At nearby Raffles Place, these condos include One Raffles Place Residences ($2,601 psf), The Clift ($2,483 psf) and Altez ($2,203 psf).
One of the biggest profit-making resales in the period of January 14 to 28 was recorded at Palm Spring, where a three-bedroom unit was sold for $4.4 million. According to the lodged caveats, the unit, which spans 1,884 sq ft and is situated on the fourth floor, was sold on January 20 at a rate of $2,336 per square foot. This staggering increase in profit can be attributed to the fact that the unit was originally purchased for just $1.21 million back in August 2005, at a rate of $642 per square foot. This means that the seller made a profit of $3.19 million, which is a whopping 264% gain, translating to an annualised profit of 6.8% over nearly 20 years.
This sale also makes it the most profitable resale transaction at Palm Spring to date, surpassing the previous record of $2.56 million (185%) achieved when a unit of 1,970 sq ft on the first floor was sold for $3.94 million ($2,000 psf) in April 2023. The unit was originally purchased for $1.38 million ($701 psf) in January 2003.AdvertisementAdvertisement
According to a compilation of resale transactions by EdgeProp Singapore, the prices at Palm Spring have consistently been on the rise over the past 20 years. In January this year, the average transacted price stood at $2,342 per square foot, a significant increase from $1,439 per square foot recorded in January 2015. Back in January 2005, the average price was a mere $973 per square foot.A three-bedroom unit at Palm Spring was sold for $4.4 million ($2,336 psf) on Jan 20. (Picture: Samuel Isaac Chua)
Last year saw the sale of two units at Palm Spring. In September, a 947 sq ft unit changed hands for $2.19 million ($2,312 psf), yielding a profit of $990,000 for the seller. 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 freehold condominium located on Ewe Boon Road in prime District 10. Completed in 1997, the 167-unit development is 28 years old. The condo is conveniently situated near Stevens MRT Interchange, which serves the Downtown (DTL) and Thomson-East Coast Lines, as well as Newton MRT Interchange, which services the North-South Line and DTL.
Meanwhile, the sale of a four-bedroom unit at Orchard Bel Air was the second most profitable resale transaction during the same period, raking in a profit of $3 million (182%) when it was sold on January 15.
The 3,229 sq ft unit on the 12th floor was sold for $4.65 million ($1,440 psf) on January 15, having been bought for $1.65 million ($511 psf) back in May 2001. This translates to an annualised profit of 4.5% over nearly 24 years.
The sale of a 3,229 sq ft unit at Orchard Bel Air raked in a profit of $3 million when it was sold on Jan 15. (Picture: Samuel Isaac Chua/)
The biggest profit achieved at Orchard Bel Air was from the sale of a 6,512 sq ft penthouse unit on the 25th floor, which fetched $8.3 million ($1,275 psf) in January 2013. The unit was purchased for $3.83 million ($588 psf) in March 2006.Advertisement
The only other 99-year leasehold condo in the area is Cuscaden Reserve, a 192-unit luxury condo completed in 2021. Transaction data shows that the average price at Cuscaden Reserve stands at about $3,043 per square foot.
Orchard Bel Air is a 99-year leasehold condo located on Orchard Boulevard in prime District 10. Completed in 1984, the condo has about 54 years remaining on its tenure. Next to Orchard Bel Air is a government land sale (GLS) site on Orchard Boulevard, which was awarded to a joint venture between UOL and SingLand last February. The consortium submitted the winning bid of $428.28 million, translating to a land rate of $1,617 per square foot per plot ratio.
On the other hand, the most unprofitable transaction during the period was recorded at Marina Bay Suites, where the seller of a 1,625 sq ft unit on the 58th floor suffered a loss of $1.15 million (27%) when it was sold on January 24.
The unit changed hands for $3.1 million ($1,907 psf) when it was recently sold, having previously been sold for $4.25 million ($2,614 psf) in May 2012. As a result, the seller incurred an annualised loss of 27% over close to 13 years.
The seller of a 1,625 sq ft unit at Marina Bay Suites incurred a loss of $1.15 mil when it was sold on Jan 24. (Picture: Samuel Isaac Chua/)
As a highly sought-after housing option, the demand for condos in Singapore remains consistently high. This can be largely attributed to the limited availability of land in the small island nation, which is facing rapid population growth. In response, the government has implemented strict land use policies, creating a competitive real estate market where property prices continue to rise. As a result, investing in real estate, particularly condos, has become an attractive opportunity for potential buyers, with the added promise of capital appreciation. With new and upcoming Singapore projects, the demand for condos is expected to remain strong in the foreseeable future.
This is just the latest in a series of unprofitable transactions at Marina Bay Suites, with the past nine months seeing a total of 14 consecutive loss-making deals. The losses suffered in this period range from $40,000 to $2.5 million.
Marina Bay Suites is a 99-year leasehold condo that forms part of the six towers that make up the Marina Bay Financial Centre mixed-use development located at Central Boulevard and Marina Boulevard. The 221-unit Marina Bay Suites consists of a 66-storey residential tower, with a mix of three- and four-bedroom units.Advertisement
A compilation of caveats by EdgeProp Singapore indicates that the average selling price at Marina Bay Suites has fallen from $2,502 per square foot in January 2015 to $1,921 per square foot as of January this year. Other nearby 99-year leasehold condos 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). Other nearby condos at Raffles Place include One Raffles Place Residences ($2,601 psf), The Clift ($2,483 psf), and Altez ($2,203 psf).…