Penthouse at Orchid Mansion on Amber Road fetches record profit of $2.58 mil
By Timothy Tay
/ EdgeProp Singapore |
The 2,842 sq ft penthouse unit at Orchid Mansion was sold for $4.88 million ($1,717 psf).
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The sale of the three-bedroom penthouse at Orchid Mansion, a freehold development on Amber Road in District 15, on Dec 31 resulted in a profit of $2.58 million (112%). This was the most profitable resale transaction from Dec 31, 2024, to Jan 7, 2025.
The 2,842 sq ft unit on the 21st floor was sold for $4.88 million ($1,717 psf). It was previously purchased for $2.3 million ($809 psf) in March 2009. The transaction translates to an annualized profit of 4.9% over nearly 16 years.
This also makes it the most profitable resale transaction to date at Orchid Mansion, overtaking the previous record of $1.15 million (72.6%) when a 1,507 sq ft three-bedroom unit on the seventh floor changed hands for $2.73 million ($1,812 psf) in July 2022. That unit had been bought for $1.58 million ($1,050 psf) in June 2007.
A penthouse at Orchid Mansion was sold for $4.88 mil on Dec 31. (Picture: Samuel Isaac Chua/The Edge Singapore)
Orchid Mansion is a 20-year-old condo at 11 Amber Road. The development comprises a 21-story residential tower with a mix of two- and three-bedroom units that range from 1,346 sq ft to 2,002 sq ft. There are two penthouses of 2,842 sq ft and 2,734 sq ft each.
Meanwhile, the second most profitable resale transaction during the week in review occurred at Villa Marina, when a 1,625 sq ft unit was sold for $2.35 million ($1,446 psf) on Jan 3. The three-bedroom unit on the ground floor had been bought for $630,500 ($388 psf) in September 2006. As a result, the seller pocketed a profit of $1.72 million (273%), translating to an annualised profit of 7.6% over 18 years.
In addition, this sale overtakes the previous profitable record at Villa Marina of $1.58 million (219%), which had been the sale of a 1,916 sq ft unit on the fourth floor that changed hands for $2.3 million ($1,200 psf) when it was sold on July 16 last year. That unit previously fetched $720,416 ($376 psf) in November 1998.
Villa Marina is a 99-year leasehold development at Jalan Sempadan in District 15. (Map: EdgeProp Singapore)
Villa Marina is a 99-year leasehold development at Jalan Sempadan in District 15. The 432-unit project was completed in 1999 and consists of 27 low-rise residential blocks with a mix of one- to four-bedroom units that range from 1,087sq ft to 2,314 sq ft.
The 460,685 sq ft site wraps around the Masjid Kampong Siglap mosque. The condo is close to Siglap MRT station on the Thomson-East Coast Line and East Coast Park. Several primary schools are within 1km of the development, such as Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School and Tao Nan School.
On the other hand, the most unprofitable resale transaction of the week was the sale of a 1,130 sq ft unit at Marina Bay Residences which inflicted the seller with a loss of $386,000 (16%) when it was sold on Jan 2.
The two-bedder on the 17th floor was sold for $2.1 million ($1,858 psf) but had been bought for $2.49 million ($2,200 psf) in November 2007. This translates to an annualised loss of 1% over 17 years.
The sale of a 1,130 sq ft unit at Marina Bay Residences made a loss of $386,000 when it was sold on Jan 2. (Picture: Samuel Isaac Chua/The Edge Singapore)
Marina Bay Residences recorded 25 resale transactions last year, with 13 unprofitable transactions that saw losses ranging from $1.25 million to $43,600. The most unprofitable resale transaction involved a 1,227 sq ft which changed hands for $2.8 million ($2,282 psf) when sold on March 22, 2024.
Based on a tabulation of resale caveats at Marina Bay Residences, the average resale price at the condo last month was $2,242 psf. This is higher than the average price at surrounding condos such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf), and Marina One Residences ($2,133 psf).
Marina Bay Residences, a 428-unit development on Marina Boulevard, recently completed a $5 million revamp from Jan 2022 to Sept 2023 to uplift resident facilities and common spaces throughout the 15-year-old condo. The condo is one of two 99-year leasehold luxury condos in Marina Bay Financial Centre (MBFC). A mixed-use development, MBFC has three Grade-A office towers, Marina Bay Residences and the 221-unit Marina Bay Suites.
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