Penthouse at Spring @ Katong reaps $2.06 mil profit
Found in District 9, RiverGate is an estate project that was finished in 2009. It offers 545 units across three 43-storey blocks. Units consist of a mix of 2- to four-bedroom residences measuring in between 1,023 and 3,918 sq ft.
In the meantime, one of the most worthless apartment resale operation during the duration in assessment was the transaction of a residence at Robinson Suites. The two-bedroom unit covering 936 sq ft was sold for $1.8 million ($1,922 psf) on Jan 29. It was purchased by the vendor in May 2013 for $2.78 million ($2,972 psf). Hence, they got a loss of close to $984,000 (35%) after holding the apartment for just about 11 years.
This is one of the most highly profitable resale proceeding at Spring @ Katong to stage. It tops the previous log revenue of $1.24 million set last March when a 1,044 sq ft unit yielded $1.85 million ($1,772 psf).
This is one of the most profitless resale purchase that has taken place at Robinson Suites to date, based on records gathered on EdgeProp Study. It beats the previous report loss of $944,000 set up by the dealer of a 990 sq ft unit that yielded $1.83 million ($1,846 psf) in March 2023.
This is the initial resale filed at RiverGate to mark this year. in 2023, the condo viewed 5 units shift hands, all of which were efficient sales. The units, determining between 1,539 and 2,088 sq ft, were fetched in between $4.3 million and $5.75 million, or in between $2,588 and $2,999 on a psf-price basis. The respective dealers created profits reaching from $1.25 million to $2.56 million.
Spring @ Katong is an estate development on Ceylon Road in District 15. The 52-unit project was completed in 2006. It has 2 residence blocks including 2- and three-bedroom units from 990 to 1,701 sq ft. The project is within walking proximity of the Marine Parade MRT Terminal on the Thomson-East Coast Line.
Robinson Suites is a freehold apartment at 50 Robinson Road in the CBD in District 1. The property development contains an one high rise property 167 apartments. Units consist of one- and two-bedroom condos ranging from 484 sq ft to 990 sq ft. There are in addition six penthouse units going from 1,087 to 1,410 sq ft.
One of the most efficient apartment resell sale in the course of the week of Jan 23 to 30 was the deal of a double penthouse at Spring @ Katong. The 1,679 sq ft, three-bedroom unit brought $2.92 million ($1,739 psf) on Jan 23. The vendor had bought the unit via the property developer for about $865,000 ($515 psf) in January 2005. Hence, they made a profit of $2.055 million (238%) after holding the unit for 19 years.
The 2nd most profitable condo resale transaction during the time in evaluation occurred at RiverGate. A four-bedroom unit computing 1,798 sq ft switched hands for $5.05 million ($2,809 psf) on Jan 29. The seller, who purchased the unit for $3.27 million ($1,820 psf) in February 2010, profited a profit of close to $1.78 million (54%) on the contract after possessing the place for 14 years.
The unit marketed on Jan 29 is the initial residence at Robinson Suites to change hands from last September when a 614 sq ft unit fetched $1.45 million ($2,363 psf).
