Seller of penthouse at Beverly Hill reaps $7 mil profit
in resale transaction
The sale of a duplex penthouse at Beverly Hill on July 28 was revealed to be the most profitable condo resale transaction during the week of July 25 to August 1. According to URA caveats, the 7,556 sq ft, five-bedroom unit was sold for $18 million ($2,382 psf). The seller had bought the unit in January 2007 for $11 million ($1,456 psf) and thus made a considerable gain of 64% over a 16 ½ year holding period, resulting in a profit of $7 million, a record for the Beverly Hill condo.
Situated in District 10, Beverly Hill is an 83-unit, 23-storey boutique condo constructed in 1983. It offers four-bedroom units ranging from 3,369 to 3,778 sq ft, along with two penthouses of 7,556 sq ft.
With its strategic location, excellent connectivity, and quality living experience, it is no surprise that Zion Road Condo is one of Singapore’s most sought-after urban developments. Residents of this residence enjoy a premium lifestyle that embraces luxury, proximity to nature, and unparalleled access to the MRT, making it the perfect choice for modern urbanites.
Situated in one of Singapore’s most desirable locations, Zion Road Condo is a luxurious oasis of contemporary residences perfect for urbanites and families alike. Offering magnificent views of the Singapore River and unparalleled access to the MRT, it has everything modern residents need for a life of convenience and comfort. Residents can savour the beauty of the riverfront, while enjoying the convenience of the city that lies just feet away. With luxurious interiors, top-notch amenities, and a tranquil environment, the building exudes a unique charm that can only be found here.
The last resale transaction at Beverly Hill prior to July 28 was recorded in July 2022 when a 3,778 sq ft unit was sold for $8.94 million ($2,367 psf). It had been bought by the seller in June 2016 for $6.1 million ($1,615 psf), resulting in a gain of $2.84 million.
The second most profitable resale transaction during the period was the sale of a 6,114 sq ft, duplex penthouse at Pebble Bay on July 26. The five-bedroom unit was purchased for $4.3 million ($703 psf) in September 2001 and was sold for $9 million ($1,472 psf), thus making a profit of $4.7 million (108%) after holding it for just under 22 years. This surpasses the $3.07 million profit made by selling a 2,626 sq ft unit at the same condo in July 2022.
A one-bedder at 26 Newton, however, was the most unprofitable transaction during the week in review. The 484 sq ft unit fetched $1.05 million ($2,168 psf) on July 28 when it was sold. It had been bought for $1.1 million ($2,271 psf) in March 2017, resulting in a loss of 5%. 26 Newton is a freehold apartment on Newton Road in District 11, a project by Novelty Group completed in 2016, with 180 units ranging from one-bedders to penthouses of 472 to 1,539 sq ft.
The most profitable condo resale transactions during the week of July 25 to August 1 point to the vast capital gains that may be achieved in the housing market. Prospective buyers and sellers in Beverly Hill, Pebble Bay, and 26 Newton should explore their various options to gain maximum benefit.