At The Marbella, a condo located on Mount Sinai Rise in District 10, the most profitable condo resale transaction for the week of April 18 to 25 was recorded on April 24. The 1,475 sq ft apartment on the 19th floor was sold for $3.5 million ($2,373 psf). The seller had purchased this unit for $1.03 million ($698 psf) from the developer in March 2004, and thus made a gain of $2.47 million, or a whopping 240% across a holding period of over 19 years!
This is the second most profitable transaction at The Marbella, with the most profitable taking place on March 27. The 1,755 sq ft unit fetched $3.78 million ($2,154 psf). The seller, who had purchased the unit in February 2005 for $1.26 million ($720 psf), made a profit of $2.52 million. At the time, the transaction had marked a new psf-price high at The Marbella.
The Marbella is a development by OUB Centre, the developer and manager of the One Raffles Place commercial development, and the subsidiary of OUE Commercial REIT. Besides The Marbella, OUB Centre has also developed other condos in Singapore like Modena on Simei Street 4 and also Fontaine Parry on Poh Huat Road. The Marbella was completed in 2005, and has 239 residences, with unit sizes ranging from two- to four-bedroom units that are 1,076 to 4,284 sq ft in size.
The second most-profitable condo resale transaction during the week was seen at The Trevose, a condo on Trevose Crescent, off Dunearn Road and Whitley Road in District 11. The four-bedder, measuring 1,765 sq ft and located on the second floor, changed hands for $3.1 million ($1,756 psf) on April 20. The seller had purchased the unit 19 years prior, in February 2004, for $1.03 million ($583 psf); hence, they made a profit of $2.07 million, or a 201% return!
This transaction broke the previous record at The Trevose, set just a week before on April 14, when the seller of a 1,733 sq ft unit made a profit of $2.05 million, after it was sold for $3.1 million ($1,789 psf). The Trevose is a 99-year leasehold condo that was completed in 2001, developed jointly by TID (a joint venture between Mitsui Fudosan and Hong Leong Group) and City Developments.
Conversely, the most unprofitable transaction for the week in review was seen at Helios Residences. A two-bedroom-plus-study unit measuring 1,281 sq ft was sold for $3.15 million ($2,459 psf) on April 21. This was $1.83 million lower than the purchase price of $4.98 million ($3,890 psf) that the seller had paid for the unit in November 2012, resulting in a 37% loss over a 10½ year holding period.
Three other resale transactions at Helios Residences have occurred this year, all below the original purchase price. On March 6, the seller of a 1,916 sq ft unit suffered a loss of $649,000 when their unit changed hands for $4.45 million ($2,323 psf). On March 23, another 1,916 sq ft unit was sold for $4.85 million ($2,531 psf), and the seller made a loss of $1.08 million.
Modern residential development with Champions Way Condo 516 units ranging from 2 to 5 bedrooms, plus a supermarket, childcare centre and retail centre.
The most unprofitable transaction at Helios Residences was the bank sale of a 4,629 sq ft, triplex penthouse unit in November 2020. The penthouse was sold for $8.4 million ($1,815 psf), $6.1 million lower than its purchase price at $14.5 million ($3,133 psf)! Helios Residences is a 140-unit freehold development by Wing Tai Holdings that was completed in 2011, located along Cairnhill Circle in prime District 9. Typical units at the development are two-and three-bedroom apartments of 1,281 to 2,002 sq ft.