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On April 20, a 2,013 sq ft, four-bedroom unit at Ridgewood Condominium changed hands for $2.78 million ($1,381 psf). The seller paid $1.09 million ($542 psf) for the unit in August 2002 and more than doubled his money when he sold it. He therefore reaped a profit of $1.69 million, or 6% a year over a holding period of more than 15 years.
This is the third transaction at Ridgewood Condominium this year. In March, a 2,852 sq ft unit changed hands for $3.64 million ($1,276 psf). In January, a 2,002 sq ft, four-bedroom unit on the 19th floor went for $2.61 million ($1,305 psf).
These three transactions at the start of the year at prices from $1,276 to $1,381 psf beat the $1,090-to-$1,186 psf range achieved for units sold last year. Some reckon it could be because the owners of Ridgewood Condo are attempting a collective sale.
The 464-unit condo was completed in 1981 and occupies a sprawling 999-year leasehold site of 672,148 sq ft. It is located in prime District 10. Nearby, privatised HUDC estate Pine Grove is short of 40 to 50 signatures to secure the 80% consensus for a collective sale to be launched. The asking price for the 660-unit development, which occupies an 893,000 sq ft site with a 99-year lease starting from 1984, is $1.65 billion. In the vicinity, owners at Pandan Valley are also contemplating a collective sale.
At Duchess Crest, a 2,088 sq ft, four-bedroom apartment on the second floor changed hands for $2.7 million ($1,293 psf), according to a caveat lodged on April 20. The seller purchased the unit for $1.4 million ($670 psf) in 1999 when the project was launched, thus reaping a $1.3 million profit, or 4% a year over the past 19 years.
Duchess Crest is a 251-unit, 99- year leasehold condo developed by Wing Tai Holdings and completed in 1998. Located in Duchess Avenue in prime District 10, it is sought after because of its proximity to top schools such as Nanyang Primary School, Raffles Girls’ Primary School and Hwa Chong Institution, according to property agents. The private condo is also a 10-minute walk from the Tan Kah Kee MRT station on the Downtown Line.
https://sg.finance.yahoo.com/news/four-bedroom-unit-ridgewood-sold-010000112.html
