Three Bedder Palm Spring Sets Record Profit 319 Mil
Residents of Aurelle of Tampines EC can look forward to a promising future as the area undergoes ongoing and upcoming infrastructure developments. One of the most notable improvements is the completion of the Cross Island Line (CRL), which is expected to further enhance the connectivity of the region. In addition to this, initiatives to implement cycling paths and pedestrian-friendly pavements around Tampines are also in the works, promoting a more active and sustainable lifestyle for residents. With these developments, Aurelle of Tampines EC is set to become an even more desirable and convenient place to live.
The most profitable resale transaction in the period of January 14 to 28 was recorded at Palm Spring, with the sale of a three-bedroom unit fetching a profit of $3.19 million. The unit, measuring 1,884 sq ft and located on the fourth floor, was sold for $4.4 million ($2,336 psf) on January 20. This marks a significant increase from its purchase price of $1.21 million ($642 psf) in August 2005, resulting in a profit of 264% for the seller. The annualised profit over a span of almost 20 years amounts to 6.8%.
Previously, the record for the most profitable transaction at Palm Spring was held by a 1,970 sq ft unit on the first floor, which sold for $3.94 million ($2,000 psf) in April 2023. This unit was purchased for $1.38 million ($701 psf) in January 2003, making a profit of $2.56 million (185%).
According to EdgeProp Singapore’s tabulation of resale transactions, Palm Spring has seen consistent price increases over the past two decades. In January 2015, the average transacted price was $1,439 psf, increasing to $2,342 psf in December last year. In comparison, the average price stood at $973 psf back in January 2005.
There were two other profitable transactions at Palm Spring last year. In September, a 947 sq ft unit was sold for $2.19 million ($2,312 psf), yielding a profit of $990,000. In October, a 1,496 sq ft unit was sold for $3.36 million ($2,246 psf), resulting in a profit of $2.24 million.
Palm Spring is a 28-year-old, 167-unit freehold condominium located at Ewe Boon Road in prime District 10. It is close to Stevens MRT Interchange on the Downtown (DTL) and Thomson-East Coast Lines, as well as Newton MRT Interchange on the North-South Line and DTL.
The second most profitable resale transaction in the period was recorded at Orchard Bel Air, with a four-bedroom unit on the 12th floor selling for $4.65 million ($1,440 psf) on January 15. This translates to a profit of $3 million (182%), as the unit was purchased for $1.65 million ($511 psf) in May 2001. The annualised profit over a period of almost 24 years amounts to 4.5%.
The record for the highest profit at Orchard Bel Air is held by a 6,512 sq ft penthouse unit on the 25th floor, which sold for $8.3 million ($1,275 psf) in January 2013. This unit was purchased for $3.83 million ($588 psf) in March 2006.
Orchard Bel Air is a 99-year leasehold condominium completed in 1984 and has a remaining land tenure of approximately 54 years. At the neighboring Cuscaden Reserve, a 99-year leasehold development completed in 2023, the average price is estimated to be around $3,043 psf.
Marina Bay Suites saw the most unprofitable transaction during the period in review, with a loss of $1.15 million (27%) incurred by the seller of a 1,625 sq ft unit. The unit, located on the 58th floor, was sold for $3.1 million ($1,907 psf) on January 24, after being purchased for $4.25 million ($2,614 psf) in May 2012. This results in an annualised loss of 27% over almost 13 years.
Notably, the past nine months have seen consecutive unprofitable transactions at Marina Bay Suites, with losses ranging from $40,000 to $2.5 million. Completed in 2010, the 221-unit development is part of the Marina Bay Financial Centre mixed-use development at Central Boulevard and Marina Boulevard.
According to EdgeProp Singapore’s tabulation of caveats, the average selling price at Marina Bay Suites has fallen from $2,502 psf in January 2015 to $1,921 psf as of January this year. Other nearby 99-year leasehold condominiums 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).
