SINGAPORE (EDGEPROP) - The most profitable condo resale transaction recorded during the week of April 18 to 25, based on caveats lodged, was the sale of a three-bedroom unit at The Marbella, a condo located on Mount Sinai Rise in District 10. The 1,475 sq ft apartment on the 19th floor was sold for $3.5 million ($2,373 psf) on April 24. It had been purchased for $1.03 million ($698 psf) from the developer in March 2004. Hence, the seller netted a gain of $2.47 million, or 240% across a holding period of over 19 years.
The sale is the second most profitable transaction recorded at The Marbella. The most profitable transaction occurred on March 27, when a 1,755 sq ft unit fetched $3.78 million ($2,154 psf). The seller, who purchased the unit in February 2005 for $1.26 million ($720 psf), made a profit of $2.52 million. At the time, the transaction had marked a new psf-price high at The Marbella.
The 1,475 sq ft unit at The Marbella was sold for $3.5 million on April 24 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Marbella is a freehold development by OUB Centre, a subsidiary of OUE Commercial REIT. Besides being the developer and manager of the One Raffles Place commercial development, OUB Centre has also developed other condos in Singapore such as Modena on Simei Street 4 and Fontaine Parry on Poh Huat Road. Completed in 2005, The Marbella has 239 residences comprising two- to four-bedroom units of 1,076 to 4,284 sq ft. (Find Singapore commercial properties with our commercial directory)
The second most-profitable condo resale transaction during the week in review took place at The Trevose, a condo on Trevose Crescent, off Dunearn Road and Whitley Road in District 11. The four-bedder, measuring 1,765 sq ft and located on the second floor, changed hands for $3.1 million ($1,756 psf) on April 20. The seller had purchased the unit in February 2004 for $1.03 million ($583 psf); hence, they made a profit of $2.07 million (201%) after holding it for over 19 years.
This is the most profitable transaction to date at The Trevose. It beats the previous record set less than a week before, when the seller of a 1,733 sq ft unit on the same floor clocked a profit of $2.05 million after it was sold for $3.1 million ($1,789 psf) on April 14.
The Trevose is a 99-year leasehold condo that was completed in 2001. It was jointly developed by TID (a joint venture between Mitsui Fudosan and Hong Leong Group) and City Developments. Comprising three low-rise blocks, the development has 142 residences. Units are a mix of two-, three- and four-bedders ranging from 958 to 3,627 sq ft. The condo is a 10-minute walk from Stevens MRT Interchange Station on the Downtown and Thomson-East Coast Lines.
Meanwhile, the most unprofitable transaction for the week in review took place at Helios Residences. A two-bedroom-plus-study unit measuring 1,281 sq ft was sold for $3.15 million ($2,459 psf) on April 21. The seller bought the unit in November 2012 for $4.98 million ($3,890 psf). This means they netted a loss of $1.83 million (37%) over a holding period of 10½ years.
Helios Residences has seen three other resale transactions to date this year, all of which have occurred below the original purchase price. On Feb 2, the seller of a 1,281 sq ft unit made a loss of around 859,000 when it fetched $3.08 million ($2,405 psf). On March 6, the seller of a 1,916 sq ft unit suffered a loss of about $649,000 when their unit changed hands for $4.45 million ($2,323 psf). That same month, another 1,916 sq ft unit was sold for $4.85 million ($2,531 psf) on March 23, and the seller made a $1.08 million loss.
The most unprofitable transaction at Helios Residences was the bank sale of a t 4,629 sq ft, triplex penthouse unit in November 2020. The penthouse was sold for $8.4 million ($1,815 psf), $6.1 million lower than its purchase price of $14.5 million ($3,133 psf).
The seller of a 1,281 sq ft unit at Helios Residences made a loss of $1.83 million when it was sold for $3.15 million on April 21 (Picture: Samuel Isaac Chua/The Edge Singapore)
Helios Residences is a 140-unit freehold development by Wing Tai Holdings that was completed in 2011. Located along Cairnhill Circle in prime District 9, it is close to the Orchard Road shopping belt and the Newton area. Typical units at the development are two-and three-bedroom apartments of 1,281 to 2,002 sq ft.
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