The most profitable transaction during the week of Aug 5 to 12 was the sale of a four-bedroom strata landed unit at Watten Hill. The unit, measuring 2,669 sq ft, was sold for $4.7 million ($1,761 psf) on Aug 11. This is more than twice the price the seller paid for it in 2000, when it was purchased for $1.31 million ($491 psf). The record profit of $3.38 million (259%) at the freehold condo translates to an annualised profit of 5.3% over 25 years.
The previous record profit at Watten Hill was set last April, when a 2,626 sq ft, four-bedroom strata landed unit was sold for $4.95 million ($1,885 psf). The unit had been bought for $1.82 million ($693 psf) in 2007, resulting in a profit of $3.13 million (172%) or an annualised profit of 6% over 17 years.
There have been four other profitable resale transactions at Watten Hill so far this year, with gains ranging from $974,112 to $2.8 million. These transactions involve four- and five-bedroom units measuring between 1,044 and 2,669 sq ft. The most recent sale, on Aug 5, saw another 2,669 sq ft four-bedder fetching $5 million ($1,873 psf). This unit was previously sold for $2.2 million ($824 psf) in August 2009.
Located on Watten View in Bukit Timah, Watten Hill is a 70-unit development completed in 1979. It comprises two- and four-bedroom strata landed units measuring 1,044 to 2,669 sq ft. According to OneMap, the development is within 1km of Raffles Girls’ Primary School and Nanyang Primary School. Other schools in its proximity include National Junior College, Hwa Chong Institution, and National Junior College.
The second most profitable transaction during the week of Aug 5 to 12 involved a three-bedroom unit at The Ladyhill. The unit measuring 2,325 sq ft on the second floor was sold for $7.38 million ($3,174 psf) on Aug 5. The seller had bought the unit in May 2006 for $4.5 million ($1,935 psf). Hence, the seller made a profit of $2.88 million (64%), translating to an annualised profit of 2.6% over around 19 years.
This also makes it the third most profitable resale at The Ladyhill to date. The record profit of $3.79 million was set in 2022 when a 3,843 sq ft unit on the fourth floor fetched $7.8 million ($2,030 psf).
Completed in 2002, The Ladyhill is a freehold development on Lady Hill Road in prime District 10. The 55-unit project comprises seven 4-storey blocks with four- and five-bedroom units measuring 2,239 to 4,499 sq ft.
Based on a compilation of resale caveats by EdgeProp Singapore, the average price at The Ladyhill is approximately $3,050 psf, higher than some of the nearby freehold luxury projects such as Beaufort on Nassim ($2,520 psf) along Nassim Road. However, some newer projects command higher average prices, such as Ardmore II ($3,426 psf) along Ardmore Park and Nouvel 18 ($3,087 psf) along Anderson Road.
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The least profitable resale during the week took place at Turquoise, a 99-year leasehold condo in Sentosa Cove. A three-bedroom unit on the third floor was transacted for $3.1 million ($1,485 psf) on Aug 5. The 2,088 sq ft unit had been bought for $5.45 million ($2,613 psf) in November 2007, resulting in a loss of $2.35 million (43%) or an annualised loss of 3.1% over nearly 18 years.
There were two other resale transactions at Turquoise so far this year, with both resulting in a loss. On June 26, a 2,497 sq ft four-bedder on the fifth floor was sold for $3.5 million ($1,402 psf). The unit had been bought for $6.63 million ($2,656 psf) in August 2008. The seller incurred a loss of $3.13 million (47%), which translates to an annualised loss of 3.6% over nearly 12 years.
Another 2,497 sq ft four-bedroom unit on the second floor was sold for $3.05 million ($1,222 psf) on May 13. However, the seller still made a small profit of $486,915, as the unit had been bought for $2.56 million ($1,026 psf) in November 2007.
Turquoise is one of 10 luxury condos in the exclusive Sentosa Cove waterfront residential enclave. While some condos have sea-facing views, others boast of views of the marina. At Turquoise, units overlook the waterway and come with private berths for boats.