The recent sale of a unit at The Draycott has been recorded as the most lucrative condo resale deal for the week of August 27 to September 3. The transaction, which took place on August 30, saw a 2,637 sq ft unit located on the 15th floor change hands for $5.45 million, translating to $2,067 psf. The seller had originally purchased the unit in April 1996 for $3 million, at a rate of $1,138 psf. As a result, the seller gained a profit of $2.45 million, reflecting a capital gain of 82% over their 28 and a half year ownership.
This transaction is on par with another unit that was sold earlier this year in May, which has also earned a profit of $2.45 million for the seller. The 2,626 sq ft, maisonette unit at The Draycott was sold for $4.5 million, equating to $1,713 psf. The original purchase price of this unit in June 1999 was $2.05 million, at a rate of $781 psf.
According to records, the most lucrative deal ever made at The Draycott was back in May 2007, when a 2,637 sq ft unit was sold for $5.45 million, at a rate of $2,067 psf. This resulted in the seller earning a profit of $3.35 million, as they had initially purchased the unit in March 1998 for $2.1 million, at a rate of $796 psf.
The second most profitable transaction for the week was the sale of a three-bedroom unit at Pebble Bay. The 1,894 sq ft unit located on the 13th floor was sold for $3.59 million, equating to $1,894 psf on August 30. The seller had originally acquired the unit in December 2002 for $1.16 million, at a rate of $612 psf. This resulted in a profit of $2.43 million for the seller, reflecting a capital gain of 209% over their 22 year ownership.
This transaction currently holds the record for the third biggest profit made on a resale unit at Pebble Bay in 2021. The condo has seen a total of 18 units being sold this year, with 15 of these being profitable transactions. The largest profit made was from the sale of a 1,894 sq ft, three-bedroom unit on May 9 for $3.67 million, at a rate of $1,940 psf. The seller, who purchased the unit in September 2004 for $1.12 million, at a rate of $591 psf, gained a profit of $2.55 million.
Other units sold at Pebble Bay this year have also recorded profits ranging from $620,000 to $2.48 million.
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On a contrasting note, the most unprofitable resale deal for the week was the sale of a one-bedroom unit measuring 474 sq ft at 6 Derbyshire. The unit located on the 21st floor was sold for approximately $989,000, equating to $2,086 psf on August 27. The seller had initially purchased the unit in August 2017 for about $1.19 million, or $2,510 psf. This resulted in a loss of approximately $201,000 for the seller, which translates to a 17% loss over their seven year ownership period.
This transaction currently holds the record for the fifth most unprofitable transaction ever made at 6 Derbyshire. It comes shortly after another transaction on July 12, which saw a 527 sq ft unit on the 28th floor sold for $1.07 million, at a rate of $2,029 psf. The seller had purchased this unit for $1.44 million, resulting in a loss of $375,000, currently the biggest at 6 Derbyshire.
6 Derbyshire is a freehold condo located on Derbyshire Road in District 11, and was completed in 2017. The development comprises of one- to four-bedroom units as well as a duplex penthouse, catering to various household sizes.