Is it a Good Deal?: $2.65 million for a two-bedroom freehold unit in D9
By Elizabeth Choong
/ EdgeProp Singapore |
This year’s lone transaction for The Pier at Robertson has yielded a profit of $640,000 for the seller. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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Last month, a two-bedroom unit in The Pier at Robertson was sold for $2.65 million ($2,591 psf), setting a record high for the freehold condo. The seller had purchased the seventh-storey unit in July 2021 for $2.01 million ($1,966 psf), making a profit of approximately $640,000. We used our analytics tool, Is it a Good Deal?, to assess whether the buyer of the 1,023-sq ft unit secured a good deal despite the record-high price.
Freehold condo facing the Singapore River
The Pier at Robertson is a freehold development along Mohamed Sultan Road in District 9. It features 201 units, comprising one- to four-bedroom units ranging in size from 657 sq ft to 4,489 sq ft.
In addition to enjoying excellent views of the Singapore River, residents of The Pier at Robertson are within walking distance of Fort Canning MRT Station, New Bahru, UE Shopping Mall, and Robertson Walk. There are also several nearby parks, including Fort Canning Park and Pearl’s Hill City Park. Additionally, the condo is a short drive from the Central Expressway (see Map 1).
Source: EdgeProp LandLens (as at 19 February 2025)
River Valley Primary School is the only school within a 1km radius of The Pier at Robertson, which may deter some buyers with school-going children. However, more schools are located within a 2km radius, including Outram Secondary School, School of the Arts, and Gan Eng Seng School (see Screenshot 1). However, Outram Secondary School is slated to relocate to Sengkang next year.
Source: EdgeProp Is it a Good Deal (as at 19 February 2025)
Another factor that may deter potential buyers is the age of The Pier at Robertson. The condo obtained its temporary occupation permit (TOP) in 2006, making it 19 years old. However, its freehold tenure could help mitigate lease decay.
The transacted price for the aforementioned unit is above the average prices for The Pier at Robertson and condos in District 9, but it remains lower than that of two nearby condos (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 19 February 2025)
16 transactions that yielded profits of at least $1 million
Since its sales launch in 2003, The Pier at Robertson has achieved 217 profitable and 11 unprofitable transactions. Profits range from approximately $6,000 to $1.57 million, while losses range from breakeven to approximately $175,000.
So far, only one sale transaction has been recorded for the condo this year. The sale of a two-bedroom unit on the seventh storey earned the seller a profit of approximately $640,000 when it was sold last month for $2.65 million ($2,591 psf). The seller had purchased the 1,023-sq ft unit in July 2021 for $2.01 million ($1,966 psf).
Notably, the same unit was involved in an earlier transaction that yielded a larger profit. The first owner purchased the unit from the developer in May 2003 for $906,360 ($886 psf) and sold it in July 2021 for $2.01 million ($1,966 psf), resulting in a profit of approximately $1.1 million (see Table 1).
Source: EdgeProp Buddy (as at 19 February 2025)
The 1,023-sq ft two-bedroom unit features an en-suite master bedroom and a balcony that is accessible from both the second bedroom and the living/dining area (see Floor Plan 1). Occupiers who prefer a more spacious living area can convert the balcony into a dining space.
Source: EdgeProp Research
So far, 16 transactions at The Pier at Robertson have yielded profits of at least $1 million. The highest profit, approximately $1.57 million, involved a smaller two-bedroom unit on the seventh storey. The seller purchased the 990-sq ft unit from the developer in June 2003 for $853,320 ($862 psf) and sold it in June 2012 for $2.43 million ($2,452 psf).
The 990-sq ft unit that generated the highest profit shares a similar layout with the unit sold last month. The main difference is in the locations of the aircon ledges (see Floor Plan 2).
Source: EdgeProp Research
Among the 16 transactions that yielded million-dollar profits for the sellers, only one took place last year (see Table 2). The unit involved was also a two-bedroom unit on the seventh storey. The seller purchased the 936-sq ft unit from the developer in August 2003 for $785,000 ($838 psf) and sold it in July last year for $2.1 million ($2,242 psf), resulting in a profit of approximately $1.315 million.
