SINGAPORE (EDGEPROP) - The sale of a three-bedroom unit at De Royale was the most profitable resale transaction for the week of June 13 to 20. The 1,259 sq ft unit was sold for $2.2 million ($1,747 psf) on June 15. This is higher than the $757,918 ($602 psf) it fetched back in October 2006. As a result, the seller earned a profit of $1.44 million (190.2%), which translates to an annualised profit of 6.6% over almost 17 years.
This makes the transaction the second most profitable resale at De Royale to date. The most profitable deal is the sale of a 3,240 sq ft, four-bedroom penthouse that changed hands for $2.89 million ($895 psf). It had been bought for $1.43 million ($442 psf) in March 2005. Thus, the seller made a profit of $1.6 million (123%), which translates to an annualised profit of 6% over 13 years.
De Royale is a freehold condo on Jalan Rama Rama, off Balestier Road in District 12. The Balestier area is served by the Pan Island Expressway, Balestier Road and Thomson Road.
The three-bedder at De Royale was sold for $2.2 million ($1,747 psf) on June 15. (Picture: Samuel Isaac Chua/The Edge Singapore)
De Royale was developed by local property group Hoi Hup Realty, and completed in 2006. The entire development comprises twin 36-storey blocks with a mix of two-bedroom-plus-study units to four-bedroom penthouses. Units range from 1,055 to 3,240 sq ft.
Based on a tabulation of URA caveats by EdgeProp Singapore, prices at De Royale have moved up steadily since its completion. For instance, the average price was about $1,175 psf in June 2013 and has moved up to $1,593 psf last month.
This positions De Royale as the second most expensive condo in the vicinity, after the freehold Skysuites 17 at 17 Jalan Rajah, which commands the highest average price of about $1,789 psf. Surrounding condos see lower average selling prices, such as Casa Fortuna ($1,471 psf) on Ah Hood Road, D’Mira ($1,433 psf) on Boon Teck Road, and The Verve ($1,420 psf) on Jalan Rajah.
The second most profitable resale during the week occurred at Tanglin Park in District 10. A 1,109 sq ft, two-bedroom unit fetched $2.6 million ($2,341 psf) on June 13. This unit had been bought for $1.22 million ($1,100 psf) in February 2000. As a result, the seller made a profit of $1.38 million (112.7%), which translates to an annualised profit of 3.3% over 23½ years.
A 1,109 sq ft unit at Tanglin Park was sold for $2.6 million, at a $1.38 million profit. (Picture: Samuel Isaac Chua/The Edge Singapore)
In comparison, the most profitable resale at Tanglin Park is for a 2,067 sq ft, three-bedroom-plus-study unit that changed hands for $4.5 million ($2,177 psf) in October 2010. This unit had been purchased at $2.04 million ($985 psf). Thus, the seller made a profit of $2.47 million (121%), which translates to an annualised profit of 5.4% over 15 years.
Located at the corner of Tanglin Road and Ridley Park, the 274-unit Tanglin Park was developed by mainboard-listed property group City Developments, and completed in 1989. The freehold condo comprises 12 five-storey residential blocks with a mix of two- to four-bedroom units that range from 1,023 to 2,067 sq ft.
Tanglin Park is located in the exclusive Tanglin residential neighbourhood. Nearby amenities include the sprawling Dempsey Hill retail and lifestyle enclave, as well as malls and hotels along Tanglin Road. Queenstown Primary School is within 1km of the condo, and nearby schools include Alexandra Primary School, Crescent Girls’ School, and Queenstown Secondary School.
Topping the list of most unprofitable transactions during the week are the sales of two units at Marina Bay Residences. A 1,055 sq ft two-bedder was sold for $2.4 million ($2,275 psf) on June 13. It had previously fetched $2.88 million ($2,731 psf) in April 2010. Thus, the seller suffered a loss of about $481,000 (17.5%), or an annualised loss of 1.4% over 13 years.
The sale of a two-bedroom unit at Marina Bay Residences resulted in a loss of about $481,000. (Picture: Samuel Isaac Chua/The Edge Singapore)
Also on June 13, a 1,636 sq ft three-bedder was sold for $3.78 million ($2,310 psf). It had been bought for $4 million ($2,450 psf) in November 2007. Thus, the seller suffered a loss of $229,040 (5.7%), or an annualised loss of 0.3% over 15½ years.
There have been eight resale transactions at Marina Bay Residences so far this year, and six have resulted in losses ranging from $90,000 to $481,080.
Marina Bay Residences is a 55-storey, 428-unit condo on Marina Boulevard in District 1. It is one of five high-rise towers — three Grade-A office towers and two residential towers — that make up Marina Bay Financial Centre. The development also encompasses Marina Bay Link Mall in the basement which connects to Raffles Place and Marina Bay MRT Interchange Stations.
There are only a handful of condos along that stretch of Marina Boulevard: The Sail @ Marina Bay, Marina Bay Suites, V on Shenton, and Marina One Residences.
Based on a tabulation of resale caveats by EdgeProp Singapore, Marina Bay Residences and Marina One command the highest average prices in the area at $2,187 psf and $2,379 psf, respectively. Meanwhile, The Sail @ Marina Bay sees units going for an average of $1,925 psf, while units at Marina Bay Suites fetch an average of $1,919 psf.
Check out the latest listings near De Royale, Tanglin Park, Marina Bay Residences, Skysuites 17, Casa Fortuna, The Verve, The Sail @ Marina Bay, Marina Bay Suites, V on Shenton, Marina One Residences, Marina Bay MRT Interchange Station, Queenstown Primary School, Alexandra Primary School, Crescent Girls’ School, Queenstown Secondary School