December 08, 2020, 06:54 PM
A 999-year leasehold condominium in Singapore on Kellock Road in prime District 10 has sold for S$3.2 million -- more than double its original purchase price.
According to EdgeProp, the 1,464 sq ft unit, one of 170 in Melrose Park, turned a profit of S$1.83 million.
The 18-year-old three-bedroom unit was purchased for S$1.37 million (S$936 psf) in May 2002.
Its selling price of S$2,186 psf is more than double the original price.
The seller made a 134 per cent profit on the sale, which comes up to an annualised profit of 4.7 per cent over 18½ years.
The Melrose Park development was completed in 2000.
It is situated in River Valley and is beside Great World City and near the upcoming Great World MRT Station on the Thomson-East Coast Line.
The residential development comprises three- and four-bedroom units ranging from 1,292 sq ft to 3,800 sq ft.
Properties with 999-year leasehold are assumed to be freehold and generally fetch a premium price.
Singapore no longer has new 999-year leases.
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