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Four-bedder at Pebble Bay sold at $3.1 mil profit

/ EdgeProp Singapore |

July 14, 2022 12:07 AM SGT

SINGAPORE (EDGEPROP) - The sale of a four-bedroom unit at Pebble Bay, located along Tanjong Rhu Road, was the most profitable resale transaction for the week of June 28 to July 5, with the seller reaping a profit of $3.07 million (169%).

The 2,626 sq ft unit on the 13th floor at Pebble Bay was sold for $4.89 million on July 4 (Picture: Albert Chua/The Edge Singapore)

The 2,626 sq ft unit on the 13th floor was sold for $4.89 million ($1,862 psf) on July 4, which marks a new psf price high for the condo. The seller bought the unit in July 2002 for $1.82 million ($693 psf). This works out to an annualised profit of 5.1% over a holding period of around 20 years.

Pebble Bay is a 510-unit waterfront condominium located in District 15 and developed by CapitaLand. Completed in 2000, the 99-year leasehold condo has one- to four-bedroom units. It is a five-minute walk to the upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line.

Based on caveats lodged, there have been 11 other resale transactions at Pebble Bay so far this year, all of which have been profitable. The units were sold at prices ranging between $1,344 psf and $1,700 psf, or between $1.75 million and $4.4 million. The sellers netted profits ranging from $300,000 to $2.21 million.

profitable sales transactions - EDGEPROP SINGAPORE

Profitable resale transactions at Pebble Bay in 2022 (Source: EdgeProp Research tool)

The sale of a three-bedroom unit at The Nexus, located along Bukit Timah Road, was the second most profitable transaction for the week. The 1,206 sq ft unit on the eighth floor was sold for $2.42 million ($2,007 psf) on June 29, with the seller raking in a gain of $1.48 million. The unit was purchased about $942,000 ($781 psf) in April 2006. This means the seller earned a profit of 157%, or an annualised profit of 6% over a period of around 16 years.

A 1,206 sq ft unit at The Nexus was sold for a profit of $1.48 million on June 29 (Picture: Samuel Isaac Chua/The Edge Singapore)

Located in District 21, The Nexus was developed by a joint venture between Wing Tai Holdings and Far East Organization. Completed in 2006, the freehold development comprises 242 units in six 10-storey blocks. The units range from 592 sq ft one-bedders to 1,572 sq ft four-bedders.

The Nexus is within walking distance of King Albert Park MRT Station on the Downtown Line. It is also close to shopping centres such as Bukit Timah Plaza, Beauty World Plaza, and Beauty World Centre.

Meanwhile, the most unprofitable transaction for the week was for a 17th-floor unit at Silversea, at Marine Parade in District 15. The seller saw a loss of $393,000 or 10% after the 1,647 sq ft unit was sold for $3.54 million ($2,150 psf) on June 30. The seller purchased the unit for $3.93 million ($2,389 psf) in May 2011, which means they suffered a 0.9% annualised loss over the 11- year holding period.

A unit at Silversea was sold for $3.54 million on June 30, with the seller making a $393,000 loss (Picture: Samuel Isaac Chua/The Edge Singapore)

Silversea is a 99-year leasehold private condominium by Far East Organization that was completed in 2014. The 383-unit condo has two-bedroom units of 969 to 1,152 sq ft; three-bedroom units of 1,485 to 1,701 sq ft; four-bedroom units of 2,497 to 2,766 sq ft; and penthouses of 3,552 to 4,962 sq ft.

There have been 18 resale transactions at Silversea so far this year, of which three have been unprofitable, based on caveats lodged. This includes the most unprofitable transaction recorded for the development — a 4,467 sq ft unit on the 20th floor sold for $9.5 million ($2,127 psf) on April 18. The unit was acquired for $12 million ($2,686 psf) in April 2014, which means the seller suffered a loss of $2.5 million.