Penthouse at Spring @ Katong reaps $2.06 mil profit
This is the first resell reported at RiverGate to mark this year. Last year, the condo saw five units shift hands, every one of which were worthwhile operations. The units, sizing up in between 1,539 and 2,088 sq ft, were sold for between $4.3 million and $5.75 million, or between $2,588 and $2,999 on a psf-price basis. The respective home sellers generated returns reaching from $1.25 million to $2.56 million.
Robinson Suites is a freehold condominium at 50 Robinson Road in the CBD in District 1. The project contains a solo high rise property 167 condos. Units include one- and two-bedroom apartments varying from 484 sq ft to 990 sq ft. There are even six penthouse units reaching from 1,087 to 1,410 sq ft.
The 2nd most rewarding condo resale proceeding during the time in assessment occurred at RiverGate. A four-bedroom unit measuring 1,798 sq ft switched 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, earned a gain of near $1.78 million (54%) on the transfer after possessing the place for 14 years.
Spring @ Katong is a real estate property development on Ceylon Road in District 15. The 52-unit project was finished in 2006. It has two residential blocks consisting of 2- and three-bedroom units from 990 to 1,701 sq ft. The development is within walking proximity of the Marine Parade MRT Terminal on the Thomson-East Coast Line.
The unit offered on Jan 29 is the very first residence at Robinson Suites to switch hands ever since last September when a 614 sq ft unit got $1.45 million ($2,363 psf).
This is one of the most profitless resale purchase that has recently happened at Robinson Suites to date, based upon records collected on EdgeProp Research study. It surpasses the previous entry losing of $944,000 gotten by the dealer of a 990 sq ft unit that brought $1.83 million ($1,846 psf) in March 2023.
This is one of the most worthwhile resale exchange at Spring @ Katong to date. It defeats the previous history revenue of $1.24 million set last March when a 1,044 sq ft unit yielded $1.85 million ($1,772 psf).
Located in District 9, RiverGate is a property venture that was completed in 2009. It offers 545 units around three 43-storey blocks. Units consist of a mix of 2- to four-bedroom flats estimating in between 1,023 and 3,918 sq ft.
In the meantime, one of the most unsuccessful condominium reselling sale throughout the time frame in review was the sale of a residence at Robinson Suites. The two-bedroom unit spanning 936 sq ft was fetched $1.8 million ($1,922 psf) on Jan 29. It was purchased by the seller in May 2013 for $2.78 million ($2,972 psf). For this reason, they earned a reduction of around $984,000 (35%) after storing the condo for almost 11 years.
The best profitable condo resell transaction over 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 acquired the unit from the developer for about $865,000 ($515 psf) in January 2005. Hence, they made a profit of $2.055 million (238%) after keeping the unit for 19 years.
