Penthouse at Spring @ Katong reaps $2.06 mil profit
Situated in Area 9, RiverGate is an estate venture that was completed in 2009. It comes with 545 units across 3 43-storey blocks. Units make up a mix of 2- to four-bedroom homes estimating between 1,023 and 3,918 sq ft.
On the other hand, the most worthless condo reselling transaction throughout the period in analysis was the sale of an apartment at Robinson Suites. The two-bedroom unit covering 936 sq ft was yielded $1.8 million ($1,922 psf) on Jan 29. It was acquired by the seller in May 2013 for $2.78 million ($2,972 psf). Therefore, they brought in a damage of close to $984,000 (35%) after storing the place for almost 11 years.
Robinson Suites is a freehold condo at 50 Robinson Roadway in the CBD in District 1. The development includes an one high rise housing 167 units. Units include one- and two-bedroom residences ranging from 484 sq ft to 990 sq ft. There are additionally six penthouse units going from 1,087 to 1,410 sq ft.
This is the most worthwhile resale transaction at Spring @ Katong to stage. It surpasses the past log earnings of $1.24 million set last March when a 1,044 sq ft unit brought $1.85 million ($1,772 psf).
One of the most valuable apartment resell deal in the course of the week of Jan 23 to 30 was the transaction of a double penthouse at Spring @ Katong. The 1,679 sq ft, three-bedroom unit yielded $2.92 million ($1,739 psf) on Jan 23. The vendor had already bought the unit directly from the builder for about $865,000 ($515 psf) in January 2005. Therefore, they earned a profit of $2.055 million (238%) after holding the unit for 19 years.
This is the first resell documented at RiverGate to date this year. Last year, the condo saw 5 units shift hands, every one of which were efficient operations. The units, determining 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 dealers made gains reaching from $1.25 million to $2.56 million.
Spring @ Katong is a freehold property development on Ceylon Road in District 15. The 52-unit property was finalized in 2006. It has 2 residential blocks containing two- and three-bedroom units from 990 to 1,701 sq ft. The property development is within walking distance of the Marine Parade MRT Station on the Thomson-East Coast Line.
This is one of the most unprofitable resale purchase that has recently happened at Robinson Suites to day, based upon files compiled on EdgeProp Research. It overtakes the previous track record decrease of $944,000 set up by the seller of a 990 sq ft unit that fetched $1.83 million ($1,846 psf) in March 2023.
The 2nd most successful condo reselling deal during the period in review 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, that purchased the unit for $3.27 million ($1,820 psf) in February 2010, netted a gain of around $1.78 million (54%) on the contract after having the apartment for 14 years.
The unit marketed on Jan 29 is the first condo at Robinson Suites to shift hands ever since last September when a 614 sq ft unit obtained $1.45 million ($2,363 psf).
