Four Bed Unit Tessarina Sold 24 Mil Profit

on same day: CBREA 1,615 sq ft four-bedroom unit at The Tessarina has been sold for a record profit of $2.4 million, making it the most profitable resale transaction at the development to date. Located on Wilby Road, the freehold condo was completed in 2003 and comprises 443 units. The seller purchased the unit in March 2003 for $1.42 million ($878 psf) and has now sold it for a whopping $3.81 million ($2,362 psf) on June 3. This works out to a capital gain of 168.9%, or an annualized profit of 4.5% over a holding period of around 22 years. The previous record gain at The Tessarina was $2.18 million, from the sale of a 1,335 sq ft three-bedroom unit for $3.1 million ($2,323 psf) on May 5. The seller had bought the unit for $919,815 ($689 psf) in November 2006, which translates to a profit of $1.18 million, or an annualized gain of 3.4% over 14 years. The most unprofitable deal of the week was the sale of a 635 sq ft unit at Scotts Square in prime District 9. The one-bedroom apartment on the 31st floor was sold for $1.9 million ($2,992 psf) on June 3, incurring a loss of $716,200 (27.4%). The seller had purchased the unit for $2.62 million ($4,120 psf) in August 2007, which results in an annualized loss of 1.8% over nearly 18 years. The second-most profitable resale of the week was at Volari, a freehold condo on Balmoral Road in District 10. A 2,174 sq ft four-bedroom unit on the fourth floor was sold for $6.08 million ($2,796 psf) on June 3. The unit had been bought for $4.24 million ($1,950 psf) in February 2017, which translates to a profit of $1.84 million (43.4%), or an annualized gain of 4.4% over a holding period of more than eight years. This marks a record profit at Volari, surpassing the previous high set by a slightly larger 2,745 sq ft four-bedroom unit that sold for $6.2 million ($2,259 psf) in August 2010. The seller had previously purchased the unit for $5.14 million ($1,874 psf) in August 2009, resulting in a profit of $1.06 million, or an annualized gain of 20.6% over one year.Located just off Bukit Timah Road, The Tessarina is an 11-minute walk from King Albert Park MRT Station and features a mix of two- to four-bedroom units ranging from 926 sq ft to 3,671 sq ft. Meanwhile, Volari, which was completed in 2012, offers a total of 85 units, including two- to four-bedroom apartments ranging from 1,324 sq ft to 2,745 sq ft. The development also features three penthouse units, ranging from 3,950 sq ft to 6,168 sq ft. Volari is located within a four-minute walk of Balmoral Plaza and is close to the Anglo-Chinese School (Primary). The record profit at The Tessarina is just one of two transactions that took place last week, with Volari boasting the second-most profitable resale. A 2,174 sq ft four-bedroom unit on the fourth floor was sold for $6.08 million ($2,796 psf) on June 3. (Photo: Samuel Isaac Chua/)On the other hand, the most unprofitable deal of the week was at Scotts Square, a freehold mixed-use development situated on Scotts Road, just off Orchard Road. The sale of a 635 sq ft unit on the 31st floor for $1.9 million ($2,992 psf) incurred a loss of $716,200 (27.4%) for the seller. The unit was purchased for $2.62 million ($4,120 psf) in August 2007, which translates to an annualized loss of 1.8% over a holding period of nearly 18 years. —
A four-bedroom unit at The Tessarina has made headlines as the most profitable condo resale transaction during the week of June 3 to June 10. The 1,615 sq ft unit, located on the fourth floor, was sold for an impressive $3.81 million ($2,362 psf) on June 3. The seller had originally purchased the unit back in March 2003 for $1.42 million ($878 psf), which translates to a significant profit of $2.4 million. This translates to a capital gain of 168.9% or an annualized profit of 4.5% over a holding period of around 22 years. This sale has set a new record for the most profitable resale transaction at The Tessarina, surpassing the previous record gain of $2.18 million from the sale of a 1,335 sq ft three-bedroom unit for $3.1 million ($2,323 psf) on May 5. The fourth-floor unit was originally purchased for $919,815 ($689 psf) in November 2006, resulting in a profit of $1.18 million, or an annualized gain of 3.4% over a holding period of 14 years.

The Tessarina, a freehold development on Wilby Road in District 10, comprises 443 units and is an 11-minute walk from King Albert Park MRT Station on the Downtown Line. It offers a mix of two- to four-bedroom units ranging from 926 sq ft to 3,671 sq ft.

The second-most profitable resale of the week occurred at Volari, a freehold condominium situated on Balmoral Road in prime District 10. A 2,174 sq ft unit on the fourth floor was sold for $6.08 million ($2,796 psf) on June 3. The four-bedroom unit was purchased for $4.24 million ($1,950 psf) in February 2017, resulting in a profit of $1.84 million (43.4%), or an annualized gain of 4.4% over a holding period of more than eight years.

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This transaction has also set a new record for the most profitable resale at Volari, surpassing the previous high of a 2,745 sq ft unit that sold for $6.2 million ($2,259 psf) in August 2010. The seller of this unit had originally bought it for $5.14 million ($1,874 psf) in August 2009, resulting in a profit of $1.06 million, or an annualized gain of 20.6% over one year.

Completed in 2012, Volari is an 85-unit condo with a mix of two- to four-bedroom apartments, ranging from 1,324 sq ft to 2,745 sq ft. It also features three penthouse units, ranging from 3,950 sq ft to 6,168 sq ft. The development is within a four-minute walk of Balmoral Plaza and is close to the Anglo-Chinese School (Primary).

In contrast, the most unprofitable deal of the week was the sale of a 635 sq ft unit at Scotts Square. The one-bedroom apartment on the 31st floor was sold for $1.9 million ($2,992 psf) on June 3, incurring a loss of $716,200 (27.4%). The seller had purchased the unit for $2.62 million ($4,120 psf) in August 2007, which results in an annualized loss of 1.8% over nearly 18 years.

Scotts Square is a freehold mixed-use development on Scotts Road in prime District 9, just off Orchard Road. Completed in 2011, it features 338 residential units across two towers set above a four-storey retail podium. The development offers one- to three-bedroom apartments ranging from 624 sq ft to 1,238 sq ft.

There have been four resale transactions at Scotts Square so far this year, two of which were unprofitable, including the June 3 transaction. The seller of a 947 sq ft two-bedder incurred the highest loss of $745,880 when the 28th-floor unit was sold for $3.08 million ($3,252 psf). The unit was previously purchased for $3.82 million ($4,039 psf) in December 2007.

The record loss at Scotts Square involved a 1,249 sq ft unit on the 36th floor, which was sold for $3.65 million ($2,923 psf) in February 2017. The unit had previously fetched $5.21 million ($4,171 psf) in August 2007. As a result, the seller incurred a record loss of $1.56 million, or an annualized loss of 3.7% over nearly 10 years.

To sum up, the most profitable resale transaction during the week of June 3 to June 10 was a 1,615 sq ft four-bedroom unit at The Tessarina, selling for a whopping