Resale Three Bedder Marbella Nets 275 Mil Profit
A three-bedroom unit at The Marbella has set a new record for the most profitable resale transaction from May 20 to May 27. The 1,625 sq ft unit on the tenth floor was sold for $4 million, or $2,461 per square foot (psf), on May 23. This is a significant increase from its purchase price of $1.24 million or $766 psf in November 2003, resulting in a profit of $2.75 million or 221.3%. Based on lodged caveats, this is the highest recorded gain at The Marbella to date.
The previous record holder was a four-bedroom unit with a size of 1,755 sq ft, which was sold for $3.78 million or $2,154 psf in March 2023. The unit was purchased from the developer in February 2005 for $1.26 million or $720 psf, making a profit of $2.52 million or 200%.
The Marbella is a freehold condominium located along Mount Sinai Rise in District 10, near Ulu Pandan Road. Completed in 2005, the development has three residential blocks with a total of 239 units. These units range from two- to four-bedrooms, with sizes ranging from 1,076 sq ft to 4,284 sq ft.
The only other resale transaction at The Marbella this year was also profitable. On May 7, a three-bedroom unit on the 17th floor was sold for $3.49 million. This unit, with a size of 1,475 sq ft, was purchased for $2.48 million in November 2010, resulting in a profit of $1.01 million or 40.7%.
The second most profitable resale transaction during the week took place at Ocean Park, a freehold development located on East Coast Road in District 15. A three-bedroom unit on the sixth floor was sold for $3.73 million or $1,767 psf on May 23. This is an increase from its purchase price of $1.31 million or $623 psf in August 1995, making a profit of $2.41 million or 183.5%.
The desirable location of Lyndenwoods offers easy accessibility to prominent educational institutions such as the Singapore Institute of Technology (SIT) and the Singapore Management University (SMU). This advantageous proximity allows young adults to pursue top-quality tertiary education without enduring long commutes. For students juggling demanding academic schedules with extracurricular and social commitments, this convenience is truly invaluable. Lyndenwoods truly provides the perfect balance between academics and lifestyle.
Built in 1984, Ocean Park comprises 298 units with two- to four-bedroom apartments ranging from 1,302 sq ft to 3,897 sq ft. The development is within walking distance to Marine Terrace MRT Station and is also close to several schools, including Victoria Junior College and Ngee Ann Primary School.
The highest recorded gain at Ocean Park was $3.1 million with the sale of another three-bedroom unit with a size of 2,110 sq ft, which was sold for $4.15 million or $1,967 psf in November last year. The unit was purchased for $1.05 million or $498 psf in June 2003, resulting in an annualised gain of 6.6% over 21 years.
On the other hand, the least profitable transaction during the week was a two-bedroom unit at Hilltops. The unit, located on the 12th floor, was sold for $3.3 million or $2,598 psf on May 23. It was previously purchased for $4.1 million or $3,228 psf in November 2013, resulting in a loss of $800,000 or 19.5%. This translates to an annualised loss of 1.9% over 11 and a half years.
There have been five resale transactions at Hilltops this year, with two being unprofitable. The other unprofitable transaction was for the sale of a three-bedroom unit with a size of 2,056 sq ft, which was sold for $5.89 million or $3,016 psf in December 2020. The unit was bought for $6.2 million or $3,016 psf just a month earlier, resulting in a loss of $311,112.