The recent sale of a three-bedroom penthouse at Orchid Mansion, located on Amber Road in District 15, proved to be highly profitable for the seller. The freehold development saw a resale transaction on Dec 31, resulting in a profit of $2.58 million (112%). This was the most profitable transaction between Dec 31, 2024, and Jan 7, 2025.
Spanning over 2,842 sq ft on the 21st floor, the unit was sold for $4.88 million ($1,717 psf). It was purchased for $2.3 million ($809 psf) in March 2009, making the annualized profit 4.9% over a period of nearly 16 years. This sale also sets the record for the most profitable resale transaction at Orchid Mansion, surpassing the previous record of $1.15 million (72.6%), when a 1,507 sq ft three-bedroom unit on the seventh floor was sold for $2.73 million ($1,812 psf) in July 2022. This unit was bought for $1.58 million ($1,050 psf) in June 2007.
In other news, a 1,625 sq ft unit at Villa Marina was also sold for a handsome profit of $1.72 million (273%) on Jan 3. The three-bedroom unit on the ground floor was sold for $2.35 million ($1,446 psf), after being purchased for $630,500 ($388 psf) in September 2006. This translates to an annualised profit of 7.6% over 18 years, as well as surpassing the previous record of $1.58 million (219%) for the sale of a 1,916 sq ft unit on the fourth floor, which was sold for $2.3 million ($1,200 psf) on July 16 last year. This unit was previously bought for $720,416 ($376 psf) in November 1998.
Villa Marina, a 99-year leasehold development located at Jalan Sempadan in District 15, boasts 27 low-rise residential blocks with a mix of one- to four-bedroom units ranging from 1,087 sq ft to 2,314 sq ft. The 460,685 sq ft site is situated close to Siglap MRT station on the Thomson-East Coast Line and East Coast Park, and is also in close proximity to several primary schools.
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On the other hand, the most unprofitable resale transaction of the week occurred on Jan 2, when a 1,130 sq ft unit at Marina Bay Residences was sold for a loss of $386,000 (16%). The two-bedroom unit on the 17th floor was sold for $2.1 million ($1,858 psf), after being bought for $2.49 million ($2,200 psf) in November 2007. This translates to an annualised loss of 1% over 17 years.
In 2024, Marina Bay Residences recorded 25 resale transactions, with 13 resulting in unprofitable transactions ranging from $1.25 million to $43,600. The most unprofitable transaction involved a 1,227 sq ft unit, sold for $2.8 million ($2,282 psf) on March 22, 2024.
Based on a tabulation of resale caveats at Marina Bay Residences, the average resale price last month was $2,242 psf, 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).
Notably, Marina Bay Residences recently underwent a $5 million revamp from Jan 2022 to Sept 2023 to upgrade the facilities and common spaces throughout the 15-year-old condo. The 428-unit development is one of two 99-year leasehold luxury condos in Marina Bay Financial Centre, which also comprises three Grade-A office towers and the 221-unit Marina Bay Suites.