Resale unit at Fontana Heights sold for $5.9 million

At Fontana Heights, the seller of a unit made the top gain of $1.6 million over the week of Aug 6 to 13. The 3,466 sq ft unit on the 15th floor was bought for $4.3 million ($1,241 psf) in May 2007, and sold for $5.9 million ($1,702 psf) on Aug 13. The seller made a 37% profit, or an annualised profit of 3% over 12 years.

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Located along Mount Sinai Rise in prime District 10, the freehold Fontana Heights was developed by International Greenland Enterprise. Completed in 1985, Fontana Heights comprises 54 units across 27 floors. It is a 17-minute walk to Dover MRT Station on the East-West line and a seven-minute drive to West Coast Plaza. It is also a three- to 11-minute drive to educational institutions such as Eunoia Junior College, Singapore University of Social Sciences, School of Science and Technology, and Singapore Polytechnic.

The second top gain made over the week – an 83% profit of $1.45 million – was at Trevose Park, located at Trevose Crescent in prime District 11. The 1,658 sq ft unit on the third floor was purchased for $1.75 million ($1,056 psf) in July 2009 and sold for $3.2 million ($1,927 psf) on Aug 13. This means the seller made an annualised profit of 6% over 10 years.

Completed in 1991, the freehold Trevose Park has a total of 150 units and was developed by City Developments Ltd. It is an eight-minute walk to Stevens MRT Station on the Downtown Line and the Thomson-East Coast Line. The development is a five-minute drive to the Botanic Gardens and a seven-minute drive to Thomson Medical Centre. Trevose Park is also a less than nine-minute drive to the Orchard Road shopping belt.

At Haig Court, the seller of a 12th-floor unit made the third most profitable transaction of $1.06 million over the week. The 1,442 sq ft, three-bedroom unit was bought for $919,268 ($637 psf) in May 2004 and sold for $1.98 million ($1,373 psf) on Aug 8. The seller made a 115% profit, or an annualised profit of 5% over 15 years.
Located along Haig Road in District 15, the freehold Haig Court comprises 360 units over 17 floors. The development was completed in 2004.

On the other hand, the greatest loss incurred over the week was from the resale of a 2,110 sq ft unit at Reflections at Keppel Bay. It is located on Keppel Bay View, off Telok Blangah Road, in District 4. The seller sold the 35th-floor unit for $3.4 million ($1,612 psf) on Aug 8 and sustained a 44% loss of $2.67 million. The unit was purchased in June 2010 for $6.07 million ($2,876 psf). Over a holding period of nine years, this translates into an annualised loss of 6%.

The 99-year leasehold Reflections at Keppel Bay comprises 1,129 units and is a 14-minute walk to Telok Blangah MRT Station on the Circle Line. Developed by Keppel Land, the property arm of Keppel Corp, the condo was completed in 2011.