The penthouse at Orchid Mansion, a freehold development on Amber Road, was sold for a profit of $2.58 million (112%) on Dec 31. This made it the most profitable resale transaction in the week between Dec 31, 2024, and Jan 7, 2025.At 2,842 sq ft, the unit on the 21st floor was sold for $4.88 million ($1,717 psf), which is significantly higher than its previous purchase price of $2.3 million ($809 psf) in March 2009. The sale resulted in an annualized profit of 4.9% over a span of nearly 16 years.The transaction also set a new record for the most profitable resale at Orchid Mansion, beating the previous record of $1.15 million (72.6%), set in July 2022 when a 1,507 sq ft three-bedroom unit on the seventh floor was sold for $2.73 million ($1,812 psf). This unit was previously purchased for $1.58 million ($1,050 psf) in June 2007.Orchid Mansion is a 20-year-old freehold condo located at 11 Amber Road in District 15. It features a 21-story residential tower, with a mix of two- and three-bedroom units ranging from 1,346 sq ft to 2,002 sq ft. The development also has two penthouses that measure 2,842 sq ft and 2,734 sq ft each.On the other hand, the second most profitable resale transaction during the period was at Villa Marina, where a 1,625 sq ft unit was sold for $2.35 million ($1,446 psf) on Jan 3. This ground-floor three-bedroom unit was previously purchased for $630,500 ($388 psf) in September 2006. As a result, the seller walked away with a profit of $1.72 million (273%), which is equivalent to an annualized profit of 7.6% over 18 years.This sale also set a new record for the most profitable resale at Villa Marina, surpassing the previous record of $1.58 million (219%). This was set in July 2022, when a 1,916 sq ft unit on the fourth floor was sold for $2.3 million ($1,200 psf). This unit was previously purchased for $720,416 ($376 psf) in November 1998.Villa Marina is a 99-year leasehold development located at Jalan Sempadan in District 15. It was completed in 1999 and consists of 27 low-rise residential blocks, offering a mix of one- to four-bedroom units ranging from 1,087 sq ft to 2,314 sq ft. The 460,685 sq ft site surrounds the Masjid Kampong Siglap mosque and is close to Siglap MRT station on the Thomson-East Coast Line and East Coast Park. The development also has several primary schools located within a 1km radius, such as Bedok Green Primary School, CHIJ (Katong) Primary, Ngee Ann Primary School, St Stephen’s School, and Tao Nan School.However, the most unprofitable resale transaction during the period was at Marina Bay Residences, where a 1,130 sq ft unit was sold for a loss of $386,000 (16%) on Jan 2. This two-bedroom unit on the 17th floor was sold for $2.1 million ($1,858 psf), despite being purchased for $2.49 million ($2,200 psf) in November 2007. This resulted in an annualized loss of 1% over 17 years.Marina Bay Residences recorded 25 resale transactions last year, with 13 of them being unprofitable. The losses ranged from $43,600 to $1.25 million. The most unprofitable resale transaction involved a 1,227 sq ft unit that was sold for $2.8 million ($2,282 psf) on March 22, 2024.Based on a tabulation of resale caveats at Marina Bay Residences, the average resale price at the condo last month was $2,242 psf, which is higher than the surrounding condos such as The Sail @ Marina Bay ($2,052 psf), Marina Bay Suites ($1,917 psf), and Marina One Residences ($2,133 psf).Marina Bay Residences is a 428-unit development located at Marina Boulevard, next to Marina Bay Financial Centre. The 99-year leasehold project completed a $5 million revamp from January 2022 to September 2023 to upgrade resident facilities and common spaces. It is one of two luxury condos in Marina Bay Financial Centre, the other being the 221-unit Marina Bay Suites. The mixed-use development also has three Grade-A office towers.
Singapore’s limited land availability is one of the main drivers behind the high demand for condos in the country. Being a small island with a booming population, Singapore is facing a scarcity of land for development. This has resulted in strict land use regulations and a fiercely competitive real estate market, where property prices continue to soar. This scenario has made investing in real estate, especially condos, a highly profitable opportunity due to the potential for significant capital appreciation. Condos are in high demand and offer a promising investment opportunity in Singapore.