Duplex penthouse at Leedon Residence yields $2.8 mil profit

The most profitable resale transaction to close between Feb 28 and March 7 was at Leedon Residence. A 3,746 sq ft, four-bedroom duplex penthouse there was sold for $9.5 million ($2,536 psf) on March 2. It had been acquired for $6.7 million ($1,789 psf) back in Jan 2018. The seller earned a $2.8 million (42%) profit on the resale, an annualised return of 7.1% over five years.This marginally edged out the most profitable deal at Leedon Residence, where a seventh-floor, five-bedroom apartment garnered $12.5 million ($2,657 psf) in July 2021. It had been acquired for $9.6 million($2,041 psf) back in Oct 2017, earning the seller a record profit of $2.9 million (30%), which translates to an annualised gain of 7.2% over four years.The week’s second-most profitable resale took place at D’Grove Villas, where a 1,690 sq ft, fifth-floor apartment was traded for $4.3 million ($2,544 psf) on March 2. This unit had been bought for $2.16 million ($1,277 psf) in 1995 and accordingly, earned the seller a hefty $2.1 million (95%) profit; an annualised gain of 2.4% over a period of nearly 28 years.Conversely, the week’s most unprofitable transaction was at The Sail @ Marina Bay. An 883 sq ft, sixth-floor, two-bedroom apartment was sold for $1.92 million ($2,175 psf) on March 1, having been purchased for $2.3 million ($2,601 psf) in June 2011. Thus, the seller had circa a 16.5% loss, equating to an annualised loss of 1.5% over a 12-year period.A 3,746 sq ft, four-bedroom duplex penthouse at Leedon Residence was sold for $9.5 million on March 2, earning the seller a $2.8 million (42%) profit. (Picture: Samuel Isaac Chua/)At Leedon Residence, the 381 unit-development was designed by mainboard-listed property developer, GuocoLand, and was completed in 2015. Situated on a 4.9ha single freehold plot in District 10, the development comprises eleven 12-storey blocks, and stands out due to its focus on bigger-sized unit layouts and emphasis on space and luxury throughout the site.Unit prices at the development are amongst the highest in the Leedon-Farrer Road neighbourhood, at an average of $2,590 psf. Only the three upcoming new projects — Leedon Green ($2,848 psf), Wilshire Residences ($2,725 psf), and Hyll on Holland ($2,706 psf) — have seen higher prices compared to Leedon Residence.

This March saw a plethora of unique resale transactions in Singapore, with property prices ranging from nearly as high as $9.5 million to as low as $1.92 million. Notably, the most profitable transaction took place at the freehold Leedon Residence, a prime development in District 10 designed by the mainboard-listed property developer GuocoLand.

The 3,746 sq ft four-bedroom duplex penthouse was purchased for $6.7 million in Jan 2018 and sold for $9.5 million on March 2. As a result, the seller earned a financial gain of $2.8 million (42%) with an annualised return of 7.1% over five years. This is marginally below the most profitable deal at Leedon Residence where a seventh-floor, five-bedroom apartment garnered $12.5 million ($2,657 psf) in July 2021.

On the other hand, the most unprofitable transaction was at The Sail @ Marina Bay in District 1. An 883 sq ft, two-bedroom apartment was sold for $1.92 million ($2,175 psf) in March 1, which was purchased for $2.3 million ($2,601 psf) in June 2011. Consequently, the seller had a 16.5% loss, amounting to an annualised loss of 1.5% over a 12-year period.

Meanwhile, the week’s second-most profitable resale happened at D’Grove Villas. A 1,690 sq ft apartment on the fifth-floor was traded for $4.3 million ($2,544 psf) on March 2. It had previously been bought for $2.16 million ($1,277 psf) back in 1995, leading to a profit of $2.1 million (95%). This would translate to an annualised gain of 2.4% over a period of nearly 28 years.

Leedon Residence is situated on a sprawling 4.9ha site and consists of 381 units. It is also one of the newer luxury condominiums in the Leedon-Farrer Road neighbourhood, commanding one of the highest average prices at about $2,590 psf. Its neighbouring projects — Leedon Green, Wilshire Residences, Hyll on Holland, and the mixed-use One Holland Village — have seen higher prices than Leedon Residence.

CDL Aries acquires two plots in the Tan Chong industrial park The Myst of Upper Bukit Timah to develop a 16,620 sqm residential project with potential of a 24-storey tower with retail, green spaces and convenient transport links.

This year, three other resale transactions have taken place at Leedon Residence. They range from a 2,659 sq ft unit that was sold $7.2 million ($2,708 psf) on Jan 30; to a 2,648 sq ft unit that was transacted for $7.35 million ($2,776 psf) on Feb 14.

Ultimately, Singapore’s property market proves to be both challenging and lucrative, and thus, it is important to carefully consider the market dynamics before any investment.