Penthouse at Spring @ Katong reaps $2.06 mil profit
This is the first resale reported at RiverGate to date this year. Last year, the apartment observed 5 units turn hands, each one of which were efficient transactions. The units, measuring in between 1,539 and 2,088 sq ft, were cost in between $4.3 million and $5.75 million, or in between $2,588 and $2,999 on a psf-price basis. The respective home sellers created profits stretching from $1.25 million to $2.56 million.
One of the most efficient condo reselling sale in the course of the week of Jan 23 to 30 was the sale 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 acquired the unit from the property developer for approximately $865,000 ($515 psf) in January 2005. As a result, they realized of $2.055 million (238%) after keeping the unit for 19 years.
Meanwhile, one of the most unlucrative condominium reselling operation during the time frame in assessment was the sale of a flat at Robinson Suites. The two-bedroom unit extending 936 sq ft was yielded $1.8 million ($1,922 psf) on Jan 29. It was bought by the vendor in May 2013 for $2.78 million ($2,972 psf). Thus, they netted a loss of close to $984,000 (35%) after storing the apartment for almost 11 years.
Located in District 9, RiverGate is a freehold project that was carried out in 2009. It comes with 545 units around three 43-storey blocks. Units comprise a mix of 2- to four-bedroom flats figuring in between 1,023 and 3,918 sq ft.
This is one of the most profitless resale purchase that has recently happened at Robinson Suites to date, formed on information gathered on EdgeProp Study. It surpasses the previous record deficit of $944,000 set up by the dealer of a 990 sq ft unit that brought $1.83 million ($1,846 psf) in March 2023.
The second most profitable condominium reselling proceeding throughout the duration in review happened at RiverGate. A four-bedroom unit estimating 1,798 sq ft changed hands for $5.05 million ($2,809 psf) on Jan 29. The seller, that purchased the unit for $3.27 million ($1,820 psf) in February 2010, profited a gain of about $1.78 million (54%) on the contract after owning the condo for 14 years.
This is the most profitable resell proceeding at Spring @ Katong to date. It tops the prior history profit of $1.24 million set last March when a 1,044 sq ft unit brought $1.85 million ($1,772 psf).
The unit offered on Jan 29 is the initial residence at Robinson Suites to switch hands since last September when a 614 sq ft unit obtained $1.45 million ($2,363 psf).
Robinson Suites is a freehold condominium at 50 Robinson Road in the CBD in District 1. The property consists of a single high rise real estate 167 units. Units comprise one- and two-bedroom apartments varying from 484 sq ft to 990 sq ft. There are also six penthouse units ranging from 1,087 to 1,410 sq ft.
Spring @ Katong is a real estate property development on Ceylon Roadway in District 15. The 52-unit development was completed in 2006. It has two residence blocks consisting of two- and three-bedroom units from 990 to 1,701 sq ft. The development is inside walking proximity of the Marine Parade MRT Station on the Thomson-East Coast Line.
