Four Bedder Glentrees Sold 246 Mil Profit
Penthouse at Gallop Gables nets $2.4 mil profit2 units at L’VIV sell in the resale market
Glentrees in prime District 10 saw the most profitable resale transaction during the week of Oct 8 to Oct 15, with a four-bedroom apartment selling for $3.65 million ($2,146 psf) on Oct 11. The second-floor unit, measuring 1,701 sq ft, was originally purchased from the developer in June 2005 for $1.19 million ($700 psf). This resulted in a profit of $2.46 million for the seller after owning the unit for nearly 19 and a half years, translating to a capital gain of 207% or an annualized profit of 10.9%.
Located on Mount Sinai Lane, Glentrees is a 999-year leasehold condominium that was built in 2005. It comprises eight five-story blocks and a total of 176 apartments, with sizes ranging from two to four bedrooms, measuring 1,346 sq ft to 1,884 sq ft. There are also top-floor loft units, ranging from two to four bedrooms and measuring 1,991 sq ft to 2,691 sq ft. The largest units are the Garden Terraces, located on the ground floor and designed with two- or three-story layouts similar to those of a landed home, with sizes ranging from 2,626 sq ft to 3,670 sq ft.
Glentrees saw seven other profitable resale transactions this year. This includes the sale of a four-bedroom unit on the first floor measuring 3,671 sq ft for $4.4 million ($1,199 psf) on Feb 22. The seller, who had initially bought the unit from the developer in May 2004 for $1.5 million ($409 psf), earned a profit of $2.9 million (193%) on the sale, marking the highest profit recorded at Glentrees. Other units at the development that changed hands this year recorded profits ranging between $150,000 and $770,000.
The second most profitable resale deal during the week was the sale of a three-bedroom unit at Flame Tree Park on Oct 10 for $3.18 million ($1,801 psf). This 1,765 sq ft unit was previously sold in May 1995 for $1.03 million ($582 psf), earning the seller a profit of $2.15 million (209%) after owning the unit for 29 and a half years. This is the most profitable resale deal recorded at Flame Tree Park so far, surpassing the previous record of $1.84 million made from the sale of a 1,593 sq ft unit for $2.82 million ($1,770 psf) on Dec 22, 2023. The seller had acquired the unit in August 1997 for $980,000 ($615 psf).
Developed in 1989, Flame Tree Park is a freehold condominium located on Sin Ming Avenue, off Upper Thomson Road in District 20. It comprises a single 28-story tower with a total of 160 units, comprising three-bedroom units of 1,593 sq ft to 2,164 sq ft.
On the other hand, the most unprofitable condo resale transaction this week occurred at Martin No 38. A three-bedroom unit measuring 1,485 sq ft on the 14th floor was sold for $4.2 million ($2,827 psf) on Oct 15. The seller had bought the unit in May 2011 for $4.4 million ($2,962 psf), incurring a loss of $200,000 (4.5%) after holding the unit for about 13 and a half years.
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This is the first unprofitable resale deal recorded at Martin No 38 since February 2022, when a 969 sq ft unit was sold for $2.4 million ($2,477 psf), incurring a loss of $10,000. It is also the fifth biggest loss made on a unit at the development, with the record belonging to a 1,335 sq ft, two-bedroom unit that incurred a loss of about $238,000 when it was sold for $3.45 million ($2,585 psf) on Dec 18, 2023.
Martin No 38 is a freehold condominium located on Martin Road in the River Valley residential enclave, close to Robertson Quay. Developed in 2011, the 15-story building comprises a total of 88 units, including two- to four-bedroom apartments of 969 sq ft to 2,648 sq ft, as well as penthouses measuring 3,660 sq ft to 4,392 sq ft.