Penthouse at Spring @ Katong reaps $2.06 mil profit
Robinson Suites is a freehold condo at 50 Robinson Roadway in the CBD in District 1. The property includes a single high rise real estate 167 condominiums. Units comprise one- and two-bedroom condos varying from 484 sq ft to 990 sq ft. There are in addition 6 penthouse units going from 1,087 to 1,410 sq ft.
Spring @ Katong is a freehold property development on Ceylon Road in District 15. The 52-unit property was finalized in 2006. It has 2 residence blocks including 2- and three-bedroom units from 990 to 1,701 sq ft. The property development is inside walking range of the Marine Parade MRT Station on the Thomson-East Coast Line.
This is the initial resell filed at RiverGate to mark this year. Last year, the condo saw five units shift hands, every one of which were cost-effective transactions. The units, sizing up 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 vendors created incomes ranging from $1.25 million to $2.56 million.
This is one of the most highly profitable resale exchange at Spring @ Katong to date. It tops the prior history earnings of $1.24 million set last March when a 1,044 sq ft unit brought $1.85 million ($1,772 psf).
In the meantime, the most worthless condominium resale transaction during the duration in analysis was the sale of a flat at Robinson Suites. The two-bedroom unit covering 936 sq ft was fetched $1.8 million ($1,922 psf) on Jan 29. It was acquired by the vendor in May 2013 for $2.78 million ($2,972 psf). For this reason, they earned a reduction of around $984,000 (35%) after holding the condo for just about 11 years.
The second most profitable flat resale deal during the period in review took place 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 profit of close to $1.78 million (54%) on the contract after owning the apartment for 14 years.
Found in District 9, RiverGate is a freehold venture that was carried out in 2009. It comes with 545 units throughout 3 43-storey blocks. Units consist of a mix of 2- to four-bedroom apartments measuring in between 1,023 and 3,918 sq ft.
The unit offered on Jan 29 is the first apartment at Robinson Suites to replace hands from last September when a 614 sq ft unit fetched $1.45 million ($2,363 psf).
This is the most unprofitable resale deal that has actually happened at Robinson Suites to date, based upon information compiled on EdgeProp Study. It overtakes the previous track record losing of $944,000 set up by the dealer of a 990 sq ft unit that fetched $1.83 million ($1,846 psf) in March 2023.
The best successful condominium resell transaction over the week of Jan 23 to 30 was the sale of a duplex penthouse at Spring @ Katong. The 1,679 sq ft, three-bedroom unit obtained $2.92 million ($1,739 psf) on Jan 23. The vendor had already purchased the unit directly from the developer for about $865,000 ($515 psf) in January 2005. Hence, they made a profit of $2.055 million (238%) after securing the unit for 19 years.
