On the last day of December 2024, a three-bedroom penthouse at Orchid Mansion, a freehold development located on Amber Road in District 15, was sold for $4.88 million, resulting in a profit of $2.58 million (112%). This transaction marked the most profitable resale deal from Dec 31, 2024, to Jan 7, 2025.
The 2,842 square feet unit situated on the 21st floor was purchased at the rate of $1,717 per square foot. It had been previously bought at the price of $809 per square foot in March 2009. This successful transaction translates to an annualized profit of 4.9% over a period of almost 16 years, making it the most profitable resale transaction to date at Orchid Mansion. It has surpassed the previous record of $1.15 million (72.6%) when a three-bedroom unit measuring 1,507 square feet on the seventh floor was sold for $2.73 million at the rate of $1,812 per square foot in July 2022. This particular unit had been purchased for $1.58 million at the rate of $1,050 per square foot in June 2007.
Additionally, the second most profitable resale transaction during the week occurred at Villa Marina, where a three-bedroom unit measuring 1,625 square feet was sold for $2.35 million at the rate of $1,446 per square foot on Jan 3. This ground-floor unit was initially purchased at the price of $630,500 at the rate of $388 per square foot in September 2006, resulting in a profit of $1.72 million (273%). This transaction translates to an annualized profit of 7.6% over a period of 18 years. It has surpassed the previous profitable record at Villa Marina of $1.58 million (219%), which was the sale of a 1,916 square feet unit on the fourth floor that was sold for $2.3 million at the rate of $1,200 per square foot on July 16, 2024. This particular unit was previously purchased for $720,416 at the rate of $376 per square foot in November 1998.
Villa Marina is a 99-year leasehold development situated at Jalan Sempadan in District 15. It comprises 27 low-rise residential blocks with a total of 432 units, featuring a mix of one- to four-bedroom units ranging from 1,087 square feet to 2,314 square feet. It is a 20-year-old condo that is located close to Siglap MRT station on the Thomson-East Coast Line and East Coast Park. It is also within a 1km distance from several primary schools, 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 square feet unit at Marina Bay Residences, which resulted in a loss of $386,000 (16%) when it was sold on Jan 2. The two-bedroom unit situated on the 17th floor was purchased for $2.1 million at the rate of $1,858 per square foot, whereas it was initially bought for $2.49 million at the rate of $2,200 per square foot in November 2007. As a result, the seller has suffered an annualized loss of 1% over a period of 17 years.
A total of 25 resale transactions were recorded at Marina Bay Residences last year, out of which 13 transactions resulted in losses, ranging from $1.25 million to $43,600. The most unprofitable resale transaction involved a 1,227 square feet unit that was sold for $2.8 million at the rate of $2,282 per square foot on March 22, 2024.
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Based on a tabulation of resale caveats at Marina Bay Residences, the average resale price at the condo last month was $2,242 per square foot. This average price is higher compared to other surrounding condos such as The Sail @ Marina Bay ($2,052 per square foot), Marina Bay Suites ($1,917 per square foot), and Marina One Residences ($2,133 per square foot).
Marina Bay Residences is an exclusive 428-unit development situated on Marina Boulevard. It recently underwent a $5 million renovation from Jan 2022 to Sept 2023, upgrading its resident facilities and common spaces to provide a more luxurious living experience. The condo is one of two 99-year leasehold luxury condos situated within Marina Bay Financial Centre (MBFC). This mixed-use development features three Grade-A office towers, Marina Bay Residences, and Marina Bay Suites, a 221-unit condo.