Penthouse at Spring @ Katong reaps $2.06 mil profit

The second most successful condo reselling deal throughout the time in review occurred at RiverGate. A four-bedroom unit computing 1,798 sq ft changed hands for $5.05 million ($2,809 psf) on Jan 29. The seller, that bought the unit for $3.27 million ($1,820 psf) in February 2010, profited a gain of close to $1.78 million (54%) on the dealing after owning the condo for 14 years.

Spring @ Katong is an estate development on Ceylon Road in District 15. The 52-unit project was finalized in 2006. It has 2 housing blocks containing 2- and three-bedroom units from 990 to 1,701 sq ft. The property development is in just walking range of the Marine Parade MRT Station on the Thomson-East Coast Line.

Robinson Suites is a freehold condo at 50 Robinson Roadway in the CBD in District 1. The property includes an one tower housing 167 condominiums. Units include one- and two-bedroom condos ranging from 484 sq ft to 990 sq ft. There are in addition 6 penthouse units reaching from 1,087 to 1,410 sq ft.

In the meantime, the most unprofitable condo resale transaction during the duration in analysis was the sale of an apartment at Robinson Suites. The two-bedroom unit spanning 936 sq ft was fetched $1.8 million ($1,922 psf) on Jan 29. It was bought by the seller in May 2013 for $2.78 million ($2,972 psf). Hence, they earned a damage of near $984,000 (35%) after maintaining the apartment for almost 11 years.

Midtown Bay Guocoland Limited

This is one of the most unprofitable resale deal that has happened at Robinson Suites to date, formed on data collected on EdgeProp Research study. It exceeds the previous entry loss of $944,000 gotten by the dealer of a 990 sq ft unit that obtained $1.83 million ($1,846 psf) in March 2023.

The unit offered on Jan 29 is the first apartment at Robinson Suites to change hands ever since last September when a 614 sq ft unit brought $1.45 million ($2,363 psf).

This is the most worthwhile resale exchange at Spring @ Katong to stage. It beats the past log profit of $1.24 million set last March when a 1,044 sq ft unit yielded $1.85 million ($1,772 psf).

Located in Area 9, RiverGate is a property venture that was finished in 2009. It comes with 545 units across 3 43-storey blocks. Units consist of a mix of two- to four-bedroom apartments measuring in between 1,023 and 3,918 sq ft.

The most efficient condo reselling transaction in the course of the week of Jan 23 to 30 was the deal of a double penthouse at Spring @ Katong. The 1,679 sq ft, three-bedroom unit yielded $2.92 million ($1,739 psf) on Jan 23. The seller had already bought the unit from the property developer for approximately $865,000 ($515 psf) in January 2005. Therefore, they realized of $2.055 million (238%) after keeping the unit for 19 years.

This is the initial resale documented at RiverGate to date this year. Last year, the condominium viewed five units change hands, each one of which were efficient sales. The units, measuring between 1,539 and 2,088 sq ft, were fetched between $4.3 million and $5.75 million, or between $2,588 and $2,999 on a psf-price basis. The respective home sellers created gains stretching from $1.25 million to $2.56 million.

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