Three-bedder at Pebble Bay sold for $2.2 mil profit
/ EdgeProp Singapore |
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The sale of a three-bedroom apartment at Pebble Bay was the most profitable condo resale transaction during the week of May 14 to 21. The 2,336 sq ft unit on the fourth floor changed hands for $3.75 million ($1,605 psf) on May 16. The seller had bought the unit in August 1999 for $1.56 million ($667 psf). Thus, they reaped a profit of $2.19 million on the deal, which reflects a capital gain of 141% for the seller after owning the unit for almost 25 years.
The sale earned the 10th-highest profit ever made on a unit at Pebble Bay, according to data compiled on EdgeProp Research. To date, the most profitable deal recorded at the condo was the sale of a 6,114 sq ft, four-bedroom penthouse in July 2023 for $9 million ($1,472 psf). The seller, who purchased the unit in September 2001 for $4.3 million ($703 psf), raked in a profit of $4.7 million.
The 2,336 sq ft unit at Pebble Bay changed hands for $3.75 million ($1,605 psf) on May 16 (Picture: Albert Chua/The Edge Singapore)
Pebble Bay is a 510-unit waterfront condo located on Tanjong Rhu Road, along the Kallang Basin waterfront in District 15. Completed in 2000, the 99-year leasehold development has one- to four-bedroom units of 850 to 3,154 sq ft. There are also four-bedroom penthouses spanning between 6,114 and 6,469 sq ft. The condo is a five-minute walk to Tanjong Rhu MRT Station on the Thomson-East Coast Line, slated to open on June 23.
Apart from the May 14 transaction, Pebble Bay has seen 10 other units change hands to date this year. Caveats lodged with URA show that eight of these were profitable deals. The units sold measured between 947 and 2,766 sq ft and fetched between $1.47 million and $4.22 million, or between $1,522 psf and $1,978 psf. The sellers netted gains ranging from $620,000 to $2.56 million.
The second most profitable condo resale transaction during the week in review took place at Mandarin Gardens. A three-bedroom unit on the 16th floor spanning 2,034 sq ft was sold for $2.82 million ($1,386 psf) on May 21. It had last changed hands in July 2006 for $910,000 ($447 psf), which means the seller netted a gain of $1.91 million (210%) after owning the unit for nearly 18 years.
This is the third most profitable resale transaction registered at Mandarin Gardens thus far. The record belongs to a 3,068 sq ft, four-bedroom unit that changed hands for $4.1 million ($1,336 psf) in September 2021. The seller acquired the unit in August 2001 for $1.4 million ($456 psf). Hence, they made a gain of $2.7 million.
The sale of a 2,034 sq ft unit at Mandarin Gardens for $2.82 million ($1,386 psf) on May 21 made a gain of $1.91 million (Picture: Samuel Isaac Chua/The Edge Singapore)
Mandarin Gardens is a 99-year leasehold condo on Siglap Road in District 15’s Marine Parade area. Completed in 1986, it has 1,006 units across multiple blocks that sit on a sprawling 1.08 million sq ft site. Units include one- to four-bedders of 732 to 3,800 sq ft. The condo is within walking distance of Siglap MRT Station (Thomson-East Coast Line) which will open in June.
Meanwhile, Helios Residences saw the most unprofitable condo resale transaction during the week in review. This comes with the sale of a two-bedroom-plus-study unit measuring 1,281 sq ft unit on the 11th floor for $3.2 million ($2,498 psf) on May 17. The seller, who bought the unit for $3.81 million ($2,976 psf) in August 2007, made a loss of about $612,000 on the deal. This reflects a capital loss of 16% for the seller, who had owned the unit for just under 17 years.
A 1,281 sq ft unit at Helios Residences was sold for $3.2 million ($2,498 psf) on May 17, incurring a loss of about $612,000 (Picture: Samuel Isaac Chua/The Edge Singapore)
Helios Residences is a 140-unit freehold condo that was completed in 2011. Located along Cairnhill Circle in prime District 9, it is close to the Orchard Road shopping belt. The development comprises two blocks with two- to four-bedroom units of 1,281 to 2,002 sq ft. There are also four-bedroom penthouses of 3,918 to 4,629 sq ft.
Apart from the unit sold on May 17, Helios Residences has seen two other units change hands to date this year. On Jan 10, a 1,916 sq ft, two-bedroom apartment fetched $4.6 million ($2,401 psf). The seller had bought the unit from the developer in July 2007 for $6.3 million ($3,290 psf), which means they made a loss of $1.7 million on the sale.
On Feb 20, a 1,313 sq ft, two-bedroom unit at Helios Residences was sold for $3.3 million ($2,513 sq ft). The seller, who acquired the unit in February 2021 for $2.75 million ($2,094 psf), netted a gain of $550,000 on the transaction.
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