SINGAPORE (EDGEPROP) - The sale of a four-bedroom apartment at Orchard Bel Air was the most profitable condo resale transaction during the week of June 6 to 13, based on caveats lodged with URA. The 3,229 sq ft unit on the 15th floor changed hands for $5 million ($1,548 psf) on June 6. It had been purchased by the seller in March 1996 for $2.39 million ($740 psf), which means they raked in a profit of $2.61 million. This works out to a capital gain of 109% over a holding period of around 27 years.
This is the first resale transaction at Orchard Bel Air since December 2020, when a 3,240 sq ft unit was sold for $4.76 million ($1,469 psf). It is also the fourth most profitable resale transaction recorded at the development. The most profitable transaction occurred in January 2013, when the sole penthouse of 6,512 sq ft fetched $8.3 million ($1,275 psf). The seller raked in a gain of $5.5 million, having purchased the penthouse for $2.8 million ($434 psf) a decade earlier.
The 3,229 sq ft unit at Orchard Bel Air changed hands for $5 million ($1,548 psf) on June 6 (Picture: Samuel Isaac Chua/The Edge Singapore)
Orchard Bel Air is a 99-year leasehold condo built by UOL Group and completed in 1984. The 25-storey tower has 70 residential units measuring between 3,208 and 3,251 sq ft, as well as one 6,512 sq ft penthouse. Located along Orchard Boulevard in District 10, it is adjacent to Orchard Boulevard MRT Station on the Thomson-East Coast Line.
Residents of Orchard Bel Air had put the tower up for collective sale in July 2022 with a guide price of $587.5 million. In January this year, the development was relaunched for collective sale with an unchanged guide price. The tender closed on March 1 without a buyer.
The second most profitable resale transaction during the week in review took place at another condo in District 10 — The Ladyhill, a freehold development on Lady Hill Road, close to the exclusive Nassim Road residential enclave. A 3,261 sq ft, three-bedroom unit on the first floor was sold for $7.5 million ($2,300 psf) on June 13. It was purchased for $5.38 million ($1,650 psf) in August 2006. Hence, the seller made a gain of $2.12 million (39%) over a holding period of close to 17 years.
A three-bedroom unit at The Ladyhill was sold for $7.5 million on June 13, netting the seller a $2.12 million gain (Picture: Samuel Isaac Chua/The Edge Singapore)
Developed by SC Global Developments, The Ladyhill is a boutique condo that was completed in 2002. It features 55 units in a four-storey building, with three- and four-bedders of between 2,239 and 4,499 sq ft. The Ladyhill has seen three other units change hands this year to date, all of which were profitable. These include the most profitable resale transaction recorded at the development — the sale of a 2,411 sq ft, three-bedroom unit for $7.28 million ($3,019 psf) on April 13. The seller bought the unit from the developer in March 2003 for $3.81 million. This means they made a profit of $3.47 million. Another unit that was also sold on April 13 netted the seller a gain of $2.78 million, making it the second most profitable resale transaction at The Ladyhill. The 3,520 sq ft unit fetched $7.58 million ($2,154 psf).
Meanwhile, Marina Bay Suites saw the most unprofitable deal recorded during the week in review. A 1,572 sq ft unit on the 31st floor changed hands for $2.88 million ($1,833 psf) on June 8. The seller, who had purchased the three-bedroom unit from the developer in December 2009 for $3.54 million ($2,254 psf), suffered a loss of $662,000. This works out to a 19% loss over the holding period of 13½ years or an annualised loss of 1.5%.
The seller of a three-bedder at Marina Bay Suites made a loss of $662,000 when it was sold for $2.88 million on June 8 (Picture: Samuel Isaac Chua/The Edge Singapore)
Marina Bay Suites is a 99-year leasehold development on Central Boulevard in the Marina Bay financial district. The 66-storey residential tower was a joint-venture project between Keppel Land, Cheung Kong Holdings and Hongkong Land. Completed in 2013, it has 221 units. Typical residences are three- and four-bedroom units ranging from 1,572 to 2,691 sq ft.
The development has seen six resale transactions this year to date, five of which have occurred below their respective purchase prices, according to data compiled by EdgeProp Research. The units, measuring between 1,572 and 2,680 sq ft, were sold for between $2.81 million and $5.25 million, or between $1,752 and $2,018 psf. The respective sellers incurred losses between $185,000 and $1.14 million
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