Seller of penthouse at Beverly Hill reaps $7 million profit
A five-bedroom penthouse with high ceiling at Beverly Hill set the latest record of being the most profitable resale condo transaction during the week of July 25 to Aug 1, according to caveat found on URA website when it was being sold to a buyer. The double volume penthouse was sold on July 28 for $18 million ($2,382 psf) which previous seller bought in Jan 2007 for $11 million ($1,456 psf). the transaction translate to, before deducting any service fee pertaining to property conveyancing, of $7 million or 64% gain over a 16.5 years holding period which seller reaped in. according to reliable portal revealed, This is the latest most profitable transaction recorded for Beverly Hill. according to reliable portal revealed, the previous transaction in January 2007 where it was recorded that the seller reaped a gross profit of $5.3 million was slammed . Beverly Hill condominium, located in prime locale Grange Road of District 10, was constructed in 1983. The boutique condominium sitting on a single 23-storey high block with only 86 units of four-bedroom layout floor plate crated for the condo. the second most profitable transaction recorded during the week was a $9 million deal at Pebble Bay condo in District 15. The Kallang condo, a 6,114 sq ft, duplex penthouse, is a 510-unit development which is a short five-minute stroll to the upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line. the most unprofitable transaction during the week was A one-bedder 484 square feet unit at 26 Newton. The1 bedder freehold unit was transacted on July 28 at $1.05 million ($2,168 psf) It had been purchased previously by ex-seller in March 2K17 for $1.1 million ($2,271 psf) which equates to a gross loss of $50,000, or 5%, over a holding period of nearly 6.5 years.