Four-bedder at Marina Bay Suites sold at $2.1 mil loss
/ EdgeProp Singapore |
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The sale of a four-bedroom unit at Marina Bay Suites was the most unprofitable condo resale transaction during the week of May 21 to 28. The 2,691 sq ft unit on the 58th floor changed hands for $5.65 million ($2,100 psf) on May 21. The seller had bought the unit in June 2015 for $7.7 million ($2,861 psf). Thus they suffered a loss of $2.05 million on the deal. This works out to a capital loss of 27% for the seller after owning the unit for just under nine years.
Recent unprofitable transactions for 4-bedders at Marina Bay Suites: EP Buddy
Data compiled on EdgeProp Research shows that this is the fourth-most unprofitable transaction ever recorded at Marina Bay Suites. The highest loss incurred at the condo to date was from the sale of a 2,691 sq ft, four-bedroom unit for $5 million ($1,858 psf) in August 2022. The seller, who purchased the unit in December 2013 for $8.25 million ($3,066 psf), made a loss of $3.25 million.
The 2,691 sq ft unit at Marina Bay Suites changed hands for $5.65 million ($2,100 psf) on May 21 (Picture: Samuel Isaac Chua/The Edge Singapore)
Marina Bay Suites is a 99-year leasehold condo located on Central Boulevard in District 1’s Marina Bay area. Completed in 2013, it is part of the wider Marina Bay Financial Centre (MBFC) mixed-use development, which also includes offices and retail space. Marina Bay Suites is one of two condos in MBFC, the other being the 428-unit Marina Bay Residences.
Marina Bay Suites comprises a 66-storey residential tower. Typical residences are threeand four-bedroom units ranging from 1,572 to 2,691 sq ft. There are also three penthouses: a four-bedder of 4,715 sq ft and 2 five-bedders of 5,662 and 8,181 sq ft.
On the other end of the spectrum, the sale of a four-bedroom unit at Manhattan Mansions was the most profitable condo resale transaction during the week in review. The 2,196 sq ft unit on the third floor was sold for $4.2 million ($1,913 psf) on May 24. It had previously changed hands in September 2006 for $2.3 million ($1,047 psf). Therefore, the seller clocked a profit of $1.9 million (83%), having owned the unit for almost 18 years.
The unit sold on May 24 ranks as the third most profitable resale deal Manhattan Mansions has seen thus far. The record profit belongs to a 2,196 sq ft, four-bedroom apartment that was sold for $4.28 million ($1,949 psf) in July 2007. The seller, who acquired the unit in March 1998 for $1.71 million ($779 psf), walked away with a profit of $2.57 million. Meanwhile, the buyer of the unit later sold the apartment in October 2023 for $3.99 million ($1,817 psf), incurring a loss of $290,000.
A 2,196 sq ft unit at Manhattan Mansions fetched $4.2 million ($1,913 psf) on May 24, netting a $1.9 million profit (Picture: Samuel Isaac Chua/The Edge Singapore)
Manhattan Mansions is a 29-unit, freehold apartment along Grange Road in District 10. The 10-storey apartment block was completed in 1994. Residences consist of three- and four-bedders of between 1,485 and 2,239 sq ft.
The second most profitable condo resale deal during the week in review took place at City Square Residences. A four-bedroom unit measuring 1,518 sq ft fetched $2.9 million ($1,911 psf) on May 27. The seller bought the unit in March 2009 for $1.08 million ($712 psf). As such, they made a gain of $1.82 million (169%) after owning the unit for over 15 years.
This is the third most profitable resale transaction logged to date at City Square Residences. It comes four months after a 1,216 sq ft, three-bedroom unit changed hands for $2.56 million ($2,105 psf) on Jan 4. The seller netted a gain of $1.89 million, setting a new record profit for resale deals at the condo.
The seller of a 1,518 sq ft unit at City Square Residences made a gain of $1.82 million when it was sold for $2.9 million ($1,911 psf) on May 27 (Picture: The Edge Singapore)
City Square Residences is a 910-unit condo on Kitchener Link, next to City Square Mall in District 8. It is a short walk away from Farrer Park MRT Station (on the North East Line), which is integrated with the mall. Completed in 2009, the freehold project comprises six blocks of residences spanning between 28 and 30 storeys. Units at City Square Residences include one-bedroom apartments of 570 to 850 sq ft, two-bedroom apartments of 840 to 1,302 sq ft, three-bedroom units of 1,195 to 1,830 sq ft, and four-bedroom units of 1,496 to 1,518 sq ft.
Check out the latest listings for Marina Bay Suites, Manhattan Mansions, City Square Residences properties
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