Four-bedder at Orion sold for $1.4 mil loss
By Timothy Tay
/ EdgeProp Singapore |
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The most unprofitable resale transaction to occur over the week of Sept 19 to 26 was the sale of a 1,776 sq ft unit at Orion, a freehold condo at Orange Grove Road in prime District 10.
The four-bedroom unit, on the 10th floor, fetched $3.93 million ($2,216 psf) on Sept 21. However, the unit had been purchased for $5.36 million ($3,018 psf) in July 2007. Thus, the seller suffered a loss of $1.43 million (27%), which translates to an annualised loss of 1.9% over 16 years.
This transaction has set a record loss at the condo. The previous record loss at Orion was from the sale of a 1,518 sq ft, three-bedroom unit, on the 23rd floor, for $3.38 million ($2,227 psf) in January 2010. The unit had been purchased for $4.4 million (42,901 psf) in August 2007. As a result, the seller incurred a loss of $1.02 million (23%), which translates to an annualised loss of 10% over two years.
The 1,776 sq ft, four-bedroom unit at Orion was sold for $3.93 million ($2,216 psf) on Sept 21. (Picture: Samuel Isaac Chua/The Edge Singapore)
The four-bedroom unit sold on Sept 21 also marks the first resale transaction at the condo in two years. The last resale transaction at Orion occurred on Aug 10, 2021, when a 1,518 sq ft, three-bedroom penthouse unit, on the 24th floor, was sold for $3.55 million ($2,339 psf).
Orion is a 46-unit boutique development completed in 2008. The development is close to the exclusive residential neighbourhoods along Nassim Hill, Nassim Road, Orange Grove Road, and Ardmore Park. The condo is also next to Tanglin Road and the Orchard Road shopping belt.
Notable residential projects in the vicinity include Treetops Executive Residences, Shangri-La Residences, The Ladyhill, and Le Nouvel Ardmore. Landmark commercial and hotel developments in the area include Shangri-La Hotel, St Regis Hotel Singapore, Palais Renaissance, and Tanglin Mall.
According to resale caveats tabulated by EdgeProp Singapore, resale prices at Orion have moderated after peaking at $2,212 psf in March 2016. The average resale price at the condo is about $1,917 psf as of end-September.
In comparison, the neighbouring D’Grove Villas at Orange Grove Road lists an average price of $2,544 psf, while luxury condo Ardmore 3 on Ardmore Road commands an average price of $3,742 psf, one of the highest in the area.
On the other hand, the most profitable transaction during the week was the sale of a 2,745 sq ft unit at Pebble Bay on Tanjong Rhu Road. A four-bedroom unit, on the second floor, was sold for $5.15 million ($1,876 psf) on Sept 21. Previously, the unit had fetched $2.19 million ($799 psf) in March 1995. As a result, the seller raked in a profit of $2.98 million (137%), which translates to an annualised gain of 3.1% over 29 years.
The sale of a four-bedroom unit at Pebble Bay raked in a profit of $2.98 million on Sept 21. (Picture: Samuel Isaac Chua/The Edge Singapore)
Pebble Bay is a 99-year leasehold condo completed in 1997. It is also one of a handful of riverfront developments facing the Kallang River. Other riverfront condos in that area include Casuarina Cove, Camelot-by-the-water, and Costa Rhu. Pebble Bay’s riverfront location offers residents an unblocked view of the Singapore Sports Hub and National Stadium.
Based on resale caveats, there have been 10 resale transactions at Pebble Bay so far this year and all were profitable. Profits ranged from $373,000 to $4.7 million.
The most profitable resale transaction so far this year was the sale of a 6,114 sq ft penthouse unit, on the 17th floor, for $9 million ($1,472 psf) on July 26. The unit had been purchased for $4.29 million ($703 psf) in September 2001. Thus, the seller raked in a profit of $4.7 million (109%), which translates to an annualised gain of 3.4% over close to 22 years.
Resale prices at Pebble Bay reached about $1,716 psf last month. This is higher than Casuarina Cove ($1,444 psf) and Costa Rhu ($1,519 psf), but lower than Camelot-by-the-water (about $1,822 psf).
The second most profitable resale to be lodged over the week was for a 1,916 sq ft unit at Coronation Grove, a 999-year leasehold condo on Coronation Road. The unit, on the third floor, was sold for $3.6 million ($1,879 psf) on Sept 22. It had been purchased for $1.5 million ($783 psf) in February 2007. Thus, the seller raked in a profit of $2.1 million (140%), which translates to an annualised gain of 5.4% over 17 years.
This marks a record profit achieved at Coronation Grove. This leaps over the previous record of $1.46 million, which was set when a 1,249 sq ft unit, on the third floor, was sold for $2.32 million ($1,858 psf) on July 18. The unit had been purchased for about $860,600 ($689 psf) in July 1999. Hence, the seller enjoyed a profit that translates to an annualised gain of 4.2% over 24 years.
Coronation Grove is a boutique condo comprising 24 units that range from 1,044 to 2,217 sq ft. The development is one of the few low-rise condos within the semi-detached landed housing estate along Coronation Road. Several Good Class Bungalow (GCB) areas such as Victoria Park, Rebecca Park, Bin Tong Park, and Belmont Park are in the vicinity. Coronation Grove is also close to Hwa Chong Institution, Raffles Girls’ Primary School, and National Junior College.
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