Penthouse at Spring @ Katong reaps $2.06 mil profit
This is the first resell reported at RiverGate to date this year. in 2023, the condo saw five units switch hands, all of which were profitable sales. The units, assessing in between 1,539 and 2,088 sq ft, were sold for between $4.3 million and $5.75 million, or between $2,588 and $2,999 on a psf-price basis. The respective dealers created profits ranging from $1.25 million to $2.56 million.
Spring @ Katong is an estate property development on Ceylon Road in District 15. The 52-unit property was finished in 2006. It has 2 housing blocks including 2- and three-bedroom units from 990 to 1,701 sq ft. The project is throughout walking range of the Marine Parade MRT Station on the Thomson-East Coast Line.
In the meantime, the most worthless apartment resale operation during the duration in assessment was the transaction of an apartment at Robinson Suites. The two-bedroom unit extending 936 sq ft was yielded $1.8 million ($1,922 psf) on Jan 29. It was bought by the vendor in May 2013 for $2.78 million ($2,972 psf). For this reason, they got a damage of near $984,000 (35%) after maintaining the condo for roughly 11 years.
This is one of the most worthwhile resell proceeding at Spring @ Katong to stage. It beats the past record profit of $1.24 million set last March when a 1,044 sq ft unit brought $1.85 million ($1,772 psf).
This is one of the most profitless resale deal that has actually occurred at Robinson Suites to date, based on records compiled on EdgeProp Research. It beats the previous report deficit of $944,000 made by the seller of a 990 sq ft unit that brought $1.83 million ($1,846 psf) in March 2023.
Robinson Suites is a freehold apartment at 50 Robinson Road in the CBD in District 1. The development includes a solo tower real estate 167 apartments. Units include one- and two-bedroom condos varying from 484 sq ft to 990 sq ft. There are even six penthouse units going from 1,087 to 1,410 sq ft.
The best valuable condominium resale deal during the week of Jan 23 to 30 was the deal of a duplex 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 bought the unit via the builder for around $865,000 ($515 psf) in January 2005. Hence, they realized of $2.055 million (238%) after keeping the unit for 19 years.
The 2nd most profitable condo resale proceeding throughout the period in assessment happened at RiverGate. A four-bedroom unit evaluating 1,798 sq ft switched hands for $5.05 million ($2,809 psf) on Jan 29. The seller, that acquired the unit for $3.27 million ($1,820 psf) in February 2010, earned a gain of about $1.78 million (54%) on the contract after having the place for 14 years.
Found in District 9, RiverGate is an estate plan that was carried out in 2009. It has 545 units throughout three 43-storey blocks. Units consist of a mix of two- to four-bedroom homes estimating in between 1,023 and 3,918 sq ft.
The unit sold on Jan 29 is the first residence at Robinson Suites to replace hands since last September when a 614 sq ft unit yielded $1.45 million ($2,363 psf).
