Resale three-bedder at The Waterside sets record profit of $3.13 mil

The most profitable transaction during the week of April 15 to 22 was the sale of a three-bedroom unit at The Waterside. The 2,142 sq ft unit on the seventh floor fetched $4.88 million ($2,278 psf) on April 17. The unit had been bought for $1.75 million ($817 psf) in September 2006. Thus, the seller raked in a profit of $3.13 million (179%) or of 5.7% over nearly 19 years.

This makes it the most profitable resale deal to date at The Waterside. It leaps over the previous record of $2.88 million when a 2,400 sq ft unit on the 10th floor changed hands for $4.38 million ($1,825 psf) in November 2022. The three-bedder had previously fetched $1.5 million ($625 psf) in November 2003. Hence, the seller made an annualised profit of 5.8% over nearly 19 years.

Based on a compilation of caveats by EdgeProp Singapore, resale prices at The Waterside have climbed in recent years, from about $910 psf in April 2005 to $1,330 psf in April 2015. The average resale price has since climbed to about $2,050 psf.

 A three-bedroom unit at The Waterside fetched $4.88 million on April 17. (Picture: Albert Chua/The Edge Singapore)

Completed in 1993, The Waterside is a freehold condominium on Tanjong Rhu Road in District 15. The project is next to the Singapore Swimming Club and Dunman High School, and the condo is close to Katong Park MRT Station on the Thomson-East Coast Line. The Waterside features six 23-storey blocks with three- and four-bedroom units of 2,142 sq ft to 2,433 sq ft.

Meanwhile, the second-most profitable resale during the week occurred at The Horizon, a freehold condo on Holt Road in prime District 10. A 1,722 sq ft unit on the 10th floor was sold for $3.86 million ($2,241 psf) on April 17. The three-bedder had been purchased for $1.3 million ($755 psf) in November 2003. Thus, the seller raked in a profit of $2.56 million (197%) or an annualised profit of 5.2% over 21½ years.

This transaction has set a record profit at The Horizon. The previous record involved a 1,561 sq ft unit which changed hands for $3.35 million ($2,146 psf) in June 2023. The three-bedroom unit on the seventh floor had been bought for $1.18 million ($760 psf) in August 2003. This meant a profit of $2.16 million or an annualised profit of 5.3% over close to 20 years.

The sale of a 1,722 sq ft unit at The Horizon raked in a profit of $2.56 million on April 17. (Picture: Albert Chua/The Edge Singapore)

Completed in 2001, The Horizon is an 80-unit condominium with a mix of three- and four-bedroom units of 1,561 sq ft to 3,197 sq ft. The development is close to the residential neighbourhoods along Jervois Road and River Valley, as well as Great World City shopping mall.

Based on caveats, The Horizon’s average resale price is about $2,216 psf. On nearby Nathan Road, the 65-unit Nathan Suites records an average resale price of $2,270 psf, while the 91-unit Nathan Residences has an average price of $2,030 psf.

On the other hand, the most unprofitable deal during the week was the sale of an 1,808 sq ft unit at The Orchard Residences. The three-bedroom unit on the 35th floor fetched $5.4 million ($2,986 psf) on April 15. The unit was previously purchased for $6.59 million ($3,649 psf) in October 2010. Thus, the seller incurred a loss of $1.19 million (18%) or an annualised loss of 1.4% over 14 years.

The 56-storey Orchard Residences is the residential component of a 99-year leasehold integrated retail and residential development which also houses the eight-level Ion Orchard shopping mall. Orchard Residences has 175 units with a mix of three-, four-, and five-bedroom units as well as penthouses. Unit sizes range from 1,808 sq ft to 6,534 sq ft.

A three-bedroom unit at Orchard Residences was sold for $5.4 million ($2,986 psf) on April 15, resulting in a loss of $1.19 million. (Picture: Samuel Isaac Chua/The Edge Singapore)

There have been two resale transactions at Orchard Residences so far this year. The other transaction was the sale of a 2,852 sq ft four-bedder on the 32nd floor for $9.48 million ($3,323 psf) on March 20. The unit had been bought for $10.83 million ($3,799 psf) in May 2007. This seller saw a loss of $1.36 million or an annualised loss of 0.7% over nearly 18 years.

The record loss at Orchard Residences involved a 2,852 sq ft unit on the 47th floor which changed hands for $9.68 million ($3,394 psf) in July 2020. The unit had previously fetched $13 million ($4,557 psf) in October 2007. As a result, the seller incurred the record loss of $3.32 million (25%) or an annualised loss of 2.2% over nearly 13 years.