Resale Three Bedder Rivershire Sold 294 Mil Profit

Rewritten:

Rewritten:

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The most profitable resale of a condo during the week of May 13 to 20 was recorded at Rivershire, where a 2,088 sq ft unit on the 13th floor was sold for $4.32 million ($2,069 psf) on May 15. The seller had originally purchased the three-bedroom unit from the developer for $1.38 million ($661 psf) in May 1999, resulting in a profit of $2.94 million (213%) after more than 26 years. This translates to an annualized return of 4.5%.

This sale marks the first resale transaction at Rivershire this year and is currently the most profitable based on recorded caveats. It has surpassed the previous record profit of $1.45 million from the sale of a similar three-bedroom unit on the fifth floor in September 2012, which sold for $3.3 million ($1,580 psf). The unit was bought by the seller for $1.85 million ($886 psf) in January 1996.

Rivershire, a freehold condo completed in 1991, is located on Leonie Hill in District 9. It comprises of a single 20-storey block with 74 units ranging from two- to four-bedroom layouts, spanning from 1,259 sq ft to 2,088 sq ft. Its convenient location also provides residents easy access to lifestyle amenities such as Great World City and is within walking distance of Great World MRT Station on the Thomson-East Coast Line. It is also near River Valley Primary School.

The second most profitable resale during the week took place at Varsity Park Condominium on West Coast Road. On May 16, a 2,153 sq ft duplex penthouse unit on the fifth floor was sold for $3.07 million ($1,426 psf). The seller, who originally bought the three-bedroom unit for $815,987 ($379 psf) in October 2005, made a profit of $2.25 million or 275.9% after owning the unit for nearly 20 years.

This transaction marks the highest profit ever recorded at Varsity Park Condominium. The second most profitable resale was recorded just over a month earlier, when a similar duplex penthouse unit on the fifth floor was sold for $3.12 million ($1,374 psf) on April 3. The three-bedroom unit, which was last purchased for $919,755 ($405 psf) in January 2006, resulted in a profit of $2.2 million, representing a 239% return or an annualized gain of 6.6% over 19 years.

Apart from these two units, Varsity Park Condominium has seen six other profitable resale transactions so far this year, with gains ranging from $575,000 to $2 million.

Completed in 2008, Varsity Park Condominium has 530 units comprising of two- to three-bedroom layouts ranging from 990 sq ft to 2,347 sq ft. This 99-year leasehold development is located next to the National University of Singapore’s Kent Ridge Campus and is also near schools such as the Japanese Primary School, Waseda Shibuya Senior High School, and Kent Ridge Secondary School.

On the other hand, the largest loss recorded during the week came from the sale of a 2,250 sq ft unit at Marina One Residences on Marina Way. The four-bedroom apartment on the 32nd floor was sold for $6.4 million ($2,845 psf) on May 19. The seller, who had purchased the unit for $7.1 million ($3,157 psf) in May 2017, incurred a loss of $703,250, equivalent to an annualized decline of 1.3% over eight years.

This is the most unprofitable transaction at Marina One Residences based on recorded caveats. It exceeds the previous record loss of $562,000 when a 2,045 sq ft four-bedroom unit on the 27th floor was sold for $5.8 million ($2,836 psf) in March 2023. This unit was originally purchased for $6.36 million ($3,111 psf) in September 2021.

Based on recorded transactions, average resale prices at Marina One Residences have been declining over the years, from $2,452 psf in 2021 to $2,098 psf last year.