedroom condos varying from 484 sq ft to 990 sq ft. There are also 6 penthouse units extending from 1,087 to 1,410 sq ft.
One of the most efficient condo resale transaction in the course of the week of Jan 23 to 30 was the transaction of a double penthouse at Spring @ Katong. The 1,679 sq ft, three-bedroom unit obtained $2.92 million ($1,739 psf) on Jan 23. The dealer had already purchased the unit directly from the property developer for around $865,000 ($515 psf) in January 2005. Therefore, they made a profit of $2.055 million (238%) after keeping the unit for 19 years.
The second most rewarding flat reselling transaction in the course of the duration in review occurred at RiverGate. A four-bedroom unit computing 1,798 sq ft changed hands for $5.05 million ($2,809 psf) on Jan 29. The seller, who bought the unit for $3.27 million ($1,820 psf) in February 2010, earned a growth of close to $1.78 million (54%) on the transaction after having the place for 14 years.
This is the most unprofitable resale purchase that has recently happened at Robinson Suites to day, based upon data gathered on EdgeProp Research study. It overtakes the previous record losing of $944,000 set up by the dealer of a 990 sq ft unit that fetched $1.83 million ($1,846 psf) in March 2023.
Spring @ Katong is a freehold property development on Ceylon Road in District 15. The 52-unit project was finished in 2006. It has two non commercial blocks containing two- and three-bedroom units from 990 to 1,701 sq ft. The development is within walking range of the Marine Parade MRT Terminal on the Thomson-East Coast Line.
This is the very first resell documented at RiverGate to date this year. Last year, the condo viewed 5 units turn hands, every one of which were profitable operations. The units, assessing in between 1,539 and 2,088 sq ft, were fetched in between $4.3 million and $5.75 million, or between $2,588 and $2,999 on a psf-price basis. The respective sellers created profits reaching from $1.25 million to $2.56 million.
On the other hand, one of the most unprofitable condominium resale sale during the period in analysis was the deal of an apartment at Robinson Suites. The two-bedroom unit extending 936 sq ft was cost $1.8 million ($1,922 psf) on Jan 29. It was purchased by the seller in May 2013 for $2.78 million ($2,972 psf). For this reason, they got a decrease of around $984,000 (35%) after storing the place for almost 11 years.
