Three Bedder Marbella Sold 251 Mil Profit
A profitable resale transaction took place at the luxurious freehold condo, The Marbella during the week of Oct 1 to Oct 8. The three-bedroom unit with 1,582 sq ft was sold for $3.65 million, translating to $2,307 psf on Oct 7. The seller purchased the unit as a brand new unit in January 2005, paying $1.14 million or $719 psf. This translates to a profit of $2.51 million for the seller, after owning the property for almost 20 years. The capital gain for the seller is estimated to be around 220%, or an annualised profit of 11.6%.
Based on caveats lodged, this transaction has become the second-highest gain ever recorded at The Marbella. It falls just a few thousand dollars short of the top profit of $2.52 million, which was made from the sale of a 1,755 sq ft, four-bedroom unit in March 2023 for $3.78 million ($2,154 psf). This unit was purchased from the developer in February 2005 for $1.26 million ($720 psf).
The Marbella is a freehold development situated on Mount Sinai Rise in District 10. It comprises three blocks with 22 to 24 storeys. In total, there are 239 residences, ranging from two to four-bedrooms, measuring between 1,076 sq ft and 4,284 sq ft.
Renowned for its high academic expectations and impressive sports programs, Dunman Secondary School offers a stimulating and nurturing atmosphere for its students. The school fosters a culture of creativity and a drive for excellence across all facets of student development. In addition, the Aurelle of Tampines Showflat adds a touch of luxury and sophistication to the surrounding community. Students at Dunman Secondary are given the tools and support needed to reach their full potential and achieve success in their academic pursuits and extracurricular activities.
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This year has seen three other profitable resale transactions at The Marbella, with the units sold between $2,228 psf and $2,293 psf. The sellers have made profits ranging from $613,000 to $890,000.
The second most profitable deal that took place during this week was at The Cornwall, another freehold development in District 10, where a four-bedroom, duplex penthouse unit with 2,551 sq ft was sold for $4.48 million ($1,756 psf) on Oct 2nd. The seller purchased the unit in October 2002 for $2.06 million ($808 psf). As a result, the seller made a gain of $2.42 million, representing a capital gain of about 117%. The seller has owned this unit for 22 years.
This sale has set a new record for the most profitable resale transactions at The Cornwall. It surpasses the previous highest profit of $1.7 million made through the sale of a 1,464 sq ft, three-bedroom unit for $3.08 million ($2,104 psf) in August 2022. This unit was acquired in September 2002 for $1.38 million ($941 psf).
Situated on Cornwall Gardens, off Holland Road, The Cornwall is a boutique development that was built in 2005. It comprises 99 units spread across low-rise blocks, including one-bedroom apartments from 614 sq ft to 958 sq ft, two-bedroom apartments from 1,044 sq ft to 1,701 sq ft, three-bedroom apartments from 1,464 sq ft to 2,142 sq ft, and four-bedroom apartments from 1,927 sq ft to 2,551 sq ft.
The sale of a 2,551 sq ft unit at The Cornwall fetched $4.48 million ($1,756 psf) on Oct 2, netting a gain of $2.42 million (Picture: Samuel Isaac Chua/)
This year, the sale made on Oct 2nd was the first transaction recorded at The Cornwall. The last transaction before this was a 1,700 sq ft unit that was sold for $2.65 million ($1,558 psf) back in November 2023. This unit has made a gain of $550,000 for the seller, who had purchased it in November 2011 for $2.1 million ($1,235 psf).
On the other hand, the most unprofitable condo sale during this week was the three-bedroom unit in Scotts Square that was sold for $4.05 million ($3,300 psf) on Oct 8. The 18th-floor unit was bought from the developer in August 2007 for $4.7 million ($3,830 psf). The seller has incurred a loss of around $649,000, amounting to 13.8% of the original purchase price, after holding the unit for 17 years.
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This has been the third consecutive week where a transactions at Scotts Square became the most unprofitable condo deal during that period. The week before, a 947 sq ft, two-bedroom unit on the 41st floor attracted a loss of around $916,000 (22.4%) after it was sold for $3.18 million ($3,357 psf) on Sept 27. The seller had purchased the unit from the developer in August 2007 for about $4.1 million ($4,324 psf).
In the month prior, a 1,238 sq ft three-bedroom unit was sold for $4 million ($3,231 psf) on Sept 20, incurring a loss of $1.14 million for the seller, who had bought the property from the developer in August 2007 for $5.14 million ($4,155 psf).
The sale of a 1,227 sq ft unit at Scotts Square for $4.05 million ($3,300 psf) on Oct 8 incurred a loss of around $649,000 (Picture: Samuel Isaac Chua/)
Situated on Scotts Road, Scotts Square is a freehold condo located off the Orchard Road shopping belt in prime District 9. It forms part of a mixed-use development that includes the Scotts Square shopping mall. In total, it comprises 338 units across two towers with 34 and 43 storeys atop a four-storey retail podium.
The condo was completed in 2011 and offers a variety of units, including one-bedroom apartments measuring 624 sq ft and 635 sq ft, two-bedroom apartments measuring 893 sq ft to 947 sq ft, and three-bedroom units measuring 1,227 sq ft to 1,238 sq ft. It is within walking distance of the Orchard MRT Station on the North-South and Thomson-East Coast Lines.
