The vendor of the Paterson Suites’ 6,663 square foot penthouse suffered a loss of $6.2 million (31%) on the sale

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Tembusu Grand CDL

The owner of a 6,663 square ft penthouse with five bedrooms at Paterson Suites closed 2022 in a disappointing manner when the unit was purchased at just $13.8 million ($2,071 per sq ft) on the 9th of December 2022. It’s a huge reduction from the initial $20 million ($3,002 per sq ft) cost when the unit was acquired by developers in November 2011. developer in November of 2011.

In the end, the seller suffered an expense in the amount of $6.2 millions (31%), which can translate to an annual cost that was 3.3% over 11 years. It is also the first time the unit was sold.

This is the largest profitable sale in Paterson Suites so far. Previous records were 1 679 square feet three-bedroom apartment that suffered an $2.84 million (44%) loss when it was sold for $3.62 million ($2,156 per sq ft) in June of 2016.

Tembusu Grand CDL placed a top bid of $768 million, equivalent to $1,302 psf per plot ratio (psf ppr). The winning price has topped the initial land value in the prime city area at $1,129 psf ppr for the Northumberland Road property that the same company bought.

Paterson Suites can be described as a luxurious freehold condominium located at Paterson Road in the District 9. The development was completed in the year 2010. The design was done by a local architect business DP Architects.

The development is located in an exclusive residential enclave that is located close to The Orchard Road shopping belt that includes luxury condominiums in the vicinity of Grange Road, Orchard Boulevard and Cuscaden Road. The nearby luxury condominiums include the Marq located on Paterson Hill, Gramercy Park and New Futura, while upcoming developments within the vicinity comprise Irwell Hill Residences and Cuscaden Reserve.

Paterson Suites comprises 102 units which are located in the 22-storey towers. There only one penthouse on the very top of every tower and both have 6,663 square feet. The penthouse that was the second was purchased at $13.9 million ($2,086 per square foot) in January of 2015 and is still in the hands of the buyer.

The biggest loss for Paterson Suites was only profitable deal that was made at Paterson Suites in 2022. There were at least three other units in the complex changed hands in 2022. They earned profits which ranged between to $493,236 (11%) from the sale of a 1,679 square foot property to $4.84 million ($2,884 per square foot) in February. Then, it went up and $178,600 (4%) from the purchase of a 1,679 sq feet unit for $4.39 million ($2,616 per sq ft) at the end of June.

However just 500 meters from the highway is Boulevard 88, where the most profitable sale between December 6 and 27, last year was made. This was the purchase of a 2,799 sq . ft 4 bedroom unit. In accordance with URA conditions the unit was sold as an auction for $13.78 million ($4,924 per sq ft) on December 9. It was purchased by developers developer at $10.32 million ($3,688 per sq ft) in July of 2019. The seller made profits that was $3.46 millions (34%), which can translate to an annualized income of 9% over the course of three years.

Boulevard 88 was launched for sale in the year 2019 and is in the process of being developed. However, this hasn’t prevented a few sellers from selling their units. As of now the total number of buildings located at Boulevard 88 have changed hands as well as the sub-sale transaction on December 9.

In January 2022 2777 sq ft unit was sold at $12.5 million ($4,501 per sq ft) following its being taken over by developers developer at $9.38 million ($3,378 per sq ft) in June of 2019. This resulted in $3.12 million in profit. The second one was a 277 square feet unit that sold for $13.38 million ($4,836 per sq ft) at the time it was auctioned off in May 2022. This was after it was purchased at $10.48 million ($3,788 per sq ft) at the end of March in 2019. The seller made a $2.86 million profit from the sale.

Based on the most current available developer sales figures, Boulevard 88 is nearly completely sold, with a total percentage at 86.4%. The project has an average sale price of $4,138 per square foot. Based on data collected from EdgeProp Singapore, nearby developments that have average selling prices similar the Boulevard 1988’s include 3 Cuscaden ($3,935 per sq ft) as well as Tomlinson Heights ($3,821 psf). The luxurious Park Nova commands prices of approximately $4,605 per square foot.

The second most profitable deal during the time of review was Tomlinson Heights, where a 3,745 sq ft unit was bought to a buyer for $10.9 million ($3,971 per sq ft) on December 19 this year. The property was purchased at $7.5 million ($2,732 per square foot) in April 2017. Thus, the seller brought in $3.4 million (45%) profit on the deal, which results in an annualized gain that was 6.8% over nearly six years.

Tomlinson Heights is a freehold condominium located at Tomlinson Road in prime District 10 in the District 10. It was completed in the year 2014. The 70-unit project has the mix of three and five-bedroom apartments which range between 2,551 sq ft and 6,738 sq feet.

According to URA restrictions that there were at most five resales transactions within Tomlinson Heights in 2022, and they all turned a profit. The most profitable one was the resale on December 19, which was and then the sale of another 2,745 sq feet three-bedder at $10.25 million ($3,734 per sq ft) on August 19. This brought the seller a $2.75 million gain.

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