Seller of penthouse at Beverly Hill reaps $7 million profit
A high ceiling duplex penthouse with five bedrooms at Beverly Hill located at Grange Road off District 10, set the latest record of being the most profitable resale condo transaction during the week of July 25 to Aug 1. 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) Based on the caveat found on URA website when it was being sold to a buyer. the transaction translate to, before any deduction of property related fee pertaining such as legal fee, banker fee, agency fee, of $7 million or 64% gain over a 16.5 years holding period, which seller reaped in. 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, a boutique development with only 86 residential dwellings, was constructed in 1983. The District 10 freehold condominium sitting on a single 23-storey high block is built with four-bedroom layout units only for the condo. the second most profitable transaction recorded was a $9 million deal at Pebble Bay condo in District 15 within the same week. 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.
