Three Bedder Palm Spring Sets Record Profit 319 Mil
The most profitable resale transaction at Marina Bay Suites, according to EdgeProp Singapore, took place on the 51st floor of the 66-storey residential tower when a 1,894 sq ft unit fetched $6.77 million ($3,571 psf) in August 2023. The unit had been bought for $5.7 million ($3,005 psf) in February 2023.The most unprofitable resale transaction at Marina Bay Suites took place on the 58th floor of the 66-storey tower when a 2,045 sq ft unit incurred a loss of $1.55 million (28%) when sold for $4.05 million ($1,979 psf) back in September 2023.
The top resale transaction at luxury condo Palm Spring in prime District 10 was a three-bedroom unit that sold for $4.4 million on Jan 20, making it the most profitable resale deal since the start of this year.
Based on the caveats lodged, the 1,884 sq ft unit on the fourth floor was sold for $4.4 million, translating to $2,336 per sq ft. The unit was originally bought for $1.21 million ($642 psf) in August 2005, resulting in a profit of $3.19 million, or a whopping 264%.
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This also marks the highest profit recorded at Palm Spring so far, surpassing the previous record of $2.56 million (185%) achieved when a 1,970 sq ft unit was sold for $3.94 million ($2,000 psf) in April 2023. The said unit was bought for $1.38 million ($701 psf) in January 2003.
According to data from EdgeProp Singapore, prices at Palm Spring have been consistently increasing over the past 20 years. In January 2021, the average transacted price was around $2,342 psf, up from $1,439 psf in January 2015. The average price in January 2005 was only $973 psf.
Last year, two units at Palm Spring were sold. One was a 947 sq ft unit that changed hands for $2.19 million ($2,312 psf) in September, resulting in a profit of $990,000. Another 1,496 sq ft unit was sold for $3.36 million ($2,246 psf) last October, giving its seller a profit of $2.24 million.
Palm Spring is a freehold condominium located on Ewe Boon Road in prime District 10. Completed in 1997, the 167-unit development is 24 years old. It is situated near Stevens MRT Interchange on the Downtown and Thomson-East Coast Lines, as well as Newton MRT Interchange on the North-South Line and Downtown Line.
As for the second most profitable resale deal during the period of Jan 14 to 28, it was a four-bedroom unit at Orchard Bel Air that reaped a profit of $3 million (182%) when it was sold on Jan 15.
The 3,229 sq ft unit on the 12th floor commanded a price of $4.65 million, or $1,440 psf. The seller had originally bought the unit for $1.65 million ($511 psf) in May 2001, enjoying a 4.5% annualised profit in the span of 24 years.
The record profit at Orchard Bel Air was achieved when a 6,512 sq ft penthouse on the 25th floor was sold for $8.3 million ($1,275 psf) in January 2013. That unit was purchased for $3.83 million ($588 psf) in March 2006.
The only other 99-year leasehold condominium near Orchard Bel Air is the neighbouring Cuscaden Reserve. The 192-unit luxury condo, completed in 2023, has an average price of around $3,043 psf.
Orchard Bel Air is a 99-year leasehold condo located at Orchard Boulevard in prime District 10. It was completed in 1984 and has about 54 years left on its land tenure. Next to Orchard Bel Air is a government land sale (GLS) site on Orchard Boulevard that was awarded to a UOL-SingLand joint venture last February. The JV’s winning bid was $428.28 million, or a land rate of $1,617 psf per plot ratio.
On the other hand, the most unprofitable deal during the same period was recorded at Marina Bay Suites, where the seller incurred a loss of $1.15 million (27%) for a 1,625 sq ft unit on the 58th floor that changed hands on Jan 24.
The unit was sold for $3.1 million, or $1,907 psf, after being bought for $4.25 million ($2,614 psf) in May 2012. This translates to an annualised loss of 27% over nearly 13 years.
Notably, this is the latest in a series of unprofitable deals at Marina Bay Suites, with 14 consecutive transactions in the past nine months resulting in losses ranging from $40,000 to $2.5 million.
Marina Bay Suites is a 99-year leasehold condo that forms part of the six towers at Marina Bay Financial Centre mixed-use development. It is located at Central Boulevard and Marina Boulevard. The project, which is 10 years old, comprises 221 units, with a mix of three- and four-bedroom units.
According to EdgeProp Singapore, the average selling price at Marina Bay Suites has dropped from $2,502 psf in January 2015 to $1,921 psf as of January 2021. This is in contrast to other nearby 99-year leasehold condominiums, which command higher resale prices, such as The Sail @ Marina Bay ($2,047 psf), Marina Bay Residences ($2,242 psf), Marina One ($2,103 psf) and V on Shenton ($2,027 psf).
The most profitable resale deal recorded at Marina Bay Suites to date took place on the 51st floor of the 66-storey tower, when a 1,894 sq ft unit fetched $6.77 million ($3,571 psf) in August 2023. The unit was purchased for $5.7 million ($3,005 psf) in February 2023.
Meanwhile, the most unprofitable resale deal at Marina Bay Suites was also recorded on the 58th floor of the same tower when a 2,045 sq ft unit was sold for $4.05 million ($1,979 psf) in September 2023. This resulted in a loss of $1.55 million (28%), as the unit was bought for $5.6 million ($2,744 psf) in March 2013.