Resale unit at Camelot By-The-Water reaps $1 mil profit

Resale unit at Camelot By-The-Water reaps $1 mil profit

By Charlene Chin/ EdgeProp Singapore|February 14, 2020 7:58 AM SGT

The seller of a unit at Camelot By-The-Water, on Tanjong Rhu Road, made the top gain over the week of Jan 28 to Feb 4 (Credit: Albert Chua/ The Edge Singapore)

SINGAPORE (EDGEPROP) – The seller of a unit at Camelot By-The-Water, on Tanjong Rhu Road, made the top gain of $1 million over the week of Jan 28 to Feb 4. The 4,801 sq ft unit on the 14th floor was bought for $5.6 million ($1,166 psf) in February 2008 and sold for $6.6 million ($1,375 psf) on Jan 30. The seller, therefore, made an 18% profit, or an annualised profit of 1% over 12 years.Located in District 15, Camelot By-The-Water was completed in 2000 and comprises 99 units on a 99-year leasehold. It is a five-minute walk to the upcoming Tanjong Rhu MRT Station on the Thomson East-Coast Line, which is slated for completion in 2023.The second top gain made over the week – a 102% profit of $984,705 – was at the Caribbean at Keppel Bay, along Keppel Bay Drive. The 1,421 sq ft unit on the first floor was purchased for $965,295 ($679 psf) in September 2005 and sold for $1.95 million ($1,372 psf) on Jan 31. This means that the seller made an annualised profit of 5% over 14 years.ADVERTISEMENT

Caribbean at Keppel Bay, in District 4, comprises 969 units on a 99-year leasehold. It was completed in 2004 and is a 10-minute walk to Harbourfront MRT Station on the North-East and Circle Lines. A unit sold at One Leicester, along Leicester Road in District 13, made the third largest gain over the week, netting a 109% profit of $914,900 for the seller. The 1,249 sq ft unit on the 18th floor was bought in April 2006 for $840,100 ($673 psf), and sold for $1.76 million ($1,406 psf) on Jan 31. The seller therefore made an annualised profit of 5% over almost 14 years. One Leicester, completed in 2008, comprises 194 freehold units. It is a five-minute walk to Potong Pasir MRT Station on the North-East Line.

The greatest loss incurred over the week was from the resale of a 2,185 sq ft unit at Marina Collection in District 4 (Credit: The Edge Singapore)

On the other hand, the greatest loss incurred over the week was from the resale of a 2,185 sq ft unit at Marina Collection in District 4. Having sold the property for $3 million ($1,373 psf) on Jan 31, the seller suffered a 31% loss of $1.37 million. The unit was purchased in October 2012 for $4.37 million ($2,000 psf). Over a holding period of seven years, this translates into an annualised loss of 5%.

Marina Collection is a 124-unit project on a 99-year leasehold along Cove Drive. Completed in 2011, it is 10 minutes by car to Harbourfront MRT Station.

Original Article: https://www.edgeprop.sg/property-news/resale-unit-camelot-water-reaps-1-mil-profit

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