Teresa Ville’s seller makes a $2.15 million profit

The most lucrative resale deal during the week of August 8 to 15, was that of the 1,981 square foot unit in Teresa Ville within District 4. The three-bedroom apartment, located on 19th floor, sold for $3.15 million ($1,590 per square foot) on August 8. The property was purchased at a price of $1 million ($507 per square foot) the month of June in 1998. The seller earned profits that was $2.15 millions (213%) on the transaction, which amounts to an annual increase in the region of 4.6% over 25 years.

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This is the second highest-profitable deal in Teresa Ville. The record deal was made this year, when the 1,981 square feet unit at the top of 17th sold to the tune of $3.28 million ($1,656 per sq ft) on the 20th of March. It was sold previously for around $960,800 ($485 per square foot) in April of 2006. This means that the selling of the unit led to the record for profit at $2.32 Million (242%), or an annualized profit that was 7.5% over 17 years.

Teresa Ville is a freehold condominium located in the vicinity of Lower Delta Road in the Bukit Merah region. The project of 264 units was completed in 1986. The development is situated next to CHIJ St Theresa’s Convent Radin Mas Primary School and CHIJ (Kellock). It is also within Mount Faber Park and the Southern Ridges. The majority of the area is comprised consisting of HDB properties along Telok Blangah Rise, Bukit Purmei Avenue and Jalan Bukit Merah.

According to a table of resale-related caveats provided by EdgeProp Singapore, prices at Teresa Ville have recorded a constant and steady rise over the last two decades. The median price was $578 per month in August 2003 before rising to $974 psf by August 2013. This month’s average is $1,666 per psf.

The most recent private residential development in the area is the UOL Group’s Avenue South Residence located on Silat Avenue. The 99-year leasehold condominium was completed in the year that it was launched and contains 1,074 units. When the project went on sale in September and the developer had sold 276 units at the median price of $1,936 per sq ft. According to developer statistics, Avenue South Residence was completely sold by the end of September 2022, and had an average price of $2,465 per square foot.

One of the units sold was a 1,690 square feet unit at Park Infinia in Wee Nam on Aug 11 was the second most profitable sale during the week under the review. The four-bedroom apartment was purchased at $3.63 million ($2,148 per square foot) following the time it sold for $1.72 million ($1,017 per square foot) in August of 2006. The seller made an income in the amount of $1.91 millions (111%) on the most recent resales, which results in an annual increase that is 4.5% over 17 years.

Four resales deals on the part of Park Infinia in the past year which have all resulted in revenues that range between $690,000 and $2.12 million.

The biggest profit this year was derived from an 3,315 sq ft four-bedroom penthouse that was purchased to the public for $6.63 million ($1,999 per square foot) on the 10th of March. The penthouse was purchased at $4.5 million ($1,357 per sq ft) during September of 2014. The resale produced an income of $2.12 millions (47%), which is equivalent to an annual increase that was 4.5% over eight years.

In addition, a 1,421 square foot unit traded hands at $3.45 million ($2,428 per sq ft) on the 29th of March. It was bought at $2.76 million ($1,943 per sq ft) at the end of August 2013. This resulted in an income of $690,000 which amounts to an annual increase in the range of 2.3% over nine years.

Park Infinia located at Wee Nam is a freehold condominium situated on Lincoln Road in prime District 11. The development of 486 units has been completed since 2008. It includes one- to four-bedroom homes between 560 and 2,002 sq feet, and penthouses ranging from 2,702 to 3,315 sq feet.

On the other hand the least profitable resale deal that was recorded between August 8 and 15, was selling a 1 733 square feet unit in The Oceanfront @ Sentosa Cove. The unit was sold at $3 million ($1,731 per square foot) on August 15. The unit was purchased at $3.73 million ($2,152 per square foot) on July 7, 2007. The seller suffered a loss of around $729,600 (20%), which is equivalent to a decrease that was 1.3% over 16 years.

The Oceanfront at Sentosa Cove is a 99-year leasehold condominium in Sentosa Cove, a prestigious Sentosa Cove residential enclave. It is among only a few luxury 99-year leasehold condos on Ocean Drive in Sentosa Cove. Other condos along Ocean Drive include The Coast at Sentosa Cove, The Berth by the Cove, and The Azure.

The prices for The Oceanfront have slipped in recent years, dropping from $1,761 per sq ft at the time of August 2013, to $1,560 in the month of July. It’s lower than nearby condos like The Coast (1,765 psf), Marina Collection on Cove Drive ($1,665 psf), Cape Royale located on Cove Way ($2,219 psf) and The Azure (1,813 PSF).