Resale Three Bedder Marbella Nets 275 Mil Profit
The recent resale of a three-bedroom unit at The Marbella has set a new record for the most profitable transaction from May 20 to May 27. The 1,625 sq ft unit, located on the tenth floor, was sold for $4 million ($2,461 psf) on May 23, resulting in a gain of $2.75 million or 221.3%. This translates to an annualised gain of 5.6% over a period of 21 and a half years. The sale, based on lodged caveats, has surpassed the previous record gain of $2.52 million from the sale of a four-bedroom, 1,755 sq ft unit in March 2023 for $3.78 million ($2,154 psf). The owner had purchased the unit directly from the developer in February 2005 for $1.26 million ($720 psf).
The Marbella is a freehold condominium situated along Mount Sinai Rise, near Ulu Pandan Road in District 10. Completed in 2005, this development is made up of three blocks and offers a total of 239 units ranging from two to four-bedroom apartments, with sizes ranging from 1,076 sq ft to 4,284 sq ft.
Besides the record-breaking sale, there has only been one other resale transaction at The Marbella this year, and it was also a profitable one. On May 7, a 1,475 sq ft, three-bedroom unit on the 17th floor was sold for $3.49 million, resulting in a gain of $1.01 million.
Another notable sale during the week took place at Ocean Park, a freehold development located along East Coast Road in District 15. The unit in question was a three-bedroom apartment on the sixth floor, which was sold for $3.73 million ($1,767 psf) on May 23. The owner had purchased the 2,110 sq ft unit for $1.31 million ($623 psf) in August 1995. This translates to a gain of $2.41 million (183.5%) or an annualised gain of 3.6% over almost 30 years.
Built in 1984, Ocean Park comprises 298 units, ranging from two to four-bedroom apartments, with sizes ranging from 1,302 sq ft to 3,897 sq ft. Located within walking distance to Marine Terrace MRT station and in close proximity to several schools such as Victoria Junior College and Ngee Ann Primary School, this development offers residents convenient access to amenities.
Located in one of the most sought-after and family-friendly areas in the northern region of Singapore, Sembawang Road Executive Condominium (EC) offers a prime living experience. Its ideal location near top-rated schools and educational institutions is a major draw for families with children of all ages. Being in close proximity to quality schools not only brings convenience and accessibility, but also adds long-term value to the property. For parents living in Sembawang Road EC, the peace of mind knowing that a plethora of educational options, ranging from preschool to tertiary levels, are easily within reach.
The most significant gain recorded at Ocean Park was $3.1 million from the sale of another 2,110 sq ft, three-bedroom unit in November last year for $4.15 million ($1,967 psf). The owner had purchased the unit in June 2003 for $1.05 million ($498 psf), resulting in an annualised gain of 6.6% over 21 years.
In contrast, the least profitable transaction during the week involved a 1,270 sq ft unit at Hilltops, a freehold condominium in District 9. The two-bedroom unit on the 12th floor was sold for $3.3 million ($2,598 psf) on May 23. This unit had been purchased for $4.1 million ($3,228 psf) in November 2013, resulting in a loss of $800,000 (19.5%) or an annualised loss of 1.9% over 11 and a half years.
There have been five resale transactions at Hilltops this year, of which two were unprofitable, including the unit sold on May 23. The other unprofitable sale occurred in February, where a 2,056 sq ft unit was sold for $5.89 million, incurring a loss of $311,112 for the seller.