Four-bedder at Pandan Valley sold for $2.3 mil profit

The sale of a four-bedroom apartment at Pandan Valley was the most profitable condo resale transaction during the week of March 19 to 26. The 4,381 sq ft unit on the third floor changed hands for $4.63 million ($1,056 psf) on March 25. The seller had bought the unit in July 2009 for $2.3 million ($525 psf). The gain was $2.33 million or 101% after a holding period of nearly 15 years.

This is the fourth most profitable resale transaction logged to date at Pandan Valley. The record belongs to the sale of a 4,585 sq ft unit for $5.1 million ($1,112 psf) in August 2022. The seller, who purchased the unit for $1.88 million ($410 psf) in May 1997, walked away with a gain of $3.22 million (171%) after holding the unit for over 25 years.

The 4,381 sq ft unit at Pandan Valley changed hands for $4.63 million ($1,056 psf) on March 25 (Picture: Samuel Isaac Chua/The Edge Singapore)

Pandan Valley is a freehold condo that shares the name of the street it sits on, located off Ulu Pandan Road in District 21. Completed in 1978, the development has multiple blocks on a sprawling site measuring over 865,000 sq ft. There is a total of 605 residences comprising a mix of two- to five-bedroom units of between 1,173 and 6,867 sq ft.

The second most profitable condo resale transaction during the week in review took place at Pepys Hill Condominium. A 2,992 sq ft, four-bedroom unit on the third floor fetched $4.25 million ($1,420 psf) on March 21. It was purchased by the seller in June 2007 for $2.2 million ($735 psf). Hence, the seller netted a gain of $2.05 million after holding the unit for almost 17 years. This works out to a capital gain of 93%.

This is the second most profitable condo resale transaction recorded at Pepys Hill Condominium. The most profitable deal was the sale of a 6,340 sq ft penthouse in November 2012. The seller had bought the unit in February 2008 for $4 million ($631 psf) and later sold it for $6.85 million ($1,080 psf). Thus, they reaped a profit of $2.85 million (71%) after owning the unit for almost five years.

A 2,992 sq ft unit at Pepys Hill Condominium fetched $4.25 million ($1,420 psf) on March 21, netting a gain of $2.05 million (Picture: Google Maps)

Located on Pepys Road, off Pasir Panjang Road in District 5, Pepys Hill Condominium is a freehold development built in 1988. The boutique condo has just 32 units, consisting of three- and four-bedders of between 1,711 and 6,340 sq ft. The development is within walking distance of Pasir Panjang MRT Station on the Circle Line.

On the other end of the spectrum, Marina Bay Residences saw the least profitable condo resale transaction during the week in review. A two-bedroom unit spanning 1,227 sq ft on the 46th floor was sold for $2.8 million ($2,282 psf) on March 22. The seller had acquired the unit in a sub-sale transaction in May 2011 for $4.05 million ($3,300 psf). This means they made a loss of $1.25 million or 31% after holding the unit for nearly 13 years.

This is the third least profitable resale transaction Marina Bay Residences has seen thus far. It comes six months after the sale of a 2,368 sq ft unit that resulted in a $2.39 million loss for the seller. They had bought the unit for $9.29 million ($3,923 psf) in March 2014 and then sold it in October last year for $6.9 million ($2,914 psf).

The record for the most unprofitable resale transaction at Marina Bay Residences belongs to the sale of a 4,435 sq ft, four-bedroom unit for $9.4 million ($2,120 psf) in May 2022. The seller, who had purchased the unit from the developer in July 2007 for $11.98 million ($2,701 psf), suffered a loss of $2.58 million.

The sale of a 1,227 sq ft at Marina Bay Residences (right) for $2.8 million ($2,282 psf) on March 22 resulted in a loss of $1.25 million (Picture: Samuel Isaac Chua/The Edge Singapore)

Marina Bay Residences is a 99-year leasehold condo located on Marina Boulevard in District 1’s Marina Bay area. Completed in 2010, it is part of the wider Marina Bay Financial Centre (MBFC) mixed-use development, which also includes offices and retail space. Marina Bay Residences is one of two condos in MBFC, with the other being the 221-unit Marina Bay Suites.

Marina Bay Residences has a total of 428 units, comprising one- to four-bedroom apartments of 710 to 2,379 sq ft. There are also nine penthouse units of 3,606 to 4,672 sq ft, as well as a triplex penthouse unit measuring 11,011 sq ft which comes with a roof terrace and private pool.

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