SINGAPORE (EDGEPROP) - The sale of a three-bedroom unit at The Marbella on Jan 27 was the most profitable resale transaction during the week of Jan 24 to 31. The 1,625 sq ft unit fetched $3.45 million ($2,123 psf), but had previously cost $1.24 million ($766 psf) in October 2004. As a result, the seller raked in a profit of $2.21 million (177%), which translates to an annualised profit of 5.7% in more than 18 years.
This makes it the second most profitable resale on record at The Marbella. The most profitable transaction involved the sale of a 4,284 sq ft, four-bedroom penthouse unit for $4.65 million ($1,085 psf) in May 2010. The unit was bought for $2.33 million ($544 psf) in November 2004. Thus, the seller earned a record profit of $2.32 million (99%), which translates to an annualised profit of 13% over five years.
The Marbella is a freehold condominium on Mount Sinai Rise in prime District 10. The condo was completed in 2005. Notable large-sized residential developments such as the 660-unit Pine Grove and the 1,006-unit Pandan Valley, both off Ulu Pandan Road, are in the vicinity of Mount Sinai Rise.
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The 1,625 sq ft unit at The Marbella was sold for $3.45 million on Jan 27. (Picture: Samuel Isaac Chua/The Edge Singapore)
Primary schools within 2km of The Marbella are Henry Park Primary School, Clementi Primary School, Fairfield Methodist Primary School, Methodist Girls’ Primary School, and Nan Hua Primary School. Higher educational institutions in the area include Anglo-Chinese Junior College, the Singapore Institute of Technology and Yale-NUS College.
The unit mix at The Marbella comprises two- to four-bedroom units that range from 1,076 to 4,284 sq ft. There have been three resale transactions at the condo so far this year, including the latest deal on Jan 27.
One other resale involved a 1,367 sq ft unit that was sold for $2.75 million ($2,011 psf) on Jan 13, earning the seller a $769,000 (39%) profit and an annualised profit of 3% over 10 years. And on Jan 5, a 1,582 sq ft unit changed hands for $3.38 million ($2,139 psf) and earned the seller a $1.25 million (58%) profit and an annualised profit of 3.8% over 12 years.
According to transaction data compiled by EdgeProp Singapore, The Marbella commands an average price of $2,091 psf, based on caveats over the past 12 months. This is marginally higher than surrounding freehold condos such as Fontana Heights ($2,020 psf) and The Trizon ($1,954 psf).
The second most profitable resale during the week was for a 1,184 sq ft three-bedroom unit at The Sail @ Marina Bay. This unit was sold for $2.6 million ($2,196 psf) on Jan 26; it had been bought for $1.16 million ($976 psf) back in November 2004. Thus, the seller pocketed a profit of $1.44 million (125%), which translates to an annualised profit of 4.6% over 18 years.
The second most profitable deal during the week was for a three-bedder at The Sail @ Marina Bay. (Picture: Samuel Isaac Chua/The Edge Singapore)
The Sail @ Marina Bay is a 99-year leasehold luxury condo on Marina Boulevard in the downtown area in District 1. The 1,111-unit condo was completed in 2008, and comprises a 70-storey tower and another 63-storey tower. The development was the first condo project to be completed in the Marina Bay area at the time.
The condo’s prime location in Marina Bay, next to the CBD, means that it is close to a slew of amenities, F&B options and transport links. The condo is close to the Downtown MRT Station on the Downtown Line. Other MRT stations in its proximity include Raffles Place Interchange and Marina Bay Interchange.
Last year, the most profitable deal at The Sail @ Marina Bay saw a 1,798 sq ft unit sold for $3.6 million ($2,003 psf) on Nov 7. The unit was bought for $1.86 million ($1,032 psf) in November 2004. As a result, the seller raked in a profit of $1.75 million (94%) and an annualised profit of 3.8% over 18 years.
The most unprofitable resale transaction during the week occurred at Marina Bay Suites, which is adjacent to The Sail @ Marina Bay. On Jan 27, a 1,625 sq ft unit at Marina Bay Suites was sold for $3.28 million ($2,018 psf). The unit was bought for $3.78 million ($2,329 psf) in October 2011. Thus, the seller was hit with a loss of about $505,000 (13%), which translates to an annualised loss of 1.3% over 11 years.
A picture of Marina Bay Suites taken in 2019. The top loss of the week occurred when a three-bedroom unit at Marina Bay Suites was sold for $3.28 million on Jan 27. (Picture: Samuel Isaac Chua/The Edge Singapore)
Marina Bay Suites is a 99-year leasehold condo on Central Boulevard that was completed in 2013. The condo comprises a 66-storey residential tower with 221 units — three- and four-bedroom units that range from 1,572 to 2,691 sq ft. The absence of smaller studio or one- and two-bedders makes this project unique in the downtown area.
However, based on URA caveats, there have been more unprofitable resales at the condo than profitable ones. To date, the development has recorded 27 transactions that ended in a loss, against nine profitable deals. Losses have ranged from as low as $7,000 to $3.25 million.
The record loss came from the sale of a 2,691 sq ft, four-bedroom unit that fetched $5 million ($1,858 psf) on Aug 16 last year. The unit was bought for $8.25 million ($3,066 psf) in December 2013. Thus, the seller faced a $3.25 million loss (39%) and an annualised loss of 5.6% over eight years.
Check out the latest listings near The Marbella, The Sail @ Marina Bay, Marina Bay Suites, Pine Grove, Pandan Valley, Fontana Heights, The Trizon, The Sail @ Marina Bay, Downtown MRT Station, Raffles Place Interchange, Henry Park Primary School, Clementi Primary School, Fairfield Methodist Primary School, Methodist Girls’ Primary School, Nan Hua Primary School, Anglo-Chinese Junior College, Singapore Institute of Technology, Yale-NUS College