Resale three-bedder at Rivershire sold for $2.94 mil profit

The most profitable condo resale during the week of May 13 to 20 took place at Rivershire, where a 2,088 sq ft unit on the 13th floor sold for $4.32 million ($2,069 psf) on May 15. The seller originally bought the three-bedroom unit from the developer for $1.38 million ($661 psf) in May 1999. This sale yielded a profit of $2.94 million (213%), representing an annualised return of 4.5% over more than 26 years.

The transaction is the first resale at the development this year and, based on lodged caveats, the most profitable to date at Rivershire. It surpasses the previous record gain of $1.45 million from the sale of a comparable three-bedroom unit on the fifth floor, which sold for $3.3 million ($1,580 psf) in September 2012. The seller had originally purchased the unit for $1.85 million ($886 psf) in January 1996.

Rivershire hit a new high with the resale of a 2,088 sq ft unit for $4.32 million on May 15. (Picture: Google Street View) 

Rivershire is a freehold condo completed in 1991, situated on Leonie Hill in District 9. The development consists of a single 20-storey block housing 74 two- to four-bedroom units, ranging from 1,259 sq ft to 2,088 sq ft. The condo is within walking distance of Great World MRT Station on the Thomson-East Coast Line and close to River Valley Primary School. Residents also have access to nearby lifestyle amenities, including Great World City.

The second-most profitable resale during the week occurred at Varsity Park Condominium on West Coast Road. On May 16, a 2,153 sq ft duplex penthouse unit on the fifth floor was sold for $$3.07 million ($1,426 psf). The seller, who bought the three-bedroom unit for about $815,987 ($379 psf) in October 2005, netted a gain of $$2.25 million, or 275.9%, after owning the unit for almost 20 years. 

A 2,153 sq ft duplex penthouse at Varsity Park Condominium changed hands for $3.07 million on May 16, netting a profit of $2.25 million. (Picture: Samuel Isaac Chua/The Edge Singapore)

The deal marks the highest gain ever recorded for a unit at the development. The second-most profitable resale took place just over a month earlier, when a fifth-floor duplex penthouse was sold for $3.12 million ($1,374 psf) on April 3. The 2,271 sq ft three-bedroom unit was last sold for $919,755 ($405 psf) in January 2006. This time, the seller walked away with a $2.2 million profit, reflecting a 239% return or an annualised gain of 6.6% over 19 years.

Besides the units sold on May 16 and April 3, Varsity Park Condominium has seen six other profitable resales this year, with gains ranging from $575,000 to $2 million.

Completed in 2008, the 530-unit Varsity Park Condominium offers two- to three-bedroom units ranging from 990 sq ft to 2,347 sq ft. This 99-year leasehold development sits adjacent to the National University of Singapore’s Kent Ridge Campus and is also close to schools, including the Japanese Primary School, Waseda Shibuya Senior High School and Kent Ridge Secondary School.

Meanwhile, the week’s largest loss came from the sale of a 2,250 sq ft unit at Marina One Residences on Marina Way. The four-bedroom apartment on the 32nd floor sold for $6.4 million ($2,845 psf) on May 19. Previously purchased for $7.1 million ($3,157 psf) in May 2017, the seller incurred a loss of $703,250, equivalent to an annualised decline of 1.3% over eight years.

 A four-bedroom apartment at One Marina Residences was sold for $6.4 million on May 19, resulting in a loss of $703,250. (Picture: Samuel Isaac Chua/The Edge Singapore)

This is the most unprofitable transaction at Marina One Residences to date, based on lodged caveats. It exceeds the previous record loss of $562,000, incurred when a 2,045 sq ft four-bedroom apartment on the 27th floor was sold for $5.8 million ($2,836 psf) in March 2023. The unit was originally purchased for $6.36 million ($3,111 psf) in September 2021.

Based on caveat transactions, average resale prices at Marina One Residences have fallen over the past few years, dropping from $2,452 psf in 2021 to $2,098 psf last year.