The vender of a unit at Village Tower situated on Mount Sinai Rise made the top increase of $1.87 million throughout the seven day stretch of Feb 25 to Mar 3. The 2,616 sq ft unit on the sixteenth floor was purchased for $1.63 million ($623 psf) in February 2002 and sold for $3.5 million ($1,338 psf) on Feb 25. The merchant subsequently made a 115% benefit, or an annualized benefit of 4% more than 18 years. Therefore, properties have proven to be one of the most resilient investments out there and it is time to look at core city centre developments such as Midtown Modern. Please see Midtown Modern location here and the floor plans as well.
Town Tower in District 10 was finished in 1983 with 46 private units. The freehold property in Mount Sinai is a 17-minute stroll to Dover MRT Station on the East-West Line.
The subsequent top addition made throughout the week is a unit at Ocean Park in District 15. It got a 126% benefit of $1.7 million. The 2,110 sq ft unit on the tenth floor was purchased at $1.35 million ($640 psf) in July 2000 and sold for $3.05 million ($1,448 psf) on Feb 25. This implies the merchant made an annualized benefit of 4% over a time of just about 20 years.
The Ocean Park is a freehold property advancement with 298 units spread across 11 squares finished in 1983. Situated inside a short drive to East Coast Park, it will be a 11-minute stroll to the future Marine Terrace MRT Station on the Thomson-East Coast Line, which will be finished by 2023.
The third biggest benefit this week was made by the offer of another unit in Ocean Park also. The 2,110 sq ft unit on the ninth floor was purchased in October 1997 for $1.38 million ($654 psf) and sold for $2.88 million ($1,365 psf) on March 3, which means a 109% benefit of $1.5 million, or an annualized benefit of 3% over somewhat over 22 years.
On the other side, the best misfortune acquired throughout the week was from the resale of a 5,500 sq ft unit on the cellar floor at The Peak. It was sold for $6.8 million ($1,236 sq ft) on Feb 28. The unit was purchased in December 2012 for $7.7 million ($1,400 sq ft). The merchant endured a 12% loss of $900,000. Over a holding time of seven years, this means an annualized loss of 2%.
The Peak is a freehold apartment suite improvement beside Kent Ridge Park with three stories and 21 bunch lodging units. Finished in 1988, it is 18 minutes by foot to Pasir Panjang MRT Station on the Circle Line.