Resale Three Bedder Ocean Park Nets 29 Mil Profit

The transaction of a three-bedroom unit at Ocean Park was the most profitable during the week starting July 8 and ending on July 15. Located on East Coast Road, the unit on the 16th floor covers 2,110 sq ft and was sold for around $4.1 million, which amounts to $1,943 per square foot, on July 11. This presents a gain of $2.88 million, marking a 234.7% increase from its purchase price of around $1.23 million, or $581 psf, back in November 2005. The seller therefore recorded an annualised gain of 6.3% over the span of almost 20 years.Ocean Park is a freehold development nestled in District 15 and was completed in 1984. It has a total of 298 units, featuring two- to four-bedroom apartments that range from 1,302 sq ft to 3,897 sq ft. The development is conveniently located within walking distance of Marine Terrace MRT Station and is also close to a multitude of reputable schools such as Victoria Junior College at Marine Vista and Ngee Ann Primary School on Marine Terrace.The sale of the aforementioned unit represents the third most profitable deal recorded at Ocean Park to date. However, it falls about $335,000 short of the development’s top record gain of $3.21 million, which was set when a similar three-bedroom unit located on the 11th floor was sold for $4.2 million, which is $1,991 per square foot, on June 5. The owner of the unit had bought it for $989,590, or $469 psf, back in April 1999, and ultimately managed to achieve an annualised gain of 5.7% over the course of more than 26 years.Read also: Resale four-bedder at Grange Residences nets $5.8 mil profitA total of four transactions have been recorded at Ocean Park so far this year, two of which took place during the week beginning July 8, July 11, and June 5, respectively. All of the transactions were profitable, with the sellers earning gains that range from $2 million to an impressive $3.21 million.A unit from Casa Cairnhill, a freehold development that occupies the prime spot of Peck Hay Road in District 9, set the record for this week’s second most profitable sale. A three-bedroom unit spanning an area of 1,572 sq ft on the eighth floor was sold for $3.67 million, which is equivalent to $2,336 psf, on July 9. The owner had previously acquired the unit in August 2003 for around $1.15 million, or $732 psf. Therefore, the recent owner managed to attain a profit of $2.52 million, or 219.2%, after holding onto the property for an impressive span of nearly 22 years. This unit thus holds the position for the most profitable sale recorded at Casa Cairnhill to date, beating the former record profit of $2.28 million, which had been set by a 1,539 sq ft, three-bedroom unit situated on the 17th floor, which had been sold for $3.2 million back in September 2002. The owner had bought the unit in March 1998 for $924,939, translating to $601 psf, and had then sold it for $3.2 million, which amounts to $2,079 psf. The owner recorded an annualised gain of 5.2% over the course of more than 24 years.The record gain was set when a three-bedroom unit was sold for $3.67 million at Casa Cairnhill, which sported a profit of $2.52 million. (Photo: Google Streetview) Casa Cairnhill has a total of 72 units, all of which are freehold, and range from three-bedroom apartments that cover a space of 1,539 sq ft to four-bedroom apartments that cover an area of 3,283 sq ft. The development, which reached its completion in 1991, is located in close proximity to well-known shopping malls along the Orchard Road shopping belt, such as Paragon Shopping Centre, Scotts Square, and Orchard Plaza. It is also situated within walking distance of Newton MRT Interchange Station on the North-South and Downtown Lines.On the other hand, the most unprofitable transaction recorded this week took place at Lincoln Suites. A four-bedroom unit situated on the 25th floor, covering a space of 3,143 sq ft, changed hands for $5.56 million, which is $1,769 per square foot, on July 9. The owner had previously purchased the unit for around $6.29 million, which is $2,000 psf, back in December 2009. As a result, the owner recorded a loss of $510,000, equivalent to 8.4%, or an annualised loss of 0.6%, after holding onto the property for over 15 years.Read also: Five-bedder unit at Leedon Residence sold at $3.3 mil profitLincoln Suites saw its biggest loss to date, surpassing the previous record of $242,801 when a one-bedroom unit, which covered an area of 484 sq ft, sold for $1.18 million, which is $2,446 psf, last October 2024. The owner had bought the unit in September 2012 for $1.43 million, which translates to $2,948 psf, and consequently suffered an annualised loss of 1.5% over the course of 12 years.Lincoln Suites, a freehold development that was completed in 2014, boasts a total of 175 units and is located on Khiang Guan Avenue, off Lincoln Road and Newton Road in prime District 11. The development, which is made up of twin 30-storey towers, offers a wide range of apartments that can accommodate any lifestyle, ranging from one- to four-bedroom apartments that cover an area of 463 to 3,143 sq ft.Lincoln Suites is located within walking distance of Novena MRT Station on the North-South Line, and within close proximity to a number of shopping malls such as United Square, Goldhill Plaza, Velocity @ Novena Square and Square 2. The development is also situated within 1km of St Joseph’s Institution Junior, which is located on Essex Road.

In summary, Sembawang Road EC at Canberra MRT is not only an attractive residential property but also a top choice for families prioritizing education. Its location is surrounded by a plethora of preschools, primary and secondary schools, as well as tertiary institutions, providing residents with unparalleled access to a comprehensive educational network. This close proximity not only promotes a child’s academic growth but also enriches the overall well-being of families. With its ideal blend of convenience, quality education, and community-centric living, Sembawang Road EC at Canberra MRT is a smart long-term investment for parents seeking a nurturing and supportive environment for their children. Visit http://www.sembawangroadec.com.sg/ to learn more about this outstanding opportunity.