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When it comes to real estate investing, location and timing are key. This was the case with one of his couples who recently sold a shophouse they bought last year for $8 million.
A married couple, Mr. Aaron Wang and his wife purchased the shophouse at 147. Last year’s Kitchener Road was worth $4.3 million, Edegprop reported on August 15 and the deal closed in January. By July, however, the property had sold again for his $8 million.
The company was acquired by Pack Wan last year, with shareholders listed as Mr Wan and his wife.
Mr. Wang is the Senior Group District Director of PropNex. Singapore’s The largest listed real estate company in Japan.
The property’s new owners are “one of the most established Hakka associations established to assist new immigrants from Tingzhou County, Fujian Province, China,” which was founded in Singapore in 1916, Edegprop explains. Eng Teng Association.
The newly acquired building at 147 Kitchener Road dates back to the 1920s and boasts an ornate façade and a spiral staircase that leads from ground level to an open roof terrace.
The property currently houses a steamboat restaurant called Sunraksa on the ground floor and rents office space on the second floor.
Edegprop said Wan and his wife originally purchased the property last August and planned to keep it as a long-term investment, wanting to renovate it.
Wang said at the time that he would consider selling the property at 147 Kitchener Street only if the buyer made an “offer of about $8 million.”
And 5 months later, this is exactly what happened.
“For Wan, the $8 million sale price translates into an 86% capital gain,” Edgeprop’s report added.
Edgeprop has reached out to Mr. Wan for comment on the sale, but has yet to do so. /TISG
Singapore property market ‘strong’ in Q2, showing signs of price slowdown
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