Townhouse at Yong an Park Sold for $4.5 Mil Profit

The sale of a townhouse unit at Yong An Park, a freehold development on River Valley Road in District 9, was the most profitable condo resale transaction recorded during the week of May 2 to 9. A caveat was lodged on May 5 for the sale of the 7,718 sq ft property for $14.08 million ($1,824 psf). The unit had changed hands previously for $9.58 million ($1,241 psf) in February 2008. As such, the seller raked in a gain of $4.5 million on the transaction, or a 47% capital gain after holding the property for over 15 years.

The sale comes a month after the last resale transaction at Yong An Park. A four-bedroom unit measuring 3,434 sq ft on the 10th floor changed hands for $8.1 million, or $2,359 psf, on April 6. The seller bought the unit for $6.02 million ($1,753 psf) in March 2012. Thus, they clocked a gain of $2.08 million (35%) over a holding period of 11 years.

Completed in 1986, Yong An Park has a total of 288 residences. Typical units comprise one- to four-bedders between 1,023 sq ft and 3,778 sq ft. There are three- to five-bedroom penthouses with sizes from 3,466 sq ft and 6,878 sq ft respectively, as well as a collection of six-bedroom, strata-titled townhouses from 7,718 sq ft. The development is a five-minute walk to the Great World MRT Station on the Thomson-East Coast Line.

New Futura, another freehold development in District 9, saw the second-most profitable condo resale transaction during the period in review. A caveat was lodged for the sale of the 2,691 sq ft unit, located on the 24th floor, on May 3 for $12.5 million. At $4,645 psf, it marked a new psf-price high for the 124-unit, freehold development by City Developments that was completed in 2017. The seller bought the unit from the developer in January 2018 for $9.1 million ($3,395 psf). Hence, they made a gain $3.37 million (37%) after holding the unit for over five years.

This is the most profitable resale transaction to occur at New Futura to date. It beats the previous record set in December 2022, when a 2,691 sq ft unit was sold for $12 million ($4,459 psf), with the seller reaping a gain of $2.96 million. It is also the second unit to change hands at the development to date this year. In February, a 1,098 sq ft unit fetched $4.4 million ($4,008 psf), with the seller netting a gain of about $314,000.

New Futura, located along Leonie Hill Road, is a twin 36-storey tower residential development designed by American architecture firm Skidmore, Owings and Merrill, the design architect for luxury developments Wallich Residence and Skywaters Residences in Tanjong Pagar. Units at New Futura comprise a mix of two-bedroom apartments of 1,098 sq ft to four-bedroom apartments of 2,691 sq ft with double-volume ceilings. There are also two 7,836 sq ft penthouses — one at the top of each tower.

Meanwhile, a one-bedroom unit sold at V On Shenton was the most unprofitable transaction during the period in review. The 484 sq ft unit was sold for $1.13 million ($2,333 psf) on May 2. The seller purchased it for $1.33 million ($2,738 psf) from the developer in November 2012. Hence, they made a loss of $196,000 or 15% over a 10½-year holding period.

Based on caveats lodged, V On Shenton has seen three other transactions this year that have occurred below their respective purchase prices. On Jan 16, a 484 sq ft unit fetched $1.04 million ($2,143 psf), with the seller making a $250,000 loss. On March 1, a 1,098 sq ft unit was sold for $1.94 million ($1,767 psf), with the seller making a $35,000 loss. On March 10, a 1,528 sq ft unit changed hands for $3.09 million, with the seller making a $254,000 loss.

V On Shenton is a 99-year leasehold condo on Shenton Way in District 1 developed by Singapore Land Group. The 510-unit condo in the CBD is the residential component of a mixed-use development that comprises a 54-storey residential tower and a 23-story office tower. The entire development was completed in 2017.