Resale of Thomson 800 three-bedroom unit nets $2.32 mil profit

The sale of a three-bedroom unit at Thomson 800 was the most profitable transaction during the week of June 10 to June 17. The 1,625 sq ft apartment on the sixth floor was sold for $3.22 million ($1,980 psf) on June 13. The unit had been bought for $900,250 ($554 psf) in May 2006. As a result, the seller made a profit of $2.32 million (257.6%), which translates to an annualised gain of 6.9% after holding the unit for over 19 years. 

This marks the second most profitable resale transaction at Thomson 800 to date. The highest gain was recorded from the sale of a 3,823 sq ft unit for $5.38 million ($1,404 psf) on April 15. The seller had purchased the apartment for around $2.99 million in June 2007, realising a profit of $2.38 million (58.9%) after holding it for nearly 18 years.

Thomson 800 hits new high with resale of 1,625 sq ft unit for $3.22 million on June 13. (Photo: The Edge Singapore) 

Completed in 1999, Thomson 800 is a freehold condo along Thomson Road in District 11. The 390-unit development comprises three 20-storey towers, which house three-bedroom apartments spanning 1,281 to 1,808 sq ft. There are also four-bedroom simplex and duplex penthouses of 3,757 sq ft to 5,823 sq ft. 

Besides the transactions on June 13 and April 15, the condo has seen two other profitable resales this year. On April 30, a 1,625 sq ft unit sold for $3.08 million ($1,895 psf), yielding the seller a $2.16 million profit after buying it in September 1998 for $923,000 ($568 psf). Earlier, on Feb 3, a 1,346 sq ft apartment was sold for $2.54 million ($1,888 psf). The seller, who purchased the unit in September 2021 for $2.12 million ($1,576 psf), recorded a gain of $420,000.

The second most profitable condo resale of the week was the sale of a 1,302 sq ft two-bedroom unit at Ocean Park. The apartment sold for $2.8 million ($2,150 psf) on June 12. Purchased in August 2001 for approximately $792,918 ($609 psf), the seller realised a gain of $2.01 million (253.1%) after nearly 24 years of ownership.

Built in 1984, Ocean Park is a freehold development on East Coast Road with 298 units. It offers two- to four-bedroom apartments ranging from 1,302 sq ft to 3,897 sq ft. Located in District 15, the development is within walking distance of Marine Terrace MRT Station and close to schools, including Victoria Junior College at Marine Vista and Ngee Ann Primary School on Marine Terrace.

A 1,302 sq ft unit at Ocean Park was resold for $2.8 million on June 12, netting a $2.38 million gain. (Photo: Google Streetview) 

To date, the most significant gain recorded for a unit at Ocean Park was the sale of a 2,110 sq ft, three-bedroom unit for $4.15 million ($1,967 psf) in November last year. The unit had been bought for $1.05 million ($498 psf) in June 2003, resulting in a gain of $3.1 million, or an annualised gain of 6.6% over 21 years. 

In contrast, the least profitable transaction of the week involved a 1,604 sq ft three-bedroom unit on the 50th floor of Marina Bay Suites. Sold for $3.2 million ($1,995 psf) on June 12, the unit was originally purchased for $4.47 million ($2,786 psf) in May 2010. This resulted in a loss of $1.27 million or an annualised decline of 2.2% over just over 15 years.

 A three-bedroom unit at Marina Bay Suites was sold for $3.2 million on June 12, resulting in a $1.27 million loss. (Picture: Samuel Isaac Chua / The Edge Singapore)

There have been six resale transactions at Marina Bay Suites this year, including the June 12 sale, all resulting in losses. The largest loss was recorded by the seller of a 2,056 sq ft four-bedroom apartment on the 53rd floor, which sold for $4.08 million ($1,985 psf) on June 2. The unit had been purchased for $6.14 million ($2,985 psf) in December 2012, resulting in a loss of $2.06 million.

Completed in 2013, Marina Bay Suites is a 99-year leasehold development on Central Boulevard in the Marina Bay financial district. The two residential towers form part of the Marina Bay Financial Centre mixed-use complex and comprise 221 units, offering three- and four-bedroom apartments ranging from 1,572 sq ft to 2,691 sq ft. The development is within walking distance of Downtown, Raffles Place and Bayfront MRT Stations.