Seller rakes in whopping 200% profit from sale of $4.3m leasehold condo in Bukit Timah

The sale of a condo unit in Bukit Timah has one seller raking in significant gains.

A four-bedroom unit at The Arcadia changed hands for $4.28 million on Oct 13, according to Urban Redevelopment Authority records.

Purchased for $1.38 million in 2004, this means that the seller raked in a cool $2.9 million in profit after holding on to it for 19 years, EdgeProp reported. 

The sale of the 3,735 sq ft unit on the fifth floor is the third The Arcadia property sold this year.

URA records showed there were two other units in The Arcadia that were sold this year.

But this latest transaction which yielded the seller 200 per cent in capital gains is the most profitable, according to EdgeProp. 

It surpasses the previous gain of $700,000 netted by the seller of a 3,757 sq ft unit that changed hands for $4.3 million in February. The seller had bought the unit in June 2018 for $3.6 million. 

The 99-year leasehold condo, built in 1979, is located in District 11, and comprises three 10-storey blocks housing 164 units.

It is within two kilometres of schools such as Raffles Girls Primary School, Nanyang Girls' High School and Hwa Chong Institution.

There were other private properties that have been profitable for sellers recently.

A penthouse at Goodwood Residence in Bukit Timah was sold for $32 million on Oct 11, with its seller pocketing a staggering $16 million in profit.

The sale of a 603 sq ft unit at Arena Residences in Geylang changed hands for $1.3 million on Oct 10, making it a new psf-price high for the freehold condo.

The seller had bought the two-bedder apartment for $1.1 million on Jan 2019, EdgeProp reported.

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