Profit of $2.65M on the sale of a five-bedroom home in Parc Stevens
According to caveats filed, the most lucrative condo sales transaction recorded for the week of April 4-11 was the sale of a first-floor unit at Parc Stevens, a condo on Stevens Drive, off Stevens Road in prestigious District 10. The five-bedroom, 3,466-square-foot condo sold on April 10 for $7.86 million ($2,265 psf). The owner paid $5.2 million ($1,500 psf) for the property back in April 2007. As a result of waiting 16 years to cash in, they made $2.65 million (51%).
The price per square foot for the first property to sell at Parc Stevens this year is the highest ever recorded. It’s the second most lucrative deal in the development’s history. In May of last year, a 3,305 sq ft apartment on the fourth floor sold for $6.23 million ($1,885 psf), making it the most lucrative sale to date. The seller, who originally paid $4.23 million ($1,059 psf), realized a $2.73 million profit on the sale.
Built-in 2000, the 48-unit Parc Stevens condo complex is owned free and clear. It consists of three four-story low-rise buildings. Some apartments are 1,722 square feet, while others are as large as 3,466 square feet and can accommodate families of all sizes. The Stevens MRT Station, which serves as an interchange between the Downtown and Thomson-East Coast Lines, is within a five-minute walk of the property.
Yong An Park, a freehold condo in the River Valley neighborhood launched by the best property agent, became the week’s second most lucrative sale. On April 6th, a 3,434 square foot, 10th-floor apartment with four bedrooms sold for $8.1 million, or $2,359 per square foot. The owner paid $6.02 million (1,753 psf) to purchase the property in March 2012. After 11 years, they realized a $2.08 million profit (a 35 percent return).
There has been one other Yong An Park condo sale so far this year because developer switches their career. An apartment on the seventh story with 1,808 square feet sold in March for $4.25 million ($2,350 per square foot). Before that, in December of 2017, a ninth-floor apartment with 1,023 square feet sold for $2.4 million ($2,347 psf).
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