Duplex penthouse at Leedon Residence yields $2.8 mil profit

The sale of a 3,746 sq ft, four-bedroom duplex penthouse at Leedon Residence on March 2 was the most profitable resale transaction between Feb 28 and March 7, enabling the seller to earn a $2.8 million (42%) profit. This deal was followed closely by a resale at D’Grove Villas which grossed a 95% profit of $2.1 million. Conversely, the week’s least profitable transaction occurred at The Sail @ Marina Bay, with the sale of an 883 sq ft unit earning the seller a 16.5% loss of $376,000.Leedon Residence is a four-year-old freehold condo developed by GuocoLand, located in District 10. The project stands out for its focus on bigger-sized unit layouts and its prominent luxury offerings, and commands one of the highest average prices in the vicinity at $2,590 psf, according to URA caveats compiled by EdgeProp Singapore. Comparatively, D’Grove Villas is a 28-year-old freehold condo located in prime District 10 that is within close proximity to the Ardmore and Nassim Road residential areas.On the other hand, The Sail @ Marina Bay is a 99-year leasehold condo in downtown District 1, and a number of resale transactions have taken place this year with prices ranging from $1,892 psf to $2,196 psf.The most profitable resale transaction to close between Feb 28 and March 7 was the sale of a 3,746 sq ft, four-bedroom duplex penthouse at Leedon Residence. The unit was sold for $9.5 million ($2,536 psf) on March 2, having previously been purchased for $6.7 million ($1,789 psf) on Jan 19, 2018. Consequently, the seller earned a $2.8 million (42%) profit on the resale, equating to an annualised profit of 7.1% over five years.

Leedon Residence is one of the new luxury condos of the Leedon-Farrer Road neighbourhood and commands one of the highest average prices in the vicinity at about $2,590 psf. Developed by mainboard-listed property developer GuocoLand and designed by architect Chan Soo Khian of SCDA Architects, the project consists of 11 12-storey blocks spread across a sprawling 4.9ha site, one of the largest single freehold plots in District 10.

The surrounding area has seen the launch of several new projects such as Leedon Green, Wilshire Residences, Hyll on Holland, and One Holland Village. Among these, Leedon Green had the highest average price of $2,848 psf, followed by Wilshire Residences, Hyll on Holland and Leedon Residence.

The most profitable deal at Leedon Residence so far is the sale of a seventh-floor, five-bedroom apartment for $12.5 million ($2,657 psf) in July 2021, which had previously been acquired for $9.6 million ($2,041 psf) in October 2017. This generated a record profit of $2.9 million (30%) and an annualised gain of 7.2% over four years.

This year, there have been three other resale transactions at Leedon Residence: a 2,659 sq ft ninth-floor unit transacted for $7.2 million ($2,708 psf) on Jan 30; a 2,648 sq ft ninth-floor unit sold for $7.35 million ($2,776 psf) on Feb 14; and the duplex penthouse discussed earlier.

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The week’s second-highest profit-making resale took place at D’Grove Villas, with a 1,690 sq ft, fifth-floor apartment changing hands for $4.3 million ($2,544 psf) on March 2. This unit had been purchased for $2.16 million ($1,277 psf) in 1995, resulting in a substantial $2.1 million (95%) profit and an annualised gain of 2.4% over almost 28 years.

To date, the most profitable resale at D’Grove Villas is a 5,221 sq ft unit purchased for $6.4 million ($1,226 psf) in February 2007 and sold for $10.5 million ($2,011 psf) in June 2010, for a total profit of $4.1 million (64%). This works out to an annualised profit of 16% over three years.

Conversely, the least profitable resale transaction between Feb 28 and March 7 involved a 883 sq ft unit at The Sail @ Marina Bay. This sixth-floor, two-bedroom apartment was traded on March 1 at $1.92 million ($2,175 psf), down from the $2.3 million ($2,601 psf) achieved in June 2011. As a result, the seller incurred a loss of approximately $376,000, which translates to an annualised loss of 1.5% over 12 years.

The Sail is a 99-year leasehold condo in downtown District 1, with 1,111 units. According to URA caveats compiled by EdgeProp Singapore, units in the condo had been selling for an average price of $1,942 psf in March 2018, which had only slightly gone up to $1,973 psf in March 2021. There have been eight resales at The Sail this year, with prices ranging from $1.12 million ($1,892 psf) to $2.6 million ($2,196 psf).

In conclusion, the most profitable resale transaction between Feb 28 and March 7 was at Leedon Residence, and the least profitable was at The Sail @ Marina Bay. D’Grove Villas posted the second-highest profit, and Leedon Residence commands one of the highest average prices in the vicinity.