Two units at Astrid Meadows in Singapore sold at a profit of more than S$1 mil each

On July 11, a 3,800 sq ft unit on the second floor of Astrid Meadows was sold for a S$1.15 million (RM3.6 million) profit. A day later, a similar-size unit on the fourth floor of the same block fetched a S$3.1 million profit, the highest profit for private non-landed homes transacted in the week of July 11 to 18.

The unit on the second floor was purchased for S$5.25 million (S$1,382 psf) in October 2009 and sold for S$6.4 million (S$1,684 psf). This translates into a 22% profit, or 3% a year over a holding period of nearly eight years.

The unit on the fourth floor that fetched a S$3.1 million profit on July 12 was sold for S$6.35 million (S$1,671 psf). The previous owner
bought it for S$3.25 million (S$855 psf) in August 2005. He made a 95% profit from the sale, or 6% a year over 12 years.

Prices for 3,800 sq ft units at Astrid Meadows peaked in 2013 when three units were transacted at S$1,711, S$1,798 and S$1,842 psf. There were no transactions for units of this size from 2014 to June 2017. Astrid Meadows is a freehold condominium in prime District 10. It was completed in 1990 and has 208 units.

In 2016, there were four profitable transactions at Astrid Meadows, with profits averaging S$1.2 million (64%), and one unprofitable transaction, in which the seller incurred a S$135,000 (4%) loss. This year, there have been five profitable transactions, with profits averaging S$1.5 million (58%). Only one seller has incurred a loss so far this year. He lost S$63,000 (2%) when he sold the 2,433 sq ft unit in May 2017.

Based on URA caveat data, the same unit has changed hands five times so far. It was sold for S$740 psf in 1999; S$649 psf in 2001; S$760 psf in 2006; S$1,516 psf in 2011; and S$1,490 psf in 2017. The unit fetched a profit of S$1.84 million (99%) for the seller, who sold it in 2011. The profit translates into 13% a year over 5.8 years.

At The Claymore, located off Orchard Road in prime District 9, a 3,348 sq ft unit fetched the second-highest profit of S$2.15 million in the week of July 11 to 18. The previous owner of the 25th-storey unit bought it for S$5.85 million (S$1,748 psf) in November 1997 and sold it for S$8 million (S$2,390 psf) on July 11. He made a profit of 37%, or 2% a year over a holding period of nearly 20 years.

Based on the matching of URA caveat data, there have been no unprofitable transactions at The Claymore since September 2009, when a 2,680 sq ft unit changed hands at a S$562,000 (8%) loss. The previous owner of the unit bought it for S$6.8 million (S$2,537 psf) in May 2008 and sold it for S$6.24 million (S$2,327 psf) about one year and four months later.

The same unit fetched a S$4.05 million (147%) profit when it changed hands in May 2008. It was purchased for S$2.75 million (S$1,026 psf), according to a caveat lodged in May 2002. Completed in 1985, The Claymore is a freehold condo with 146 units.

Four other condo units were sold for profits of more than a million each in the week of July 11 to 18. They were at Gallop Gables on Farrer Road, UE Square at Robertson Quay, City Square Residences on Kitchener Road and Costa Del Sol, located near the upcoming Bayshore MRT station.

This article first appeared in The Edge Property Singapore, a pullout of The Edge Singapore, on July 31, 2017.

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