Resale of three-bedder at The Marbella nets $2.75 mil profit

The sale of a three-bedroom unit at The Marbella was the most profitable resale transaction from May 20 to May 27. The 1,625 sq ft unit on the tenth floor fetched $4 million ($2,461 psf) when it was sold on May 23, after the unit had been purchased for $1.24 million ($766 psf) in November 2003.  The sale resulted in a profit of $2.75 million (221.3%), equivalent to an annualised gain of 5.6% over 21½ years.

Based on lodged caveats, the transaction is the most profitable deal to date at The Marbella. It surpasses the previous record gain of $2.52 million from the sale of a 1,755 sq ft, four-bedroom unit in March 2023 for $3.78 million ($2,154 psf). The seller purchased the unit from the developer in February 2005 for $1.26 million ($720 psf). 

The Marbella hit a new high with the resale of a 1,625 sq ft unit for $4 million on May 23. (Picture: Samuel Isaac Chua/The Edge Singapore)

The Marbella is a freehold condo along Mount Sinai Rise, near Ulu Pandan Road in District 10. Completed in 2005, the development comprises three residential blocks, offering 239 units with two- to four-bedroom apartments, ranging from 1,076 sq ft to 4,284 sq ft.

The development has seen only one other resale transaction this year, which was also profitable. A 1,475 sq ft, three-bedroom unit on the 17th floor changed hands for $3.49 million on May 7, netting a gain of $1.01 million. 

The second most profitable resale during the week took place at Ocean Park, a freehold development on East Coast Road in District 15.  A three-bedroom unit on the sixth floor was sold for $3.73 million ($1,767 psf) on May 23. The 2,110 sq ft unit had been purchased for $1.31 million ($623 psf) in August 1995. Thus, the seller made a profit of $2.41 million (183.5%), or an annualised gain of 3.6% over almost 30 years. 

Built in 1984, Ocean Park comprises 298 units, consisting of two- to four-bedroom apartments, spanning from 1,302 sq ft to 3,897 sq ft. The development is within walking distance to Marine Terrace MRT Station and several schools, including Victoria Junior College and Ngee Ann Primary School. 

A 2,110 sq ft three-bedroom apartment at Ocean Park changed hands for $3.73 million on May 23, netting a gain of $2.41 million. (Picture: Google Street View)

The most significant gain recorded for a unit at Ocean Park was $3.1 million with the sale of another 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. Hence, the seller made an annualised gain of 6.6% over 21 years. 

In contrast, the least profitable transaction during the week involved a 1,270 sq ft unit at Hilltops. The two-bedroom unit on the 12th floor changed hands for $3.3 million ($2,598 psf) on May 23. The unit had been purchased for $4.1 million ($3,228 psf) in November 2013. Thus, the seller incurred a loss of $800,000 (19.5%), or an annualised loss of 1.9% over 11½ years.

 A two-bedroom apartment at Hilltops was sold for $3.3 million on May 23, resulting in a loss of $800,000. (Picture: Albert Chua/The Edge Singapore)

There have been five resale deals at Hilltops this year, of which two were unprofitable, including the unit sold on May 23. The other transaction occurred from the sale of a 2,056 sq ft unit, which fetched $5.89 million on Feb 20. The three-bedroom unit was previously bought for $6.2 million ($3,016 psf) in December 2020, causing the seller to incur a loss of $311,112.