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The record-setting sale of a five-bedroom unit at Leedon Residence became the talk of the town as it marked the most profitable deal during the week of June 24 to July 1. The massive 8,051 sq ft unit on the first floor sold for a staggering $15.8 million ($1,962 psf) on June 30, making it the highest-priced unit sold in the development to date. According to property experts, the sale was brokered by none other than Bruce Lye, founder and managing partner of real estate agency SRI.
The transaction has been deemed as the second most profitable deal recorded at Leedon Residence, only $700,000 short of the development’s record gain of $4 million. This came from the sale of a five-bedroom apartment on the 11th floor measuring 6,125 sq ft, which went for a whopping $16 million ($2,612 psf) on March 26. The seller, who had acquired the unit for $12 million ($1,959 psf), made an annualised profit of 3.7% after holding the property for almost eight years.
The Leedon Residence, a freehold project located at Leedon Heights in prime District 10, was completed in 2015 and consists of 381 units spread across 12 residential blocks. The development features a mix of two- to five-bedroom units measuring between 1,044 and 4,704 sq ft. It also boasts of garden suites on the first floor, which range from three to five bedrooms and span 3,789 to 8,051 sq ft, while three- to five-bedroom penthouses on the top floors measure 3,283 to 7,718 sq ft.
To date, seven resale transactions were recorded at Leedon Residence this year, all of which were profitable, including the June 30 and March 26 deals. These units were sold at an average price of $2,456 psf.
Meanwhile, the second most profitable deal recorded during the week took place at Shelford Green. A three-bedroom unit measuring 2,842 sq ft and located on the third floor fetched a hefty price of $5.15 million ($1,812 psf) on June 30. The seller had purchased the unit in October 2010 for about $3 million ($1,056 psf), earning a profit of $2.15 million (71.7%) after holding the property for almost 15 years.
Despite earning the second-highest gain in the history of Shelford Green, the most significant profit recorded at the development came from the sale of a five-bedroom unit in April 2008. This 3,735 sq ft unit went for $6.2 million ($1,660 psf) and had been acquired in April 1998 for only $1.9 million ($509 psf). The seller made an impressive $4.3 million profit, earning an annualised gain of 12.5% over 10 years.
Located at Shelford Road in District 11, Shelford Green is a freehold condo with only 33 units, featuring a mix of two- to five-bedroom units measuring between 1,302 and 3,757 sq ft.
On the other hand, the least profitable transaction of the week involved a 2,497 sq ft, four-bedroom unit at Turquoise. Being sold on June 26 for $3.5 million ($1,402 psf), the unit was previously purchased for a much higher price of $6.6 million ($2,655 psf) in October 2007. Hence, the seller incurred a loss of $3.13 million (47.2%) or an annualised loss of 3.6% over almost 18 years.
According to experts, the transaction becomes the seventh most unprofitable deal recorded at Turquoise, with the record loss still coming from the sale of a 3,746 sq ft, five-bedroom penthouse unit for $4.4 million ($1,175 psf) in September 2018. This property had been acquired in November 2007 for a whopping $9.53 million ($2,545 psf), resulting in a record loss of $5.13 million, an annualised loss of 6.9% over 10 years.
Turquoise, one of the 99-year leasehold condos found in Sentosa Cove’s exclusive residential enclave, was completed in 2010 and features 91 units spread over three six-storey blocks. The development offers three- and four-bedroom apartments measuring between 2,088 and 3,050 sq ft, as well as penthouses spanning between 3,111 and 3,764 sq ft. It also has sky villas, which measure from 6,900 to 7,987 sq ft.