Four-bedder at Peach Garden sold for $3.37 mil profit

The sale of a four-bedroom unit at Peach Garden was the most profitable condo resale transaction during the week of April 22 to April 29. The 2,766 sq ft unit on the 11th floor fetched $5.12 million ($1,851 psf) on April 28. The seller had purchased it in March 1997 for $1.75 million ($633 psf), which means they raked in a profit of $3.37 million. This works out to a capital gain of 193%, or an annualised profit of 6.9% over a holding period of about 28 years.

Based on caveats lodged, this is the third most profitable resale transaction recorded at Peach Garden to date. The most profitable transaction was the sale of a penthouse measuring 5,231 sq ft for $6.85 million ($1,309 psf) in January 2012. The seller, who had purchased the unit in April 2004 for $3.25 million ($621 psf), made a gain of $3.6 million on the deal.

The 2,766 sq ft unit at Peach Garden fetched $5.12 million ($1,851 psf) on April 28 (Picture: Google Street View)

Peach Garden is a freehold development off Meyer Road in District 15. Completed in 1975, the condo has two blocks housing 72 units, consisting predominantly of four-bedders spanning 2,766 sq ft. There are also penthouses of 5,231 sq ft.

The second most profitable condo resale deal during the week occurred at One Amber. On April 25, a three-bedroom unit measuring 1,378 sq ft changed hands for $3.2 million ($2,323 psf). The seller, who bought the unit from the developer in April 2006 for about $920,700 ($668 psf), netted a gain of $2.28 million, or 248%, after owning the unit for 19 years.

One Amber is located off Mountbatten Road in District 15. The freehold condo was completed in 2010. It comprises four 23-storey towers with a total of 562 units. The condo has a mix of one- to four-bedroom units ranging from 570 sq ft to 3,100 sq ft. There are also four-bedroom penthouses ranging from 2,659 sq ft to 3,541 sq ft.

Meanwhile, the sale of a 764 sq ft unit at The Clift was the most unprofitable condo resale transaction of the week. The one-bedroom unit on the 34th floor sold for $1.45 million ($1,897 psf) on April 23. The seller, who acquired the unit in November 2011 for $1.96 million ($2,569 psf), incurred a loss of about $513,500, or 26.2%. The seller had owned the unit for nearly 13½ years.

Located on McCallum Street in District 1, The Clift is a 99-year development completed in 2011. It comprises a single tower with 312 residences and a single-storey retail podium. The residences comprise one- and two-bedroom apartments ranging from 495 sq ft to 818 sq ft and one- and two-bedroom lofts ranging from 753 sq ft to 1,076 sq ft.