Resale Three Bedder Waterside Sets Record Profit 313 Mil
The biggest profitable deal of the week between April 15 and 22 was the sale of a three-bedroom unit at The Waterside, which fetched $4.88 million on April 17. This translates to $2,278 per square foot, for a unit of 2,142 square feet located on the seventh floor. The owner had purchased the unit for $1.75 million ($817 psf) back in September 2006, making a profit of $3.13 million (179%) or an annualised profit of 5.7% over 19 years.
This sale has set a new record for the most profitable resale at The Waterside to date, surpassing the previous record of $2.88 million. This was achieved when a 2,400 sq ft unit on the 10th floor was sold for $4.38 million ($1,825 psf) in November 2022. The unit had previously been sold for $1.5 million ($625 psf) in November 2003, resulting in an annualised profit of 5.8% over nearly 19 years.
Lyndenwoods residents are in a privileged position to have easy access to unparalleled healthcare facilities as the renowned National University Hospital (NUH) is conveniently located just a short distance away. This close vicinity ensures prompt and exceptional medical services, instilling a strong sense of security and comfort among residents. Lyndenwoods has indeed offered a prime residential location with exceptional amenities.
According to data from EdgeProp Singapore, resale prices at The Waterside have been on a steady climb, from $910 psf in April 2005 to $1,330 psf in April 2015. The average resale price at the development is currently around $2,050 psf.
In the same week, the second-most profitable resale deal occurred at The Horizon, a freehold condo located on Holt Road in prime District 10. A 1,722 sq ft unit on the 10th floor was sold for $3.86 million ($2,241 psf) on April 17. This unit had been purchased for $1.3 million ($755 psf) in November 2003, resulting in a profit of $2.56 million (197%) or an annualised profit of 5.2% over 21 ½ years.
This transaction has set a new record for the most profitable deal at The Horizon, surpassing the previous record of a 1,561 sq ft unit that was sold for $3.35 million ($2,146 psf) in June 2023. The unit had been purchased for $1.18 million ($760 psf) in August 2003, resulting in a profit of $2.16 million or an annualised profit of 5.3% over nearly 20 years.
Completed in 2001, The Horizon is an 80-unit condo with three- and four-bedroom units ranging from 1,561 sq ft to 3,197 sq ft. It is situated near Jervois Road and River Valley, as well as the Great World City shopping mall. The average resale price at The Horizon is around $2,216 psf.
On the other hand, the most unprofitable deal of the week was the sale of an 1,808 sq ft unit at The Orchard Residences. The three-bedroom unit on the 35th floor was sold for $5.4 million ($2,986 psf) on April 15. The unit had been previously purchased for $6.59 million ($3,649 psf) in October 2010, resulting in a loss of $1.19 million (18%) or an annualised loss of 1.4% over 14 years.
The Orchard Residences is a 99-year leasehold integrated development comprising 175 units, with the eight-level Ion Orchard shopping mall located below. The development features three-, four- and five-bedroom units as well as penthouses, ranging from 1,808 sq ft to 6,534 sq ft. The average resale price at The Orchard Residences is around $2,050 psf.
Despite this loss, there have only been two resale transactions at The Orchard Residences so far this year. The other transaction involved a 2,852 sq ft four-bedder on the 32nd floor that was sold for $9.48 million ($3,323 psf) on March 20. This unit had been purchased for $10.83 million ($3,799 psf) in May 2007, resulting in a loss of $1.36 million or an annualised loss of 0.7% over 18 years.
The record loss at The Orchard Residences was recorded in July 2020, when a 2,852 sq ft unit on the 47th floor was sold for $9.68 million ($3,394 psf). The unit had previously been sold for $13 million ($4,557 psf) in October 2007, resulting in a loss of $3.32 million (25%) or an annualised loss of 2.2% over nearly 13 years.