Astrid Meadows unit generates a $3.7 million profit
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The most profitable deal that was recorded from October 4-11 was the selling of a three-bedroom apartment located at Astrid Meadows which is located in Coronation Road West, off Holland Road. The 2,583 square feet apartment located on the top floor was sold to the value of $5.93 million ($2,295 per sq ft) on Oct 5. It was purchased at $2.22 million ($859 per square foot) during August of 2005. The seller made the benefit of $3.71 million which equals 167% during a hold time that lasted 17 years.
The sale is a record record for the psf rates that were sold in the development, surpassing the previous record of $2200 psf recorded in April, when the 1,023 square feet unit sold for $2.25 million. It is also the second most profitable sale at Astrid Meadows. The most profitable sale took place in April 2021. an area of 3,800 square feet was purchased for $7.3 million ($1,921 per sq ft). The seller made the profit from $3.8 million.
Astrid Meadows is one of the low-rise freehold development located in District 10 which was completed in the year 1990. It is home to 208 units, consisting of one-to five-bedders ranging between 872 to 6,771 sq feet. Astrid Meadows is in the midst of a vast residential area that is mostly comprised of landed properties. It is also close to the Good Class Bungalow communities that include Bin Tong Park, Leedon Park, Oei Tiong Ham Park and Astrid Park. It is also within the three-storey mixed land estate located off Jalan Haji Alias and the two-storey semi-detached estate located situated on Namly Avenue.
The second highest-profitable deal this week was on the second floor of Mount Faber Lodge. The owner of a 2,669 square foot 3 bedroom unit located on the 3rd floor made profits of $2.59 million after it was sold for $3.89 million ($1,457 per square foot) on the 6th of October. The seller purchased the property in January 2006 at $1.3 million ($487 per square foot) which equates to the equivalent of a of 199% profits over a 17-year period of ownership.
Mount Faber Lodge is a freehold condominium that is located on Mount Faber Road in District 4. It was completed in 1983. includes 84 units. They comprise 1,098 square feet of studios and two-bedroom apartments starting at 1,173 sq ft , and three-bedroom units starting at 2,454 sq feet. There are 20 penthouses. All of them are five-bedroom triplexes with 3,703 sq ft to 3,724 sq.
There is only one additional unit in Mount Faber Lodge has changed ownership to date in the year -it was a 2,475 sq ft unit that was sold at $3.5 million ($1,414 per square foot) in June. The buyer had purchased the unit in August 2010 for $2.875 million ($1,161 per sq ft) in August 2010 so they earned a profit of $625,000 from the sale.
The most profitable deal this week was an apartment at the Ascent@456. A 689 square foot, three-bedroom property sold at $1 million ($1,452 per square foot) on the 5th of October. The property was purchased at $1.068 million ($1,550 per square foot) in October of 2016. The seller incurred the loss as $68,000 (or 6% over the course of six years.
It is situated at the junction between Balestier Road and Jalan Rama Rama in District 12’s Novena area Ascent@456 is a mixed-use project by TA Corp. The freehold development was completed in the year 2017, and is comprised of a 12-storey residence block and an retail podium that houses 17 shop units in strata. The project has 28 apartments, with all three beds with a total area of between 689 and 829 square feet.
Two additional apartments at Ascent@456 have been sold in the past year and traded below the respective prices of purchase. A 689 square foot unit located on the 3rd floor was purchased for $955,00 ($1,386 per square foot) on September 12, with the seller suffering the loss of $50,000 in the deal. Before this, a 689 sq area unit on the 10th floor was sold for $945,000 ($1,372 per square foot) on August 15, and the seller suffered an expense of $70,600.