Resale Three Bedder Rivershire Sold 294 Mil Profit

: Analyst

During the week of May 13 to 20, the most profitable condo resale took place at Rivershire. A 2,088 sq ft unit on the 13th floor was sold for $4.32 million ($2,069 psf) on May 15. The original owner bought the three-bedroom unit from the developer in May 1999 for $1.38 million ($661 psf), resulting in a profit of $2.94 million (213%) and an annualised return of 4.5% over more than 26 years.

This transaction marks the first resale at the development this year and is also the most profitable based on lodged caveats. It surpasses the previous record gain of $1.45 million from the sale of a comparable three-bedroom unit on the fifth floor, which was sold for $3.3 million ($1,580 psf) in September 2012. The seller had purchased the unit in January 1996 for $1.85 million ($886 psf).

Rivershire is a freehold condo completed in 1991, located on Leonie Hill in District 9. The development comprises a single 20-storey block with 74 two- to four-bedroom units ranging from 1,259 sq ft to 2,088 sq ft. It is conveniently situated within walking distance of Great World MRT Station on the Thomson-East Coast Line and close to River Valley Primary School. Residents also have access to various lifestyle amenities, including Great World City.

Residents of the Lyndenwoods community have the advantage of easy access to a variety of amenities including charming cafes, retail stores, and picturesque parks. With well-established cycling paths, residents can conveniently commute to nearby destinations such as the serene Kent Ridge Park and the idyllic West Coast Park. These green spaces provide the perfect setting for outdoor activities and promote a well-balanced and active lifestyle. Lyndenwoods, located in this bustling neighborhood, offers its residents the opportunity to enjoy all that this vibrant community has to offer.

The second-most profitable resale during the week occurred 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 had purchased the three-bedroom unit for about $815,987 ($379 psf) in October 2005, made a gain of $2.25 million, or 275.9%, after owning the unit for almost 20 years.

This deal marks the highest gain ever recorded for a unit at Varsity Park Condominium. The second-most profitable resale at the development took place just over a month earlier, when a fifth-floor duplex penthouse was sold for $3.12 million ($1,374 psf) on April 3. The 2,271 sq ft three-bedroom unit was last sold for $919,755 ($405 psf) in January 2006, resulting in a profit of $2.2 million, reflecting a 239% return or an annualised gain of 6.6% over 19 years.

Apart from the units sold on May 16 and April 3, Varsity Park Condominium has seen six other profitable resales this year, with gains ranging from $575,000 to $2 million.

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

Meanwhile, the week’s largest loss 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 had purchased the unit for $7.1 million ($3,157 psf) in May 2017, resulting in a loss of $703,250, equivalent to an annualised decline of 1.3% over eight years.

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

According to caveat transactions, average resale prices at Marina One Residences have declined over the past few years, dropping from $2,452 psf in 2021 to $2,098 psf last year.