A notable transaction at UE Square has captured attention in the real estate market. On May 29, 2023, a three-bedroom unit within the prestigious condominium complex was sold for an impressive $3.46 million, translating to $2,217 per square foot. This sale is particularly significant as it reflects a remarkable resale profit for the seller, who acquired the unit for just $1.33 million, or $852 per square foot, back in July 1999. The considerable increase in value highlights the property’s strong performance over the years.
The unit, which spans 1,561 square feet and is situated on the 12th floor of the building, has seen its price appreciate substantially since its original purchase. The seller’s profit of $2.13 million represents a staggering 160.2% increase, illustrating the potential for capital gains within the Singaporean real estate market. Over nearly 26 years, this transaction yielded an annualized gain of 3.8%, a rate that reflects both the stability and desirability of the UE Square property in an ever-evolving market.
This sale stands out as the third most profitable deal recorded at UE Square, a development known for its prime location and high-quality living standards. Completed in 1997, UE Square features a 929-year leasehold structure, which adds to its attractiveness as an investment opportunity. The extended lease term is appealing to buyers who are looking for long-term stability in their real estate investments, and this recent sale underscores the enduring value of properties in this premium condominium.
The sale price of $3.46 million is also noteworthy when compared to the current average resale price at UE Square, which sits at approximately $2,084 per square foot. This figure indicates a robust market demand for properties within the complex, suggesting that the seller’s decision to capitalize on the rising market was well-timed.
The resilience of the real estate market, particularly in sought-after locations like UE Square, demonstrates an ongoing trend of appreciation that continues to attract both local and foreign investors. As the real estate landscape evolves, transactions like this one serve as a barometer for market health and investor sentiment.
The significant profit from this three-bedroom unit sale not only reflects individual success but also indicates broader trends within the Singaporean property market. With urban developments and infrastructure improvements continually enhancing the appeal of established neighborhoods, the attractiveness of properties within complexes such as UE Square remains strong.
This recent transaction reinforces the idea that owning a unit in UE Square is not just a lifestyle choice but a sound financial investment. As buyers seek high-quality living options in prime locations, the enduring value of properties like this three-bedroom unit is likely to continue influencing market dynamics for years to come.
RETAIL & OFFICES SPACE FOR SALE: FORTUNE CENTRE
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View FORTUNE CENTRE Retail Shops and Offices for sale by contacting 6100 8822.
News Source: Edgeprop
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