Source: EdgeProp Buddy (as at 19 February 2025)
Only 11 unprofitable transactions
The most recent unprofitable transaction at The Pier at Robertson took place in September 2021. The seller sold a three-bedroom duplex for $3.668 million ($1,872 psf), incurring a loss of $82,000. The seller had purchased the 1,959-sq ft unit in February 2008 for $3.75 million ($1,914 psf).
However, the same unit was involved in an earlier transaction that yielded a profit of approximately $1.3 million. The previous owner purchased the ninth-storey unit in December 2006 for $2.45 million ($1,251 psf) and sold it in February 2008 for $3.75 million ($1,914 psf) (see Table 3).
Source: EdgeProp Buddy (as at 19 February 2025)
The duplex unit features an en-suite master bedroom on the upper level, along with Bedroom 2, a common bathroom, a family area, and an open-air terrace. The lower level includes an en-suite Bedroom 3, a living/dining area, a kitchen, and a spacious balcony. This layout is suitable for families with elderly members, as they can occupy the bedroom on the lower level (see Floor Plan 3).
Source: EdgeProp Research
The transaction that resulted in the highest loss of $175,000 occurred in August 2017, when the seller sold the 1,109-sq ft unit for $1.925 million ($1,736 psf). The seller had purchased the two-bedroom-plus-study unit in July 2007 for $2.1 million ($1,894 psf).
Notably, the same unit on the sixth storey had previously yielded a profit of approximately $1.08 million in an earlier transaction. The first owner purchased the unit in May 2003 for $1.018 million ($918 psf) and sold it in July 2007 for $2.1 million ($1,894 psf) (see Table 4).
Source: EdgeProp Buddy (as at 19 February 2025)
The 1,109-sq ft unit features an en-suite master bedroom adjacent to a common bedroom and bathroom. Additionally, the unit includes a sizable balcony accessible from the living/dining area. There is also a study near the kitchen (see Floor Plan 4).
Source: EdgeProp Research
Notably, the sellers of both unprofitable transactions sold at lower-than-average prices and bought at higher-than-average prices.
The seller of the three-bedroom unit on the ninth storey purchased the unit in 2008 for $1,914 psf, when the average price for the condo was $1,863 psf. The seller then sold the unit in 2021 for $1,872 psf, significantly lower than the average price of $2,017 psf for the condo at that time. If the owner had sold the unit at the average price of $2,017 psf, they would have made a profit of approximately $210,700, instead of incurring a loss of $82,000.
Likewise, the seller of the two-bedroom-plus-study unit on the sixth storey purchased the unit in 2007 for $1,894 psf, significantly higher than the average price of $1,483 psf for the condo at that time. The seller sold the unit for $1,736 psf in 2017, when the average price had risen to $1,832 psf. If the seller had sold the unit at the average price of $1,832 psf, they would have incurred a smaller loss of approximately $68,700 (see Chart 1).
Source: EdgeProp Market Trends (as at 19 February 2025)
16 freehold condos within walking distance
There are 36 condos, representing approximately 6,300 units, within a 500m radius of The Pier at Robertson. Of these 36 condos, only 16 have freehold tenures. Ten have leasehold tenures of 99 years, including the upcoming CanningHill Piers and Union Square Residences. Meanwhile, 19 condos have longer leasehold tenures of 999 years, including the upcoming Hill House. The remaining condo, UE Square, has a tenure of 929 years (see Screenshot 3).
Source: EdgeProp Is it a Good Deal (as at 19 February 2025)
Among the completed freehold neighbouring developments, Rivergate (545 units) is the largest, followed by Martin Place Residences (302 units), Watermark Robertson Quay (206 units), and The Pier at Robertson (201 units). These four developments are the only freehold condos with over 200 units in the neighbourhood. However, only Rivergate and Watermark Robertson Quay are located along the Singapore River, similar to The Pier at Robertson (see Map 2).
