Penthouse at Spring @ Katong reaps $2.06 mil profit

The second most profitable condominium reselling proceeding in the course of the duration in evaluation occurred at RiverGate. A four-bedroom unit estimating 1,798 sq ft shifted hands for $5.05 million ($2,809 psf) on Jan 29. The seller, that acquired the unit for $3.27 million ($1,820 psf) in February 2010, accumulated a gain of around $1.78 million (54%) on the dealing after possessing the residence for 14 years.

Meanwhile, the most unsuccessful condo resale operation throughout the time frame in review was the transaction of an apartment at Robinson Suites. The two-bedroom unit spanning 936 sq ft was sold for $1.8 million ($1,922 psf) on Jan 29. It was acquired by the vendor in May 2013 for $2.78 million ($2,972 psf). For this reason, they netted a reduction of about $984,000 (35%) after maintaining the condominium for just about 11 years.

Spring @ Katong is a real estate property development on Ceylon Roadway in District 15. The 52-unit development was finished in 2006. It has two residential blocks including 2- and three-bedroom units from 990 to 1,701 sq ft. The project is within walking proximity of the Marine Parade MRT Terminal on the Thomson-East Coast Line.

The Arden showflat

The unit sold on Jan 29 is the initial flat at Robinson Suites to shift hands since last September when a 614 sq ft unit got $1.45 million ($2,363 psf).

This is one of the most profitless resale deal that has recently taken place at Robinson Suites to date, formed on information gathered on EdgeProp Research. It exceeds the previous track record losing of $944,000 gotten by the seller of a 990 sq ft unit that fetched $1.83 million ($1,846 psf) in March 2023.

The most successful apartment resale deal during the week of Jan 23 to 30 was the deal of a twin 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 bought the unit directly from the builder for approximately $865,000 ($515 psf) in January 2005. Thus, they realized of $2.055 million (238%) after keeping the unit for 19 years.

This is one of the most highly profitable resell exchange at Spring @ Katong to date. It surpasses the past record earnings of $1.24 million set last March when a 1,044 sq ft unit fetched $1.85 million ($1,772 psf).

Robinson Suites is a freehold apartment at 50 Robinson Roadway in the CBD in District 1. The development contains a single tower housing 167 apartments. Units comprise one- and two-bedroom condos varying from 484 sq ft to 990 sq ft. There are even six penthouse units going from 1,087 to 1,410 sq ft.

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

This is the initial resale reported at RiverGate to date this year. Last year, the apartment found five units change hands, each one of which were efficient sales. The units, sizing up in between 1,539 and 2,088 sq ft, were yielded in between $4.3 million and $5.75 million, or between $2,588 and $2,999 on a psf-price basis. The respective vendors made gains stretching from $1.25 million to $2.56 million.

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