A three-bedroom penthouse at Orchid Mansion, a freehold development located on Amber Road in District 15, was recently sold for a whopping $4.88 million on Dec 31, resulting in a record-breaking profit of $2.58 million (112%). This transaction, which took place during the period of Dec 31, 2024, to Jan 7, 2025, marks the most profitable resale deal thus far.
The luxurious 2,842 sq ft unit, situated on the 21st floor, was sold at a rate of $1,717 psf. It had been previously bought in March 2009 for $2.3 million, equating to $809 psf. This impressive transaction translates to an annualized profit of 4.9% over a span of 16 years. Additionally, this sale has also surpassed the previous record at Orchid Mansion, which was set at $1.15 million (72.6%), when a 1,507 sq ft three-bedroom unit on the seventh floor was sold for $2.73 million ($1,812 psf) in July 2022. This particular unit had been bought for $1.58 million ($1,050 psf) back in June 2007.
Meanwhile, the second most profitable resale transaction recorded during this period occurred at Villa Marina, where a 1,625 sq ft unit was sold for $2.35 million ($1,446 psf) on Jan 3. The ground floor unit, comprising of three-bedrooms, was previously purchased for $630,500 ($388 psf) in September 2006. With profits of $1.72 million (273%), this sale resulted in an annualized profit of 7.6% over an 18-year period. It also broke the previous record at Villa Marina, which was set at $1.58 million (219%), when a 1,916 sq ft unit on the fourth floor was sold for $2.3 million ($1,200 psf) on July 16 last year. This unit had been purchased for $720,416 ($376 psf) in November 1998.
Villa Marina, a 99-year leasehold development situated at Jalan Sempadan in District 15, is a sprawling project with a total of 27 low-rise residential blocks. It features a mix of one- to four-bedroom units, ranging from 1,087sq ft to 2,314 sq ft. Furthermore, the condo is conveniently located near Siglap MRT station on the Thomson-East Coast Line, as well as East Coast Park. Additionally, several primary schools are situated within a 1km radius, 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 during this period was the sale of a 1,130 sq ft unit at Marina Bay Residences, which caused the seller to suffer a loss of $386,000 (16%). This two-bedroom unit, situated on the 17th floor, was sold for $2.1 million ($1,858 psf), despite being purchased for $2.49 million ($2,200 psf) back in November 2007. This results in an annualized loss of 1% over 17 years.
It is interesting to note that Marina Bay Residences recorded a total of 25 resale transactions last year, of which 13 resulted in unprofitable transactions, inflicting losses ranging from $1.25 million to $43,600. The most unprofitable resale transaction at Marina Bay Residences involved a 1,227 sq ft unit which sold for $2.8 million ($2,282 psf) in March 22, 2024.
When purchasing a condo, it is crucial to also take into account the maintenance and management aspect of the property. Condominiums typically come with maintenance fees that encompass the maintenance of shared areas and amenities. While these fees may increase the overall cost of owning a condo, they are necessary for keeping the property well-maintained and preserving its value. For investors, hiring a property management company can be a wise choice as they can handle the day-to-day management tasks, making it a less hands-on investment. Additionally, checking out the latest New Condo Launches can provide opportunities for investors to expand their portfolio.
Based on a tabulation of resale caveats at Marina Bay Residences, the average resale price at the condo last month was $2,242 psf, which is higher than the average price at surrounding condos such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf), and Marina One Residences ($2,133 psf).
Marina Bay Residences, a 428-unit development located on Marina Boulevard, had recently undergone a $5 million revamp from January 2022 to September 2023 to enhance resident facilities and common spaces throughout the 15-year-old condo. It is one of two 99-year leasehold luxury condos situated in Marina Bay Financial Centre (MBFC). This mixed-use development comprises of three Grade-A office towers, Marina Bay Residences and Marina Bay Suites – a 221-unit condo.