Source: EdgeProp LandLens (as at 19 February 2025)
Located along Robertson Quay, Rivergate is a 545-unit freehold development that obtained its TOP in 2009. Meanwhile, Watermark Robertson Quay, located along Rodyk Street, is a smaller development with 206 units. Although Watermark Robertson Quay (TOP in 2008) is a year older than Rivergate (TOP in 2009), both developments are slightly younger than The Pier at Robertson (TOP in 2006).
Lower average resale price for The Pier at Robertson
Thus far, there have been no sale transactions for Rivergate and Watermark Robertson Quay this year. However, comparisons of last year’s average resale prices indicate that The Pier at Robertson ($2,228 psf) is more affordable than Rivergate ($2,843 psf) and Watermark Robertson Quay ($2,279 psf) (see Chart 2).
Source: EdgeProp Market Trends (as at 19 February 2025)
Notably, the average resale price for Rivergate has been trending above that of the other two condos. This could be due to Rivergate being the newest development among the trio, as well as its lack of height restrictions owing to its strategic location and landmark status.
Nearby condos have more unprofitable transactions and higher losses
Despite their higher average resale prices, Rivergate (32 transactions) and Watermark Robertson Quay (17 transactions) have more unprofitable transactions than The Pier at Robertson (11 transactions). The losses from Rivergate (approximately $11,900 to $1.69 million) and Watermark Robertson Quay (breakeven to approximately $953,000) are also higher than those from The Pier at Robertson (breakeven to approximately $175,000).
The record-high loss of approximately $1.69 million for Rivergate involved a four-bedroom duplex penthouse on the 40th storey. The owner bought the unit for $8.49 million ($2,701 psf) in May 2007 and sold it for $6.8 million ($2,163 psf) in October 2019.
The lower level of the 3,143-sq ft unit features a spacious living and dining area, a powder room, a kitchen and yard, as well as two open terraces. The en-suite master bedroom, three bedrooms, two common bathrooms, and a family room are located on the upper level (see Floor Plan 5).
Source: EdgeProp Research
The record-high loss for Watermark Robertson Quay involves another duplex penthouse, but the loss is smaller at approximately $953,000. The three-bedroom duplex was sold in May 2009 for $2.185 million ($1,030 psf). The seller had purchased the 2,121-sq ft unit in December 2007 for $3.138 million ($1,480 psf).
This aforementioned transaction is the only unprofitable one for the duplex. Three profitable transactions have occurred for the same unit (see Table 5). The first owner purchased the unit from the developer in June 2005 for $1.52 million ($717 psf) and sold it in December 2007 for $3.138 million ($1,480 psf), earning a profit of approximately $1.618 million. The second owner then sold the unit in May 2009, resulting in a loss of approximately $953,000. The third owner sold the unit a few months later in October 2009 for $2.651 million ($1,250 psf), pocketing a profit of approximately $467,000. The fourth owner sold it in August 2012 for $3.6 million ($1,698 psf), resulting in a profit of approximately $949,000 (see Table 5).
Source: EdgeProp Buddy (as at 19 February 2025)
The lower level of the duplex penthouse features the living/dining area, two roof terraces, a kitchen and yard, as well as a bedroom and bathroom. The en-suite master bedroom, a second bedroom and bathroom, along with a spacious roof terrace, are on the upper level (see Floor Plan 6).
Source: EdgeProp Research
Conclusion
While the subject unit in The Pier at Robertson was sold at the condo’s record-high price of $2,591 psf, its average resale price is still trending below some of its freehold neighbours. Furthermore, The Pier at Robertson Quay has experienced fewer unprofitable transactions and incurred smaller losses compared to its neighbours.
To learn more about this transaction, and whether it is a good deal, click here.
Check out the latest listings for The Pier At Robertson, Watermark Robertson Quay, Rivergate properties
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