Five Bedder Unit Leedon Residence Sold 33 Mil Profit
This massive 120-year-old HDB flat in Chinatown has been completely transformed with a stylish new makeover
A luxurious five-bedroom unit at Leedon Residence has been sold for a record profit of $3.3 million during the week of June 24 to July 1. The 8,051 sq ft unit on the first floor was purchased for a stunning $15.8 million ($1,962 psf) on June 30, surpassing the previous record set in February 2017 when it was bought for $12.5 million ($1,553 psf). This marks a profit of 26.4% or an annualized return of 2.8% over more than eight years.
According to property records, this transaction is the second most profitable deal at Leedon Residence to date, coming in just $700,000 short of the development’s record gain of $4 million. This was achieved when a five-bedroom unit on the 11th floor, spanning 6,125 sq ft, was sold for a staggering $16 million ($2,612 psf) on March 26. The seller had previously purchased the unit for around $12 million ($1,959 psf), earning an annualized gain of 3.7% over nearly eight years.
Built in 2015, Leedon Residence is a freehold condominium located along Leedon Heights in the prime District 10. It comprises of 381 units spread across 12 residential blocks, offering a mix of two- to five-bedroom apartments ranging from 1,044 sq ft to 4,704 sq ft. The first floor also features exclusive “garden suites” consisting of three- to five-bedroom units spanning 3,789 to 8,051 sq ft, while the top floors house three- to five-bedroom penthouses ranging from 3,283 to 7,718 sq ft.
Since the start of the year, there have been seven profitable resale transactions recorded at Leedon Residence, including the June 30 and March 26 deals. These units were sold at an average price of $2,456 psf.
The second most profitable resale transaction during the week took place at Shelford Green. A three-bedroom unit measuring 2,842 sq ft on the third floor was sold for $5.15 million ($1,812 psf) on June 30. The seller had purchased the unit in October 2010 for approximately $3 million ($1,056 psf), earning a profit of $2.15 million (71.7%) over a period of nearly 15 years.
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This sale is the second-highest gain ever recorded at Shelford Green, with the most significant profit made in April 2008 when a five-bedroom unit measuring 3,735 sq ft was sold for $6.2 million ($1,660 psf). The unit was previously bought for $1.9 million ($509 psf) in April 1998, earning the seller a profit of $4.3 million or an annualized gain of 12.5% over 10 years.
Shelford Green is a freehold condominium situated along Shelford Road in District 11. Completed in 1982, the development comprises of 33 units offering a mix of two- to five-bedroom apartments ranging from 1,302 sq ft to 3,757 sq ft.
On the other hand, the least profitable transaction during the week involved a four-bedroom unit measuring 2,497 sq ft at Turquoise. The unit located on the fifth floor was sold for $3.5 million ($1,402 psf) on June 26, incurring a loss of $3.13 million (47.2%). The unit was purchased for $6.6 million ($2,655 psf) back in October 2007, resulting in an annualized loss of 3.6% over almost 18 years.
Completed in 2010, Turquoise is one of the few 99-year leasehold condominiums located in the exclusive Sentosa Cove residential enclave. The development comprises of 91 units spread across three six-storey blocks offering a mix of three- and four-bedroom apartments ranging from 2,088 sq ft to 3,050 sq ft. It also features luxurious penthouses from 3,111 sq ft to 3,764 sq ft and sky villas from 6,900 sq ft to 7,987 sq ft.
Property records show that this transaction is the seventh most unprofitable sale at the condo to date. The record loss was set in September 2018 when a five-bedroom penthouse measuring 3,746 sq ft was sold for $4.4 million ($1,175 psf). The unit had been previously purchased for $9.53 million ($2,545 psf) in November 2007, incurring a staggering loss of $5.13 million or an annualized return of 6.9% over 10 years.