Two things are important when it comes to real estate investments—location and timing. This came true for one couple, who recently sold a shophouse they bought last year for $8 million, which means they’ve flipped it at an 86 per cent profit on their purchase.Â
The couple, Mr Aaron Wan and his wife had bought the shophouse at 147 Kitchener Road last year for $4.3 million, Edegprop reported on Aug 15, with the transaction completed in January. But by July, the property had been sold again for $8 million.
Pack Wan was the entity that bought the company last year, with its shareholders listed as Mr Wan and his wife.Â
Mr Wan is a senior group district director at PropNex, Singapore’s biggest listed homegrown real estate agency.
The property’s new owners are Eng Teng Association, which Edegprop describes as “one of the most established Hakka Associations set up to provide assistance to new immigrants from Tingzhou prefecture, Fujian province, in China,” and was founded in Singapore in 1916.
Its new acquisition at 147 Kitchener Road dates back to the 1920s and boasts an ornate facade and a spiral staircase from the ground level to the open roof terrace on the rooftop.
At the moment, there is a steamboat restaurant called San Laksa on the first floor of the property, and office spaces are leased on the second.
Edegprop adds that Mr Wan and his wife had originally bought the property in August of last year, they had planned to hold on to the property as a long-term investment and had wanted to renovate it.
Mr Wan had said then that he would only consider parting with the property at 147 Kitchener Road if a buyer would make “an offer of around $8 million”.
And five months later, this is exactly what happened.
“For Wan, the $8 million sale price translates into a capital gain of 86 per cent,” the Edgeprop report added.
Although Edgeprop has reached out to Mr Wan for a comment on the sale, he has yet to do so. /TISG
https://theindependent.sg/singapore-property-market-in-q2-robust-show-signs-of-price-slowdown/